Transocean Ltd. Announces $111 Million Ultra-Deepwater Drillship Contract

Transocean Ltd. Announces $111 Million Ultra-Deepwater Drillship Contract STEINHAUSEN, Switzerland, Dec. 17, 2024 (GLOBE NEWSWIRE) -- Transocean Ltd. (NYSE: RIG) (“Transocean”) today announced that a four-well option was exercised for the Dhirubhai Deepwater KG1 with Reliance Industries Limited in India. The estimated 270-day program is expected to commence in direct continuation of the rig’s firm term with Reliance and contribute approximately $111 million in backlog, excluding additional services. About Transocean Transocean is a leading international provider of offshore contract dri...

First award confirmed under Petrobras ‘rig pool’ tender

Constellation confirmed the contract award under the Petrobras ‘rig pool’ tender after being the low bidder on Lot 1 with its 6G drillship Amaralina Star (dayrate of cUSD429k including third-party services). Based on the confirmation of Constellation, we believe the remaining two awards in the ‘rig pool’ tender have likely also been concluded, with Etesco’s 6G drillship Etesco Takatsugu J (USD352k) and Seadrill’s 7G drillship West Jupiter (around the USD450k level) as the low bidders. As highlighted earlier, Petrobras has only progressed with three of the maximum four rigs it could award, whic...

Energy Morning - 17 December 2024

Ericsson (Buy, TP: SEK100.00) - Set to cut a dash

Into the seasonally important Q4, we note the stock’s recent strong run-up raises the bar, but see positives outweighing our concerns, expecting a second quarter with accelerated earnings momentum. We see Ericsson continuing its consensus-beating streak, with our Q4e adj. EBITA 13% above Infront consensus. We reiterate our BUY with a raised target price of SEK100 (96).

Nokia (Buy, TP: EUR5.20) - 2025e sisu starting to build

We see an attractive 2025e story unfolding at Nokia and have upgraded to BUY (HOLD) and raised our target price to EUR5.2 (4.5). 1) Organic sales growth is turning positive after six negative quarters. 2) Having outperformed in areas it can control (e.g. gross margin, costs, buybacks) in tough end-markets, we forecast 23% adj. EPS growth YOY in 2025 (excluding one-offs in the 2024e base), and Infront consensus looks beatable. 3) Network Infrastructure represents ~45% of 2025e EBIT (~20% in 2020) where data-centre-driven growth from webscalers and enterprise could aid a shift in the investor ba...

Valuation update

In this note, we show updated valuation statistics for the E&P sector.