Isn't it interesting that Goldman Sachs downgraded the same day a major deal for them closed. They and Lehman are advisors to RIG and GSF for this merger. I think they were caught with their pants down as well. They probably expected OFT to kick the case to higher court and not capitulate to two rigs being sold. The fog of war is upon us.
GS downgraded the sector not the stock. They have no rating on rig. They reaffirmed their long term bull market sentiment on the oil services sector. They stated the drilling sector downgrade is tactical.