Monday, October 15, 2012

" IHS: Rebound underway for contract offshore drillers"

From an OGFJ post:

"[T]he post-Macondo concerns, which dampened offshore drilling particularly in the U.S. Gulf of Mexico in 2011, have eased. In addition, offshore drillers are continuing a major reinvestment cycle to replace their aging jack-up fleets, while also adding more sophisticated floating rigs for deepwater and harsher environments."
This should be good for Conrad. The GOM energy sector is an important source of business for them, and the 2008 oil crash and the offshore drilling ban have hurt profits. As well as Conrad has been doing, it should do even better (revenue and profit) once energy work returns to their new construction and repair segments.

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