SOURCE: The Bedford Report

The Bedford Report

August 25, 2010 08:30 ET

Analyst Research on Transocean (NYSE: RIG) & Pride International (NYSE: PDE) -- Industry Outlook for Offshore Drillers

Note to Editors: The Following Is an Investment Opinion Being Issued by the

TORONTO--(Marketwire - August 25, 2010) - The Bedford Report examines the outlook for companies in the Oil & Gas Drilling & Exploration Industry and provides research reports on Transocean Ltd. (NYSE: RIG) and Pride International Inc. (NYSE: PDE). Access to the full company reports can be found at

In the face of negative economic reports crude oil has slumped below the $72 level for the first time in 11 weeks, as the market braces itself for a possible double dip recession. In addition to negative news on the economic front, the industry is reporting growing inventories of fuels, further holding back the price of crude oil. In our view the outlook for a recovery in the price of crude oil is weak at this point, with the potential for short term pull backs in the market until economic recovery takes further hold.

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Offshore drilling companies face a particularly difficult climate in the wake of the BP oil spill in the Gulf of Mexico, with many uncertainties as the government fights to impose stricter controls on exploration. Transocean and Pride International face particular difficulties given their heavy involvement in the Gulf.

In their recent earnings release Transocean beat analyst estimates, reporting Earnings per Share of $2.22 on $2.505 billion revenue. Pride International had a particularly difficult earnings release, with second-quarter net income diving 54 percent to $57.5 million. The company has taken steps in recent weeks to improve its cash position, increasing its unsecured revolving credit facility from $320 million to $720 million, as well as announcing a $1.2 billion debt offering.

Investors can get copies of the full analyst reports on Transocean Ltd. and Pride International Inc. by registering for free at

The Bedford Report has not been compensated by any of the above mentioned companies. We act as an independent research portal and are aware that all investment entails inherent risks. Please view the full disclaimer at:

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