After reporting earnings in mid-November, Atwood Oceanics (NYSE:ATW) traded straight down even as the numbers easily soared past estimates. The company has quietly become an operator full of new, state of the art rigs.
The company is a global offshore drilling contractor engaged in the drilling and completion of exploratory and developmental oil and gas wells. Atwood currently owns 12 mobile offshore drilling units and is constructing three ultra-deepwater drillships and two high-specification jackups.
While the market is very focused on some short-term costs in Q1, the company continues to rapidly focus on the newbuild program with a combined seven rigs completed this year or under construction. Prior to this year, the company only had seven operating rigs...
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