ESV: Now We Wait For 2020...!
- Wait Till 2020. Management message is very clear. All UDW regions are facing oversupply pressure and a reduction of UDW supplies are needed for utilization (current worldwide UDW is 64%) to reach 75%. This is a level of where pricing power can return. In our opinion, given that the offshore drillers are accepting low rate in the range of $105-185k/day for 2-years, we expect pricing power to return not until late 2020.
Ensco is an offshore contract drilling company engaged in providing offshore contract drilling services to the international oil and gas industry. As of Dec 31 2017, Co. owned and operated an offshore drilling rig fleet of 62 rigs. Co.'s rig fleet includes 12 drillships, 11 semisubmersible rigs, four moored semisubmersible rigs and 38 jackup rigs, including rigs under construction. Co.'s business consists of three operating segments: floaters, which includes its drillships and semisubmersible rigs; jackups; and other, which consists of management services on rigs owned by third-parties. Co.'s two reportable segments, floaters and jackups, provide one service, contract drilling.
The Zephirin Group, Inc. is widely recognized as a World Leading Independent Investment Research Company. The Wall Street Journal, Financial Times/StarMine and FactSet Research have recognized The Zephirin Group as an industry leader – naming us as one of the World's Top Analysts based on high performance and accuracy for earnings and stock picking. The Zephirin Group is a celebrated and award-winning Independent Investment Research Company and has been listed in the Top 5 Star Analyst List for all years 2008 to 2021 YTD. The firm offers equity research, fixed income research, corporate finance, quantitative research, and index research to financial services firms; business research, company profile, and industry studies to business services firms; and data analytics, index analytics, risk analytics, benchmark analytics, financial analysis, model development, and valuation modeling to data services firms. It offers research on small, mid and large capitalized under-valued and under-covered global-listed equities. The firm provides institutional research and sponsored research services. It offers pre-IPO services and reports, boutique services including merger and acquisition advisory, equity and debt raising advisory and energy and real estate advisory services. The firm offers fundamental research with a combination of top down and bottom up research. It also provides consulting on listing issues, compliance, corporate governance, and investor communication services. The Zephirin Group, Inc. is based in New York with satellite office in Hong Kong and Shenzhen.
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