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Deepwater Drillers Rally on Moratorium Ruling

Tuesday, 22 Jun 2010 | 2:42 PM ET

Hornbeck Offshore Services, Noble, Hercules Offshore, Diamond Offshore and other deepwater drillers all rallying modestly midday, as a federal judge has blocked the offshore drilling moratorium imposed by the Obama administration.

The White House has said they will immediately appeal the decision to the 5th Circuit Court of Appeals in New Orleans. The moratorium will likely remain in place until then.

At the very least, it will add to the pressure to lift the moratorium at the end of six months.

Where the Drillers Stand Now:

Hornbeck Offshore Services

Noble

Hercules Offshore

Diamond Offshore

Transocean

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  • A CNBC reporter since 1990, Bob Pisani covers Wall Street from the floor of the New York Stock Exchange.

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