Drilling contractors have struck pay dirt in the current market of high oil prices and short supply of drilling rigs, and investors anticipate sharp gains when the industry's largest report earnings over the coming week.
High oil prices have made ExxonMobil Corp., ConocoPhillips and other big producers willing to pay increasingly inflated prices for rigs. With the majors scrambling to secure rig availability and lock in prices, the contract drilling industry has seen skyrocketing day rates for rigs and lengthening contract terms.
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