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Petrobras is Hoarding the World's Deep Sea Drillers

 May 16, 2008 04:30 AM UTC
Tradermark
Return Risk
-12.11% LOW
Analyst
Symbol Sentiment Start Return Closed
XOM n/a
DO n/a
PBR Positive 05/16/08 -2.37% 06/13/08
NE n/a
ATW Positive 05/16/08 +2.12% 06/25/08
RIG n/a
PDE Positive 05/16/08 -14.22% 08/07/08

Graphic_arrow1 Via Long Investment Ideas from Seeking Alpha:  

Wow, interesting factoid via Bloomberg<!----> - Petrobras (PBR) has leased 80% of the world's deepest sea drilling rigs. I mentioned when I sold off Diamond Offshore Drilling (DO) I was very interested in moving that money (on a pullback) to Noble Energy (NE) due to its Petrobras connection [Apr 25: Bookkeeping: Selling Diamond Offshore Drilling - Will buy Noble Later] but frankly it looks like every driller is going to have a Petrobras connection at this rate. Again, Petrobras in my book, will become the largest company (by market capitalization) on the planet (surpassing Exxon) [May 13: Petrobras (PBR) Business as Usual]

Whydo we care about this news? We like... no... love shortages (asinvestors). Shortages create higher prices. Shortages of deep sea rigsmean higher prices for rig operators - think Transocean (RIG), Diamond Offshore (DO) and Atwood Oceanics (ATW

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