Hurricane Katrina has hammered the oil patch, but the devastation could spell opportunity for

Todco

( THE).

The stock jumped 7% Tuesday as investors bought into the last company with spare drilling rigs in the Gulf of Mexico.

Katrina's wrathful run already has sunk two rigs and dislocated eight others. With the rig market already tight, Todco's fleet now looks to be in even greater demand.

The Houston-based company has seven so-called cold-stacked jack-up rigs -- designating rigs tied down to the ocean's floor -- as well as two submersibles. Renting a Todco jack-up rig can cost around $70,000 a day, and that figure's not likely to fall anytime soon with so many Gulf rigs in trouble.

"The rig market in the Gulf is currently so tight,

the lost rigs will definitely help boost day rates," said Darren Horowitz, analyst at Raymond James, which doesn't do investment banking for Todco and owns no shares.

Diamond Offshore

(DO) - Get Report

has said it cannot locate one of its jack-up rigs, which analysts say probably means it has sunk. And

Rowan

(RDC)

recently reported that it fears one of its jack-up rigs has capsized and sunk, too.

Among other casualties,

GlobalSantaFe

(GSF)

said two of its semisubmersible rigs, the GSF Celtic Sea and GSF Development Driller I, were "listing slightly." Analysts believe the listing rigs could be fixed, but they note that Todco is also the only company that has spare semisubmersibles.

"Todco is the obvious swing supplier in this picture," said Roger Reed, an analyst at Natexis Bleichroeder, which has had an investment banking relationship with Todco.

Onetime owner

Transocean

(RIG) - Get Report

spun off the last of its holdings in Todco last quarter.

Share of Todco rose $2.07 Tuesday to $32.50.