Theme · live manifest · live theme JSON
Oversupply Risk '26: Offshore Drilling
7 tickers · $36.56B total market cap
Group: Oversupply Risk
The offshore drilling sector faces a structural undersupply of high-specification assets, particularly drillships, driven by historical underinvestment and accelerating deepwater activity. Despite short-term day rate softening in 2026 and conflicting oil market forecasts, the long-term demand for deepwater oil, coupled with geopolitical supply disruptions, is expected to drive substantial gains for contractors.
Oversupply Risk '26: Offshore Drilling tracks 7 publicly listed stocks in this theme: HP, NBR, NE, OII, RIG, SDRL, VAL. See the constituent table for details.
Thesis update: 2026-03-24
Constituents
Build 20260519T212339
| Company | Previous Quarter Report Date | Next Expected Report Date | Last Quarter Earnings Move % | Earnings Move % | Intra-Quarter Move % | Since Last Report % | Market cap | Weight |
|---|---|---|---|---|---|---|---|---|
Noble Corporation PlcNE | 04/26/2026 (AMC) | 04/26/2026 (AMC) | 3.99% | 8.20% | 8.12% | 1.23% | $8.67B | 14.2857 |
Valaris LimitedVAL | 05/04/2026 (AMC) | 05/04/2026 (AMC) | 3.52% | -9.21% | 7.07% | 19.65% | $7.85B | 14.2857 |
Transocean Ltd.RIG | 05/04/2026 (AMC) | 05/04/2026 (AMC) | 2.52% | -8.63% | 5.52% | 19.20% | $6.85B | 14.2857 |
Helmerich & Payne, Inc.HP | 05/06/2026 (AMC) | 05/06/2026 (AMC) | -1.21% | -11.15% | 10.73% | 10.94% | $4.15B | 14.2857 |
Oceaneering International, Inc.OII | 04/22/2026 | 04/22/2026 | 5.14% | 0.50% | 10.58% | 0.00% | $3.84B | 14.2857 |
Seadrill LimitedSDRL | 05/11/2026 (AMC) | 05/11/2026 (AMC) | -2.96% | 3.39% | 13.86% | 8.51% | $3.43B | 14.2857 |
Nabors Industries Ltd.NBR | 04/28/2026 (AMC) | 04/28/2026 (AMC) | -3.92% | 14.86% | 37.47% | 3.84% | $1.77B | 14.2857 |
| Average | 1.01% | -0.29% | 13.34% | 9.05% | $5.22B | 14.2857 | ||
| Median | 2.52% | 0.50% | 10.58% | 8.51% | $4.15B | 14.2857 | ||
| Std Dev | 3.37% | 9.12% | 10.18% | 7.46% | $2.38B | 0.0% | ||
| Min | -3.92% | -11.15% | 5.52% | 0.00% | $1.77B | 14.2857 | ||
| Max | 5.14% | 14.86% | 37.47% | 19.65% | $8.67B | 14.2857 | ||
| % Positive Tickers | 57.14% | 57.14% | 100.00% | 85.71% |
* Provisional value: before LstRpt% reaches its 2-day post-report lock window (BMO/AMC adjusted), EarningsPerf is calculated from current vs pre-report and then locks to final LstRpt%.