Paragon Offshore plc (fka PGNPQ)

[gta3uzi]

This was posted today on SA. It looks like COP and HES have different capex and opex profiles for their onshore and offshore plays as I suspect is true for many OC's. The other thing to consider is that offshore tendering might increase when lower dayrates are factored in to capex budgets. It stands to reason that lower dayrates will shift capex away from onshore and even with fixed offshore budgets more contracts will be awarded. If two rigs can be contracted at $100k, three can be contracted at $66k.

http://seekingalpha.com/article/3646796-hess-claims-offshore-oil-is-cheaper-than-shale