NEW YORK, NY -- (Marketwire) -- 05/29/12 -- The world's growing demand for oil and the rapid depletion of reserves have forced major oil companies to look offshore. Significant deep-water discoveries have led to increased focus in areas off the coast of Brazil, West Africa, and in the Gulf of Mexico as major discoveries on land are becoming less common. Five Star Equities examines the outlook for companies in the Oil & Gas Drilling & Exploration Industry and provides equity research on Seadrill Ltd. (NYSE: SDRL) and Transocean Ltd. (NYSE: RIG).
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The Organization of Petroleum Exporting Countries (OPEC) raised estimates for global oil demand to 2015 by to 92.9 million barrels a day led by emerging Asian economies. The 2015 estimate is 1.9 million barrels more than last year's forecast. Still, Europe's debt crisis and slowing U.S. growth pose risks, the group said. OPEC now has a working assumption of oil at $133 a barrel by 2035.
In April, Seadrill announced that it secured a three-year contract for a semi-submersible rig at a potential day rate of $650,000. Day-rates last eclipsed the $600,000 mark in 2008 when deep-water exploration was at its peak.
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Seadrill is a leading offshore deepwater drilling company. The company operates a versatile fleet of 66 units that comprises drillships, jack-up rigs, semi-submersible rigs and tender rigs for operations in shallow to ultra-deepwater areas in harsh environment and benign environments. Seadrill recently increased their ordinary quarterly cash dividend by 2 cents to US $0.82, for a yield of 9.36 percent.
Transocean is a leading international provider of offshore contract drilling services for oil and gas wells. The company owns or has partial ownership interests in and operates a fleet of 129 mobile offshore drilling units. New contracts totaling $834 million were secured in the Fleet Status Report periods February 14, 2012 through April 18, 2012. Since April 18, 2012, additional contracts totaling $430 million were secured.
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