Diamond Offshore, Transocean among drillers with top exposure to Petrobras
With Transocean (NYSE:RIG) now caught up in the Petrobras (NYSE

BR) corruption investigation, Credit Suisse examines the offshore drillers with exposure to the Brazilian company and finds Diamond Offshore (NYSE

O) and Seadrill (NYSE

DRL), among others.Since 2007, PBR has contracted ~100 rigs from 21 operators for drilling services for a total backlog of $48B; the company's top five drilling contractors over the period were Brazil's Odebrecht and DO with 15% market share, followed by RIG (13%), Brazil's QGOG (12%) and SDRL (11%); other drillers taking backlog include Ensco (ESV, 9%), Noble (NE, 8%), Ocean Rig UDW (ORIG, 6%) and Vantage Drilling (VTG, 3%).PBR is reducing its drilling fleet as part of a wider effort to cut spending, and so far this month has canceled at least two rig contracts and five platform supply vessel contracts.Earlier: Transocean denies wrongdoing in Petrobras case, shares -3.3%