NEW YORK ( TheStreet) -- Today is an opportunistic moment to own businesses that lease mobile, offshore deepwater drilling units that explore for oil and gas. These units can also establish offshore production wells helping the client pump up profits.Take a company like Atwood Oceanics (ATW - Get Report), the Houston-based company that owns a fleet of approximately 13 mobile offshore drilling units.
That means for every 10 operating days the Atwood Achiever, which will be ready for delivery in the summer of 2014, performs its services ATW will gross at least $5.95 million. This contract adds $652 million in revenue backlog, bringing Atwood's total revenue backlog to approximately $3.9 billion as of Monday. The news and details of the company's operations can be found at its user-friendly Web site, which clearly spells out the scope, mission and priorities of Atwood Oceanics. Currently selling at less than nine times forward (one-year) earnings with a price-to-earnings-to-growth (PEG) ratio (five-year expected) of only 0.53, ATW is an underpriced value that for now is sailing under the radar of the Smart Money. Then there's its $3.61 billion market cap, which makes ATW a bite-size prey.