Across the oil industry, many firms have started to see their stock prices stabilize. The offshore deepwater drilling industry is the exception. Deepwater drillers have continued to collapse in value. It is always dangerous to try catching a falling knife, but at this point the stock prices on many firms in the space don’t have much more to lose. The biggest firms in the industry, Noble, Enesco, and Transocean now trade at prices of around $4.75, $7.50, and $9.75 respectively. Stock price by itself means nothing, but it’s important to remember that all of these were companies where the stocks were once trading in the $40-$70 range. In other words, their market caps are roughly a tenth of what they once were. For about $6 billion, an outsider acquirer could buy up the top 3 players in the industry. That’s important because the problem in the […]