Dahlman Rose Out With An Update On Offshore Drilling (ATW, RIG, DO, ESV, NE, PDC, RIG, SDRL)

Dahlman Rose & Co. is out with its weekly industry report on the offshore oil drilling sector. In the report, Dahlman Rose covers Atwood Oceanics (NYSE: ATW) Diamond Offshore (NYSE: DO), ENSCO PLC (NYSE: ESV), Noble (NYSE: NE), Pride International (NYSE: PDE), Rowan Companies, (NYSE: RDC), Transocean (NYSE: RIG), and Seadrill (NYSE: SDRL).

In the industry note, Dahlman Rose & Co. writes, "The offshore drilling market was quiet last week, with just 5 jackup fixtures and no floater fixtures reported last week. With few data points, drilling stocks have traded largely in line with pressured energy prices, with shares largely brushing off continued progress in the GoM."

Dahlman Rose goes on to say, "Last week saw minimal activity, with just 5 jackup fixtures reported total, and nothing within the floater markets. Data points have been light over the past several weeks, and with crude prices falling nearly $10/bbl since early August amid a mixed economic outlook, drilling stocks have been choppy. Overall last week, the US offshore drilling group was down an average of 4%, although we note the continued outperformance of companies with higher end fleets, particularly SDRL."