All about the Middle East
In our view the single-most important factor for the global jack-up rig count in 2018 is how demand plays out in the Middle East, with several multi-rig tenders due to be concluded in the next few months. We estimate incremental rig count to be at least 15 (mostly premium rigs), which could lift the global jack-up rig count by c5% to 334 rigs and marketed utilisation by 3%-points to 72%. Dayrates are likely to be soft in our view, with the exception of the Saudi Aramco jobs. We believe jack-up players with a strong presence in the region like Rowan, Ensco and Shelf Drilling could benefit, but that Borr Drilling could also add some backlog.Fred Olsen Energy is engaged in offshore drilling as well as engineering and fabrication services. Co. provides services and operates within the two segments; offshore drilling and engineering and fabrication. The Offshore Drilling segment provides services to the offshore oil and gas industry. The Engineering and Fabrication segment provides engineering, fabrication, ship building and repair services for various offshore and onshore industries.
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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