A Bit of Upside for Deepwater Rigs
Companies Featured in This Article: Petrobras, FMC Technologies, Cameron International, Dril-Quip, Oceaneering International, Hornbeck Offshore Services, GulfMark Offshore, Tidewater, National Oilwell Varco, Repsol YPF, Hess, Transocean, Diamond OffshoreThis explains why NOV was up 9% today.
Jefferies & Co.
UNDERSCORING OUR POSITIVE ultra-deepwater thesis, a huge series of ultra-deepwater-rig awards is likely forthcoming from Petrobras, Brazil's National Oil Company (NOC), which will have positive ramifications for the deepwater-rig segment but more directly impact deepwater-service companies.
Our industry sources indicate that Petrobras is likely to announce letters of intent (LOI) to award long-term contracts for as many as 17 new-build ultra-deepwater rigs by the end of the week.
In what would be an unprecedented contract award for size, we understand that Petrobas could award LOIs (with underlying contracts of six ...
Since I'm last to know and it was too late to buy NOV, I saw PBR down on the split and bought at $62.75 for a point.
It's better to be lucky than good =)
UPDATE: U.S. March Trade Deficit Narrowed More Than Forecast
Brazil is preparing to tap the biggest crude-oil discovery in the Western Hemisphere in three decades, which lies just off its Atlantic coast. Petroleo Brasileiro SA, Brazil's state oil company, is in talks with Houston-based Transocean Inc. to extend offshore drilling contracts.