The drilling industry's financial performance has been impressive, with a 28.19% increase last month. The positive outlook, backed by the MA50MA10 Indicator and the Stock Fear & Greed Index, suggests that this trend is likely to continue.
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The deal includes rig design and a construction management contract, along with a five-year drilling contract with Chevron USA for one of its two ultra-deepwater drill-ships under construction in Singapore.The drilling contract has an estimated backlog of $830 million, excluding mobilization and reimbursables.
Should the contract be terminated for convenience by the customer, Transocean will be compensated for its incremental 20,000 psi subsea investment in the rig.
Oil drilling company Patterson-UTI Energy yet again posted disappointing quarterly numbers despite the oil drilling business growing leaps and bounds in North America.
The company provides two of the most essential services for shale drilling - high-specification rigs capable of handling complex shale jobs and pressure pumping services to frack shale wells and make them producing.Despite providing some critical services and being present right at the epicenter of booming shale production, the company’s net loss for Q3 grew by ~600% compared to the previous quarter, whereas the operating loss grew by ~790% during the same period.
One of the main reasons for this quarter may have fallen short is the decision to retire 42 of its older legacy rigs and take a $48.4 million impairment charge.
On Tuesday, offshore drilling contractor company Transocean Ltd. agreed to buy Ocean Rig UDW Inc. in a cash and stock transaction valued at around $2.7 billion, inclusive of Ocean Rig's net debt.
1.6128 newly issued Transocean shares and $12.75 in cash will be exchanged for each Ocean Rig share.That places Ocean Rig’s per share value at $32.28, or a 19.2% premium (based on Friday’s closing price).