reports
- Martin Huseby Karlsen
Supportive sale of stranded drillship confirmed
Following recent reports, Samsung confirmed it has sold a stranded drillship to a European client for USD245m. We believe it is the ex-Ocean Rig Crete, one of the most capable drillships that has been ordered (referenced as an 8G drillship). Being Europe-based, we believe a potential buyer could be Stena Drilling (which has an ongoing arbitration appeal with Samsung). From a read-across to listed offshore drillers, we consider it positive from a valuation perspective but negative from a market b...
- Martin Huseby Karlsen
Deepwater preferred into 2022e
With Q3 reports due next week, we expect management teams to be upbeat on the deepwater market as we see dayrates establishing at the mid-to-high USD200k level for high-spec UDW rigs. On the other hand, the fragmented jackup market still appears to lack pricing discipline, and despite some incremental demand in the Middle East, we believe there is room for disappointment ahead. We keep Noble and Valaris as our best long ideas, while we remain muted on Transocean.
- Martin Huseby Karlsen
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, res...
- Martin Huseby Karlsen
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 on...
- Martin Huseby Karlsen
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 bei...
- Martin Huseby Karlsen
Higher rates for Petrobras tender
For a Petrobras tender for high-specification UDW rigs, bids were due on Friday. Unlike most other tenders, an international contractor (Seadrill), and not local contractors, provided the lowest bids. Dayrates were generally meaningfully higher than in recent Petrobras tenders, showing improved bidding discipline in the industry. For the likely awards in the tender, we see a clean rate level in the low USD200ks for 3-year duration starting late 2022, allowing for annual EBITDA generation of cUSD...
- Martin Huseby Karlsen
More detail on licensing round
Ahead of the white paper on Friday, the government provided more details on offshore wind development in Norway. The bottom-fixed areas will be developed without state-aid, and awards will follow an auction in early 2022. Floating areas will be awarded on qualitative criteria and receive government support (level not yet decided). Both areas will be split into 2–3 licences, which will allow multiple consortiums to be awarded. While we believe the planned sizes (in GW) allow for critical mass, th...
1Q6 PROSAFE S.E.
PGS PGS ASA
DOF DOF ASA
SOC SUBSEA 7 S.A.
SDRL SEADRILL LTD
BWO BW OFFSHORE
PLCS POLARCUS LIMITED
ARCHERO ARCHER
AKER AKER ASA CLASS A
TGS TGS-NOPEC GEOPHYSICAL COMPANY ASA
E65F VALARIS PLC CLASS A
KVAER KVAERNER ASA
ODL ODFJELL DRILLING
AKSOO AKER SOLUTIONS ASA
DO DIAMOND OFFSHORE DRILLING INC.
RIGN TRANSOCEAN LTD.
TEC TECHNIPFMC PLC
SHLF SHELF DRILLING
CGG CGG
NODL NORTHERN DRILLING
A2JAU0 BORR DRILLING
AWDR AWILCO DRILLING
DRLCO MAERSK DRILLING
NE NOBLE
MSEIS MAGSEIS FAIRFIELD
- Martin Huseby Karlsen
Crowded and high-profile in Norway
The initial licensing rounds for offshore wind acreage in Norway are lining up to be competitive, with several high-profile local companies/consortiums already having announced their intention to participate. In addition, we would expect traditional renewables producers and international E&P companies to take part. Currently there is limited clarity on how the licensing process will work, but more details are expected in a government white paper (‘Stortingsmelding’) on 11 June. Although the winn...
1Q6 PROSAFE S.E.
PGS PGS ASA
DOF DOF ASA
SOC SUBSEA 7 S.A.
SDRL SEADRILL LTD
BWO BW OFFSHORE
PLCS POLARCUS LIMITED
ARCHERO ARCHER
AKER AKER ASA CLASS A
TGS TGS-NOPEC GEOPHYSICAL COMPANY ASA
E65F VALARIS PLC CLASS A
KVAER KVAERNER ASA
ODL ODFJELL DRILLING
AKSOO AKER SOLUTIONS ASA
DO DIAMOND OFFSHORE DRILLING INC.
