RDC, ESV, ATW...Johnson Adjusts Offshore Oil Service Ratings

Johnson Rice & Company took the opportunity to perform some mid-year adjustments to their coverage of offshore drillers.

• Upgraded Rowan Companies plc RDC to Buy from Accumulate
• Upgraded Ensco plc ESV to Accumulate from Hold
• Downgraded Atwood Oceanics, Inc ATW to Hold from Buy
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Johnson’s analysts noted strong liquidity positions for Rowan and Ensco, while questioning Atwood’s ability to continue to improve its liquidity. In addition, their general outlook for offshore market fundamentals is not expected to improve until 2017.