SOURCE: The Bedford Report

The Bedford Report

May 16, 2011 08:16 ET

Parker Drilling and SeaDrill Limited Benefit From Improved Domestic Oil Production

The Bedford Report Provides Analyst Research on Parker Drilling & SeaDrill Limited

NEW YORK, NY--(Marketwire - May 16, 2011) - Companies focused on Oil Drilling have seen their top lines surge in recent quarters as global oil consumption continues to grow. According to the International Energy Agency, worldwide oil demand grew by 2.6 percent in the first quarter of 2011, on top of 4.1 percent growth in the fourth quarter of 2010. With demand for oil so high, the biggest problem facing the drilling industry is getting more rigs operational. The Bedford Report examines the outlook for companies in the Oil and Gas sector and provides research reports on Parker Drilling Company (NYSE: PKD) and SeaDrill Limited (NYSE: SDRL). Access to the full company reports can be found at:

In recent months, investors have focused on drilling companies that do not have exposure to Libya and other troubled spots, but stand to benefit from oil's recent spike in demand. Uncertainty over what will happen with the 12th largest exporter of oil in the world is partially driving the need to raise rig counts.

Earlier this year, President Obama declared interest in improving domestic oil production, which is expected to lead to more offshore drilling permits. However, increased emphasis on safer rigs as well as slow approval processes may impede getting rigs into the water quickly.

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Parker Drilling suffered a revenue setback in the most recent quarter hurt by a decline in rig operations throughout Africa, the Middle East and Mexico. Parker Drilling President and Chief Executive Officer David Mannon said that American Drilling operations were the primary first quarter revenue driver, as the company's Rental Tools segment and our US barge drilling utilization and average day rate continued to strengthen.

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