For both onshore and offshore applications, EnergyPoint’s latest survey results indicate contract drillers are increasingly out to show customers they mean business. At the very least, land-drillers’ overall ratings remain on an upward bent, while offshore drillers’ ratings continue to be the highest of all the major oilfield segments that EnergyPoint tracks in its customer satisfaction surveys.
Helmerich & Payne’s ratings continue to lead onshore. In fact, the company remains the only land drillers to enjoy a very high overall designation in EnergyPoint’s independent customer satisfaction ratings system.
Nonetheless, many H&P peers continue to enjoy improving marks. Nabors Industries’ total customer satisfaction level jumped one notch to average from low earlier this year, and Unit Drilling has also enjoyed marked improvement in ratings in the last year.
Interestingly, land drillers’ job quality ratings continue to trail their total customer satisfaction marks, implying that total satisfaction would be even higher if not for these lower job quality ratings. Of the four sub-attributes comprising the category of job quality, post-job reporting and review appears to be responsible for the most heartburn among customers.
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Offshore, total satisfaction ratings for major offshore drillers have ticked up from already robust levels. Ensco remains the only offshore driller to enjoy a very high ratings status in the category of total customer satisfaction. Ratings for Rowan Drilling remain at high levels as the company also continues to garner positive feedback from customers.
Unlike for the onshore, job quality ratings for offshore drillers have generally been on par with the group’s total satisfaction scores.
Analysis of the correlation between EnergyPoint’s customer satisfaction ratings and contract drillers’ stock-price returns continues to point to a compelling relationship.
On the offshore side, for every one-point advantage (on a 10-pt ratings scale) in customer satisfaction that a driller enjoys over its peers, 24-month stock-price returns have come in 39.3 percentage points higher on average. That’s some serious shareholder value being created, especially given the amount of invested capital at these companies.
Onshore, for every one-point advantage in customer satisfaction a driller enjoys over its peers, subsequent 24-month stock-price returns have been a still very significant 13.1 percentage points higher on average.
Moreover, with crude-oil prices continuing to show resiliency, and even some bounce, in the face of the current global economic slowdown, prospects for continued day-rate stability look promising. That said, overall growth in drilling, especially offshore, will present contractors with new challenges as they seek to manage their organizations in safe and effective manners.