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Ocean Rig - Modern Rigs To Lead Rebound

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Summary

  • Ocean Rig owns an attractive fleet of modern, preferred rigs.
  • The company trades at a fraction of book value, despite remaining extremely profitable.
  • The recent stock action provides an ideal entry point around $7.
The offshore drilling market is setting up a unique scenario of a bifurcated rig market and correspondingly flipped stock valuations. E&P firms are increasingly demanding new rigs with modern capabilities giving an advantage to the newer fleets, yet the stock market isn't placing the modern fleet owners in the same positive light.

Read the full article at Seeking Alpha.


Disclosure: No positions mentioned. Please review the disclaimer page for more details. 


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