Offshore Drillers: Too Many Rigs, Too Little Pricing Power

Evercore ISI’s James West and team contend that there are still too many rigs among the offshore drillers, which should “keep pricing power in the operator’s hands for some time.” He explains: Associated Press Brent oil is up 6% from recent lows, but offshore-related names have underperformed the U.S. land-levered subsectors despite further declines in the […]