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The Company provides contract drilling services to the energy industry around the globe and deals in deepwater drilling.
Current Wall Street estimates are simply too pessimistic, DO earnings power can reach $12 per share in 2013 with the addition of the 3 newbuild 12,000 ultradeepwater drillships and two other newly built drillers that started working in 2010 bought at distressed prices in 2009. That means DO added 5 of the highest end drillips since 2009. DO earned close to $9.80 per share in 2009 even if it achieved that number which is very likely stock is currently trading at 6.9x P/E which is half the historical multiple on the stock. 2010 was the year of the Macondo disaster which led to DO moving rigs outside of GOM and incurring a lot of costs along the way which depressed margins and earnings.
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