PES - ICD's Rig Fleet Consolidation To Benefit In The Long Run
ICD’s drivers are strong
Independence Contract Drilling (ICD) offers onshore contract drilling services in the Permian Basin, Eagle Ford Shale, and the Haynesville Shale. ICD’s Sidewinder acquisition in October has bolstered its presence in the key U.S. unconventional shales. ICD has embarked on a major rig up-gradation program, which should yield benefit in 2019 by increasing drill efficiency. Although the current energy price weakness has slowed down ICD’s momentum; its long-run value drivers look healthy for a sharp rebound in the medium-to-long run. In 2018 so far, Independence Contract Drilling’s stock price has