- Noble Corp. (NE -9.7%) leads a drop in deepwater drilling contractors after saying it is seeing fewer contract opportunities than a year ago and the industry may be experiencing a “pause in the cycle” after years of growth fueled by oil and natural gas discoveries.
- The pace of customer spending growth is expected to be lower this year compared with last year, NE says in its earnings call, and that's with 38 ultra-deepwater rigs around the world looking for work vs. 22 a year ago.
- The market for shallow-water rigs also looks wobbly, as Hercules Offshore (HERO -16.3%) said yesterday in a fleet status report that it suspended plans to reactivate a shallow-water rig in the Gulf of Mexico.
- Also: DO -5.3%, ESV -4.8%, RDC -3.8%, ATW -3.9%, RIG -3.5%, SDRL -2.8%, HP -1.1%, VTG -4.3%, PKD -1.9%.
Noble Corp., Diamond Offshore shares down big on slower drilling outlook
Jan 23 2014, 14:18 ET