As previously reported, Benchmark downgraded Transocean (RIG), Valaris (VAL) and Noble Corp. (NE), all to Hold from Buy, and removed the firm’s previous price targets for all three stocks. Offshore drilling pricing and utilization trends have stabilized, notes the analyst, who also sees all three companies as still well positioned to generate free cash flow and return excess cash to shareholders. Deepwater drilling contract and pricing momentum has slowed from the “torrid pace” seen through the first half and industry sources suggest that the cadence of contract awards should accelerate during the second half of 2025, but in the near term, intermittent rig utilization, aka “white space,” will be a drag on investor sentiment, the analyst says.