Enter multiple symbols separated by commas

US OKs 1st Deepwater Drilling Permit After BP Spill

The U.S. has approved its first deepwater drilling permit after the BP spill. This first permit went to Noble Energy , which is an exploration and production company.

This will be a benefit to many deepwater drillers, including Noble Corp. (note that Noble Corp. is a deepwater driller — Noble Energy is a completely separate exploration and production company), Diamond Offshore , Ensco , Pride and others.

Why? An E&P company like NBL contracts with deepwater drillers to do the actual drilling. This is likely the first of many such permits. Some rigs left the Gulf of Mexico, so a sudden increase in demand would potentially increase the dayrate for the drillers, which would certainly increase profits.

According to the press release, Ensco , a well-known deepwater driller, will be doing the actual drilling for NBL, but there will be others.

"This could be the beginning of a nice little run in deepwater drillers," one trade told me.

  • Oil & Other Energy Futures Now

Bookmark CNBC Data Pages:



Want updates whenever a Trader Talk blog is filed? Follow me on Twitter: twitter.com/BobPisani.

Questions? Comments? tradertalk@cnbc.com