NEW YORK, NY--(Marketwire -04/25/12)- Nearly two years ago the offshore-drilling industry was in danger of collapse under the pressure of lawmakers and regulators pushing to ban offshore drilling in reaction to BP's oil spill and Transoceans's rig explosion. The industry persevered and now seems to be in the midst of a comeback as rising oil prices and depleted resources are forcing major oil companies to focus on exploration and development of offshore oil and gas reserves. The Paragon Report examines investing opportunities in the Oil & Gas Drilling & Exploration Industry and provides equity research on SeaDrill Limited (SDRL - News) and Transocean Limited (RIG - News).
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Offshore oil and gas reserves have been an increasing focus for energy companies as significant oil discoveries on land are becoming less common. With recent offshore discoveries and the large amount of underdeveloped oil and gas fields demand for mobile offshore-drilling units (MODU) are expected to increase dramatically. Major energy companies such as Royal Dutch Shell, Exxon Mobil, and Chevron have already reinvested earnings in offshore ventures. The International Energy Agency (IEA) expects global oil demand will rise from 88 million barrels today to around 99 million barrels in 25 years' time.
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SeaDrill Limited is a Bermuda-based company active in the oil and gas industry. The Company operates a fleet of 60 units comprising drillships, jack-up rigs, semi-submersible rigs and tender rigs for operations in shallow to ultra-deepwater areas. The Company's customers are national, international and independent oil companies. The Company's operations are divided into three operating segments: Mobile Units, offering services encompassing drilling, completion and maintenance of offshore wells.
Transocean Ltd., the leading international provider of offshore contract drilling services for oil and gas wells, said it plans to report earnings for the three months ended March 31, 2012, on the afternoon of Wednesday, May 2, 2012, following the close of trading on the NYSE. The company will conduct a teleconference call at 10:00 a.m. EDT (00 p.m. CEST) on Thursday, May 3, 2012.
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- offshore drilling