Rig rates, drilling activity, spending increasing worldwide

Drilling Market Focus Third-quarter results show a strong drilling market in the US and abroad, as rollover day rates increase and capital budgets are padded.Rig utilization rates are increasing. In September, Prabhas R. Panigrahi, managing director of energy research at Ehrenkrantz King Nussbaum (EKN Inc.), said the "supply/demand balance in the critical Gulf of Mexico for jack ups has been tightening, implying prospects for strong price (and consequently, earnings) improvement."In a Reuters report in mid October, Pierre Conner, analyst with New Orleans-based Hibernia Southcoast Capital Inc., said drillers such as GlobalSantaFe Corp., Noble Corp., Diamond Offshore Drilling Inc., Transoc...

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