Petrobras re-starts deepwater tender
For its tender for up to three incremental high-spec UDW rigs for work in the Buzios area, which took bids in late Q4, updates suggest that Petrobras has restarted the tender process from scratch. Originally it looked for commencement in late 2023 or early 2024, while the commencement window now has been extended to Q3 2024. The tender still calls for high-spec drillships (including MPD) for a period of c3 years. It is unclear why Petrobras re-started the process and extended the startup window. Although more rigs (including stranded newbuilds) now could participate in the tender, we believe industry discipline will remain solid with day-rates likely into the USD400k level and higher. For international contractors, we see this as an opportunity for – among others – Valaris, Noble, Transocean, Seadrill and Diamond Offshore. This tender is in addition to an ongoing tender for four rigs, which likely is (mostly) against incumbents. Lastly, we still see Petrobras concluding a tender from last year (for BM-S-11) where we expect it to contract a high-spec drillship with a clean day-rate (excluding services) around USD450k–460k.
Diamond Offshore Drilling provides contract drilling services to the energy industry around the globe. The company's fleet enables it to provide services in the floater market on a worldwide basis. The company's contracts to provide offshore drilling services vary in their terms and provisions. The principal markets for the company's offshore contract drilling services are: the Gulf of Mexico, including the U.S., and Mexico; South America, principally offshore Brazil, and Trinidad and Tobago; Australia and Southeast Asia, including Malaysia, Indonesia, Myanmar and Vietnam; Europe, principally offshore the U.K., and Norway; East and West Africa; and the Mediterranean.
Maersk Drilling A/S is a Denmark-based company, which provides integrated offshore drilling rig services to oil and gas companies around the world in support of their exploration and production of oil and gas. The Company's owns more than 20 rigs including environment jack-up rigs, as well as deepwater drillships and deepwater semi-submersible rigs. The Company operates in Africa and Middle East, the Americas, Asia-Pacific, Norway and the North Sea.
Northern Drilling Ltd is a Bermuda-based drilling contractor, which owns a semi-submersible rig, HHI HE Semi 1, previously known as West Mira. HHI HE Semi 1 possesses water depth capacity of 10,000 foot and drilling depth equipped for 40,000 foot. The Company's shareholders comprise Hemen Holding Ltd, Morgan Stanley & Co. Int. Plc and State Street Bank and Trust Comp.
Odfjell Drilling Ltd. (Odfjell Drilling) is an integrated offshore drilling and oil service company. The Company operates through three segments: Mobile Offshore Drilling Units (MODU), Drilling & Technology, and Well Services. The Mobile Offshore Drilling Units is responsible for operations of mobile drilling units fully or partly owned by the Company and units owned by other companies. It operates mobile drilling units in Norway, United Kingdom, Angola, Vietnam and Brazil. The Drilling & Technology segment is providing platform drilling, project management and engineering services. Drilling & Technology operates from offices in Bergen, Stavanger and Aberdeen. The Well Services segment is a provider of casing and tubing running services (TRS), drill tool rental and well intervention services to the onshore and offshore oil and gas industry. The Well Services are provided to onshore and offshore drilling operations in the North Sea, mainland Europe and Black Sea, among others.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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