Hornbeck Offshore, Atwood Oceanics lead dismal day for drilling contractors


Offshore drilling contractors are lower across the board after Hornbeck Offshore (HOS -8%) and Atwood Oceanics (ATW -4.5%) report disappointing Q1 results (I, II).

On HOS, Howard Weil says Q1 operating metrics for offshore support vessels took a larger step back than expected, as average dayrates posted their first Q/Q decline since 2011; this, along with an increase in the amount of planned dry dock days, likely will move near-term earnings estimates lower.

On ATW, Cowen analysts say contract drilling revenues of $273M fell short of expectations, while better than expected revenues from the jackup segment were more than offset by weaker than expected revenues from the ultra-deepwater and deepwater segments.

Also: DO -1.8%, ESV -1.2%, TDW -2.4%, GLF -1.8%, CKH -1.6%.

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Comments (4)
  • arthur_bishop1972
    , contributor
    Comments (4452) | Send Message
     
    I was wondering why ESV was down today (for no apparent reason). It sure looking appetizing with that 6% again : )
    2 May 2014, 12:18 AM Reply Like
  • 11146471
    , contributor
    Comments (1381) | Send Message
     
    ESV had wonderful results. Nothing to do with the afforementioned companies.
    2 May 2014, 02:33 AM Reply Like
  • options45
    , contributor
    Comments (23) | Send Message
     
    esv results are the only ones that count.
    2 May 2014, 04:16 AM Reply Like
  • options45
    , contributor
    Comments (23) | Send Message
     
    esv results count, no others.
    2 May 2014, 04:18 AM Reply Like
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