In October, the WorkBoat Stock Index gained 530 points, almost 19%. For the month, gainers topped losers by an 11-1 ratio.
The PHLX Oil Service Sector Index gained a whopping 37%. Predictably, energy issues were among the top percentage gainers in October.
Leading the way were leading percentage gainers Helix Energy Solutions Group, Oceaneering International, Nabors Industries, Tidewater and Transocean.
Roderick Larson, president and CEO of Oceaneering International, said the “offshore recovery is clearly underway. And with increasing emphasis on both energy security and development of the cleanest, safest and most reliable energy sources, I expect positive market fundamentals to support our energy-focused businesses for years to come,” he said during the company’s third-quarter earnings call in October.
“In addition, with increasing competition for, and scarcity of, available labor, our mobile and subsea robotics businesses are experiencing heightened levels of interest as automation lowers on-site personnel requirements and enables remote supervisory control.”
Looking forward to 2023, Larson said, “supportive commodity prices and the increasing importance of energy security underpin our expectations for a strong five-year outlook in our offshore energy businesses. With energy transition expected to require an all-of-the-above solution across energy sources, we are well positioned to support our customers in enabling the production of cleaner, safer and more reliable energy from traditional sources.”