Petrobras UDW rig selection

For the Petrobras tender for high-specification UDW rigs, updates suggest that it has made a rig selection. The tender was split into two categories (with and without MPD) and called for a duration of three years with start-up in September 2022. As previously reported, Seadrill had presented the lowest bid in the MPD category, and updates now suggest that two Seadrill UDW 7G drillships, West Tellus and West Carina, have been selected. The rigs were offered at dayrates of USD230k and USD245k, respectively, and we expect awards to be made at, or around, those levels.

Back to normal with Petrobras

In the three Petrobras tenders for low-spec UDW rigs that had bids due late last week, things were ‘back to normal’ compared to the solid dayrates in its recent tender for high-spec UDW rigs. Now, local (and Indian) contractors emerged as the low bidders and dayrates offered were mostly in the high USD100k/low USD200k, representing an expected downtick from the recent high-spec tender. Given the low technical specification on these tenders, interest was low from international contractors with only Valaris offering one rig and a third-party offering a Noble drillship. Looking ahead, we expect P...

US GoM deepwater heating up

Following our US GoM deepwater market update in May, the positive trend in demand continues, and we expect further contract awards in the coming months. Based on the rollover profile, demand (both renewal and incremental) should be more than sufficient to keep the current fleet of warm rigs working in our view, and we see potential for incremental rigs to enter the region. Clean dayrates (for high-spec drillships) are mostly seen in the USD220k–250k range. Still, we believe higher levels are being tested and could materialise in a few situations, which could see dayrates around USD300k.

Seafood - Fat Trout Weekly

Seafood - Fat Trout Weekly

(2 pages)

Seafood - Chilean biomass update

Seafood - Chilean biomass update