RIGN TRANSOCEAN LTD.
TEC TECHNIPFMC PLC
SHLF SHELF DRILLING
CGG CGG
NODL NORTHERN DRILLING
A2JAU0 BORR DRILLING
AWDR AWILCO DRILLING
DRLCO MAERSK DRILLING
NE NOBLE
MSEIS MAGSEIS FAIRFIELD
- Martin Huseby Karlsen
Long-term UDW contract landed
Seadrill announced this morning it has been awarded the contract for Equinor’s Bacalhau development offshore Brazil. The contract is for the 7G UDW drillship West Saturn, to start drilling early-2022e, and has a 4-year duration. Based on the announced contract value, the all-in dayrate (including upgrades and integrated services) is USD260k, while we estimate the clean dayrate is around USD200k. Hence, we see an annual EBITDA contribution from this contract of USD15m–20m, plus potential bonuses....
- Martin Huseby Karlsen
- Martin Huseby Karlsen
- Martin Huseby Karlsen
US GoM could be more challenging
Over the past few days, early efforts from the Biden administration suggest offshore activity in the US GoM may start to decline in the years ahead. Although we see no impact from the 60-day permitting ban (unless it is extended), yesterday’s pause in issuing new leases while reviewing the lease policy may impact exploration activity. Following these early actions, we expect to see news flow on the topic in the coming months. Among the companies under our coverage, Transocean is the offshore dri...
- Martin Huseby Karlsen
Shallow help from Malaysia
In its 3-year plan, Malaysian NOC Petronas suggests the 2021–2023 jack-up count will be 7–10 rigs, compared to an average of 10 rigs for 2019–2020 and a peak of 14 rigs in early 2020. Compared to the previous plan, the new plan suggests a 45% reduction in jackup demand for 2021–2022. The only positive is that as many jack-ups rolled off contract in late 2020 and currently sit idle, the jack-up count is set to increase from the four rigs currently contracted. With a subdued future rig count, we b...
Pacific Drilling annonce la confirmation de son Plan de réorganisation...
LUXEMBOURG--(BUSINESS WIRE)-- Pacific Drilling S.A. (OTC : PACDQ) a annoncé aujourd’hui que le Tribunal des faillites des États-Unis pour le district Sud du Texas avait confirmé le Premier plan de réorganisation, conjoint, amendé de Pacific Drilling S.A. et de ses sociétés affiliées débitrices, en vertu du Chapitre 11 du Code des faillites (le « Plan »), le 21 décembre 2020. « La confirmation de notre Plan par le Tribunal représente une étape importante dans notre progression vers une sortie d’ici la fin de l’année avec un bilan entièrement désendetté et une capacité à fournir des services de...
Pacific Drilling Announces Confirmation of Prearranged Plan of Reorgan...
LUXEMBOURG--(BUSINESS WIRE)-- Pacific Drilling S.A. (OTC: PACDQ) announced today that the United States Bankruptcy Court for the Southern District of Texas confirmed the First Amended Joint Plan of Reorganization of Pacific Drilling S.A. and its Debtor Affiliates Pursuant to Chapter 11 of the Bankruptcy Code (the “Plan”) on December 21, 2020. “The Court’s confirmation of our Plan represents an important milestone in our progress towards emergence by year-end with a fully de-levered balance sheet and the capacity to deliver world class drilling services with our fleet of 6th and 7th generation...
Pacific Drilling annonce les résultats finaux du vote indiquant une ac...
