Table of Contents
1. Executive Summary 3
2. Rig Supply Overview 10
3. Rig Demand Overview 17
4. Supply Demand Dynamics 28
5. Rig Rates Overview 37
6 Asset Composition and Exposure by Offshore Driller 43
7. Dayrates and EPS Estimates by Offshore Driller 51
8. Rig Values and NAV Analysis 57
9. Valuation 71