Stocks that Float: TANKERS & DRY BULK SHIPPERS

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Offshore drilling. As the need for heavy class semi-submersibles, capable to drill 30.000 ft deep, is increasing, take a look at SeaDrill (SDRLF.PK $21.65), a Norwegian deepsea driller. SDRLF has 2 semisubs working now, and has ordered new semisubs two years ago. These new semisubs will be delivered as follows:

1 1Q/2008 30.000 ft
2 2Q/2008 35.000 ft
2 3Q/2008 30.000/35.000 ft
1 4Q/2008 35.000 ft
1 2Q/2010 35.000 ft

In addition SDRLF has ultra-deep drillships:

1 working, 35.000 ft
1 delivery 2Q/2008 35.000 ft
1 delivery 4Q/2008 35.000 ft
1 delivery 2Q/2010 35.000 ft

Look at their fleet status on their website http://www.seadrill.com/

SeaDrill will release its quarterly report on Nov 29. Don't expect yet any fabulous results - much debt - but keep an eye on this one. If the deepsea drilling is important in the future - as it seems with the oil discoveries in Brazil, Angola, Mozambique, India - SDRLF is a bargain now.

The arctic region drilling for natural gas is already a fact, and those rigs are all equipped for "harsh environment".

There are only 40 rigs of this caliber in the world now, and their daily rates have climbed over $500.000/day. Transocean and Diamond Offshore have ordered new semisubs, but due to full orderbooks at the shipyards, those rigs will be delivered later.