Lowering Offshore Driller FVEs on Weaker Pricing and Utilization Outlook
We are lowering our fair value estimates for offshore drillers, in the range of about 10%-20%. Our Transocean fair value estimates move to $6.50 per share from $8.25, Diamond to $10.50 from $12, Ensco to $3.75 from $4.40, Rowan to $10 from $11, and Noble to $2.50 from $2.90. The lower fair value estimates stem from decreases in our long-term floater rig demand forecasts, which lead to lower utilization and pricing forecasts for each of the drillers. Our no-moat ratings for each of the names are ...
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