The company will delay posting third-quarter results after saying earnings would be hit by $2.76 billion in charges from a decline in the value of its contracts-drilling business and a drop in rig-use fees.

Worries about an oversupply of equipment are impacting the offshore drilling industry.

Will the offshore industry be able to absorb all of the drilling rigs currently under construction and maintain internal rates of return?

Technology breathes new life into another old play.

The company will claim most of its future revenues and margins from newer deepwater and ultra-deepwater equipment after the split.

The Mexican company will expand its fleet to include eight high-specification jackup rigs by 2015.

The demand for ultra-deepwater rigs will continue to drive day rates higher as the industry shifts from exploration to development drilling in several major plays.

Nearly $7 billion in three Gulf of Mexico transactions signals growing demand for oil services in a major regional transformation.