Why Offshore Drilling Stocks Are Sinking Again

The offshore drilling industry continues to take an absolute beating. On May 13, shares that make up nearly the entire sector fell by double digits on a combination of bad news on the oil inventory front, and a speech from U.S. Federal Reserve chairman Jerome Powell that spooked the entire stock market.

As of 1:16 p.m. EDT, shares of Valaris PLC (NYSE: VAL), Noble Corp. (NYSE: NE), Borr Drilling (NYSE: BORR), and Transocean (NYSE: RIG) were all down between 9% and 15%. Shares of Seadrill (NYSE: SDRL) were also down 4% at this writing, having recovered a bit after trading down more than 8% earlier in the day.

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Source Fool.com