Seadrill makes the NY Times

By Travis Johnson, Stock Gumshoe, June 18, 2008

Sometimes by the time an important investing trend hits the NY Times the story is close to over, but I don’t think that’s true here. There’s a good story on the drillship shortage in the NY Times today, worth a read if you want to understand the demand picture a little better — or the challenges of building and operating these vessels.

Of course, Transocean gets the top mention — but Seadrill is also noted in the article, and a photo of one of their Drillships, the West Polaris, makes the first page. They also noted that Seadrill ordered this rig for about $450 million — just a nice reminder of the power of being early, when they agreed to sell it to Ship Finance Limited the sale price was about $850 million, closer to the market value but also a nice near-double on that Seadrill investment (even if you ignore the millions that Seadrill will soon be making operating the ship, over and above their lease payments to Ship Finance).

So … nothing really new, but maybe a few more folks will get interested in this story now that Bush has asked for more offshore drilling — good luck getting the rigs even if new exploration is approved.

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