Recently Syrian military action and dovish rhetoric from Iran has begun to remove, slightly, the risk
premium on Brent crude. This could continue over the next several quarters if Iran & the US initiate talks.
This type of news has bearish impact on crude and off-shore drillers, IMO.
However, despite this series of near term events, contrary to the majority of off-shore drillers, PACD
stock price has improved quite nicely.
I feel this is attributable to PACD's 7th generation-only assets and its relationship with a top ship fabricator
in Korea. Its high operating efficiency data and low opex sets PACD apart from the off-shore drilling field,
even during a relatively bearish period for crude pricing.