Goldman Sachs Starts Atwood Oceanics (ATW) at Neutral

Goldman Sachs initiates coverage on Atwood Oceanics (NYSE: ATW) with a Neutral. PT $48.00.

The firm notes the company is high grading its rig fleet, with three 6th generation floaters and three high-spec jack-ups coming by 2014. This will raise the company's fleet from 7 rigs to 13 rigs. When delivered in 2014, the new rigs could boost earnings by $5.55/share.

While the improving rig profile is a positive, Goldman notes the challenge for the company will be to maintain high utilization for its three older floaters and one older jack-up.

For an analyst ratings summary and ratings history on Atwood Oceanics click here. For more ratings news on Atwood Oceanics click here.

Shares of Atwood Oceanics closed at $41.25 yesterday.

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