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Fearnley Fonds – growth potential & strong backlogs not reflected in share prices

06/06/2012

Fearnley Fonds weekly review of the offshore drilling market made the following observations

Markets and share prices of drilling companies have come off forcefully since peaks in March 2012, with the sell‐off accelerating in May.

Established large cap drilling groups are on average down 18% over the last 3 months and down 13.5% over last month

A similar trend has been observed for the main related indexes OSX and OSEBX

Brent spot price dropped from a peak of US$126/b in March to cUS$100/b currently.

Though an oil price…

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