+7.2% in Tuesday's trading despite reporting a larger than forecast Q1 adjusted loss
, as strong results from leading oil and gas names including BP, Devon Energy and Marathon Petroleum appear to lift the entire sector.
In the company's earnings conference call
, CEO Jeremy Thigpen noted significant growth in day rates in high specification assets in the U.S. Gulf of Mexico, "from the low $200,000s just a few years ago to over $300,000 per day for recently announced fixtures. It is very possible we will see awards in the near future at day rates above $400,000 per day, which reflects the increasing tightening of this nearly already sold-out market."
Q1 results themselves look mixed: adjusted loss was a larger than expected $0.28/share compared to a year-ago $0.19/share loss, adjusted EBITDA fell 33% Y/Y to $163M but beat $150.1M analyst consensus estimate, adjusted contract drilling revenues of $615M met consensus of $611M, rig utilization was 52.7% vs. 53% a year earlier.