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Offshore Drillers: Strong Earnings Despite Volatile Crude Prices

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Caroline Evans
July 24, 2012

Although the price of crude has fallen in recent months and volatility has been a watchword for the commodity, the offshore rig market continues to climb, according to a report by Bernstein Research. The report focused on two of the largest offshore drillers, Noble Corp. and Diamond Offshore, which both posted better-than-expected second-quarter 2012 earnings.According to the report, which was authored by Scott Gruber, David X. Liu and Helin Shiah, the Noble Bob Douglas was recently contracted at $618,000 per day, while the Noble Homer Ferrington added three months at ...

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