Is It Time To Get Back Into Diamond Offshore?

Here's the news from Libya.

TRIPOLI—Two Libyan militias once allied against Moammar Gadhafi battled for nearly two hours in central Tripoli, leaving four dead and a renewed sense of unease across a capital where the nascent government has struggled to maintain authority.

Iran is rattling sabers again, Iraq without the US is unstable and so on and so forth. Diamond Offshore (DO) makes deepwater drilling rigs and leases them out to clients. Extracting oil off the coasts of Brazil and Norway looks a lot more profitable than trying to get it out of Libya or Iraq.

Diamond Offshore has taken a beating in the last few years, so now might be a good time to get back in.

Diamond Offshore Drilling Stock Chart by YCharts