Street Smart Investor
Long-term horizon, energy, natural resources, micro-cap

Prospector Offshore: Big Growth Coming In 2014-16

Company And Contract Overview

Prospector Offshore (OTC:POHGF) is a high-specification jack-up drilling contractor with one rig delivered at the end of 2013 and four rigs expected to be delivered between 2014-2016. Prospector Offshore also has an option agreement for construction of one additional rig. The differentiating factor for Prospector Offshore is the fact that all five rigs will be able to operate at 400ft water depth with only Vantage Drilling (NYSEMKT:VTG) having that capability.

In terms of contract, Prospector 1 (delivered in 2013) will begin operations in the North Sea with Total (NYSE:TOT) during the first half of 2014. The initial period of the contract is 730 days with firm revenue of $142.7 million....

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