Bargains abound for blue chip drillers

Rajesh Joshi, Port Arthur, Texas - Tuesday 28 October 2008

Diamond Offshore's Ocean Bounty rig.

BLUE chip drillers with strong balance sheets and free cash flow are poised to capitalise on the credit crunch by picking up near-abandoned offshore rigs at a discount, a leading analyst has said.

However, Brian Uhlmer, Houston-based equity research analyst at Pritchard Capital Partners, singled out Petrobras as likely to suffer heavily in today...

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