DRLCO Drilling Company of 1972

Articles of Association for Maersk Drilling

Articles of Association for Maersk Drilling

The Drilling Company of 1972 A/S' Articles of Association as adopted on the Annual General Meeting on 2 April 2020

Attachments

EN
02/04/2020

Underlying

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Reports on Drilling Company of 1972

Martin Huseby Karlsen
  • Martin Huseby Karlsen

Supportive rig comments from Saudi Energy Minister

Following Saudi Arabia’s statement in late January that it will scale back production capacity from 13 to 12 mmboed, uncertainty has increased in the rig market related to future rig demand for jackups. Hence, we find the Energy Minister’s comments in an interview at IPTC positive. Regarding postponed projects (Safaniya and Manifa), he said, “that doesn’t mean we are abandoning things” and “that doesn’t mean that we are not going to use the rigs that Aramco commissioned”, among other comments. W...

Martin Huseby Karlsen
  • Martin Huseby Karlsen

Maersk Drilling (No_rec, TP: DKK) - Discontinuing coverage

We have discontinued coverage of Maersk Drilling following its acquisition by Noble Corporation. Our last published recommendation, target price and estimates should no longer be relied upon.

Martin Huseby Karlsen
  • Martin Huseby Karlsen

Total and Vantage create JV for deepwater rig supported by 10-year agr...

Total and Vantage announced a JV in which Total will acquire 75% of the 2013-built 6G drillship Tungsten Explorer from Vantage for USD199m, implying a USD265m valuation on a 100% basis. At the same time, Vantage is being hired by the JV as a manager of the rig for a 10-year period, which implies Total will use the rig for a similar period. Based on disclosures, Vantage would get an average management fee of cUSD47k per day (cUSD17m per year) in addition to its pro-rata share of the cash flow fro...

Martin Huseby Karlsen
  • Martin Huseby Karlsen

Deepwater focus should remain on longevity of upcycle

In the upcoming earnings season, we expect drilling contractors to focus on the longevity of the deepwater upcycle and contract opportunities with 2025 and beyond startup. For the near term, we see greater attention related to utilisation challenges for open 2024 capacity, caused by a too-rapid near-term influx of rigs to the market. From an industry perspective, we see solid support for cycle duration by numerous ongoing long-term tenders. Dayrates are likely to reflect bifurcation related to c...

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