Properly applied financial measurements help determine offshore drilling market value

Daniel R. Pickering, Jennifer Hu, Robert C. Muse Simmons & Co. International Houston Applying the most suitable financial measurement, as guided by the oil-service industry's position within the business cycle, provides investors with a way to analyze market value for offshore drilling companies. Studying the cyclic nature of the industry, aided by the analysis of a representative offshore driller, has imparted key insights that help define which key indicator - be it cash flow, earnings, or asset valuation - is the most appropriate gauge for ascertaining a company's worth. Business cycles Table 1 [47,407 bytes] shows the turnaround in day rates paid for...

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