Maintaining utilisation at low rates
Noble announced in its fleet status report after US market close that it has secured a 3-year job for the Noble Bob Douglas (10,000ft drillship) with Exxon offshore Guyana. We believe this is the job for the Liza development for which a competitive tender has been ongoing. No dayrate is disclosed, but multiple channel checks suggest the dayrate is in the USD140–150k range. Despite being below consensus and suggesting dayrates are at depressed levels around operating costs until early 2021, we believe it is important to keep utilisation as it helps build client relationships and avoid preservation/reactivation capex and daily stacking cost.
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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