LUXEMBOURG--(BUSINESS WIRE)-- Pacific Drilling S.A. (OTC : PACDQ) a annoncé aujourd’hui les résultats finaux du vote sur le premier plan de réorganisation conjoint amendé de Pacific Drilling S.A. et de ses sociétés affiliées débitrices en vertu du Chapitre 11 du Code des faillites (le « Plan »). Les résultats du vote indiquent une acceptation massive du Plan par les deux classes habilitées à voter sur le Plan. La Société a reçu des votes en faveur du Plan de (a) 97,87 % du nombre des détenteurs de créances de billets de premier rang de Classe 3 ayant voté et de 99,98 % en quantité de créances ...
Pacific Drilling Announces Final Voting Results Indicating Overwhelmin...
LUXEMBOURG--(BUSINESS WIRE)-- Pacific Drilling S.A. (OTC: PACDQ) announced today the final voting results on the First Amended Joint Plan of Reorganization of Pacific Drilling S.A. and its Debtor Affiliates Pursuant to Chapter 11 of the Bankruptcy Code (the “Plan”). The voting results indicate overwhelming acceptance of the Plan by the two classes entitled to vote on the Plan. The Company has received votes in favor of the Plan from (a) 97.87% in number of the holders of Class 3 First Lien Notes Claims that voted and 99.98% in amount of Class 3 First Lien Notes Claims that voted and (b) 100% i...
- Martin Huseby Karlsen
No help from Petrobras
Our initial impression from the detailed 5-year plan from Petrobras is that there is no aid for the oil services sector in the coming years. Overall spending is seen down 28%. Capital discipline appears high, with focus on pre-salt production (Buzios), resulting in among others exploration spending down c50%, likely to hurt both seismic and drilling. Compared to what was already known, no new FPSOs were introduced, which we consider negative for subsea and drilling demand.
1Q6 PROSAFE S.E.
PGS PGS ASA
DOF DOF ASA
SOC SUBSEA 7 S.A.
SDRL SEADRILL LTD
BWO BW OFFSHORE
PLCS POLARCUS LIMITED
ARCHERO ARCHER
AKER AKER ASA CLASS A
TGS TGS-NOPEC GEOPHYSICAL COMPANY ASA
E65F VALARIS PLC CLASS A
KVAER KVAERNER ASA
ODL ODFJELL DRILLING
AKSOO AKER SOLUTIONS ASA
DO DIAMOND OFFSHORE DRILLING INC.
RIGN TRANSOCEAN LTD.
TEC TECHNIPFMC PLC
SHLF SHELF DRILLING
CGG CGG
NODL NORTHERN DRILLING
A2JAU0 BORR DRILLING
AWDR AWILCO DRILLING
DRLCO MAERSK DRILLING
NE NOBLE
MSEIS MAGSEIS FAIRFIELD
Pacific Drilling lance un appel aux votes concernant son Plan de réorg...
LUXEMBOURG--(BUSINESS WIRE)-- Pacific Drilling S.A. (OTC : PACDQ) a annoncé aujourd’hui lancer un appel aux votes concernant sa proposition de Plan de réorganisation préétabli en vertu du chapitre 11. Le 10 novembre, le Tribunal américain des faillites du district sud du Texas, division de Houston (le « Tribunal des faillites »), a rendu une ordonnance qui, entre autres, (i) approuve sous certaines conditions la Déclaration d’information relative au premier Plan de réorganisation conjoint amendé de Pacific Drilling S.A. et de ses sociétés affiliées débitrices en vertu du Chapitre 11 du Code de...
Pacific Drilling Commences Solicitation for Prearranged Plan of Reorga...
LUXEMBOURG--(BUSINESS WIRE)-- Pacific Drilling S.A. (OTC: PACDQ) announced today that it is commencing solicitation of votes on its proposed prearranged chapter 11 plan of reorganization. On November 10, the United States Bankruptcy Court for the Southern District of Texas—Houston Division (the “Bankruptcy Court”) entered an order, among other things, (i) conditionally approving the Disclosure Statement for the First Amended Joint Plan of Reorganization of Pacific Drilling S.A. and its Debtor Affiliates Pursuant to Chapter 11 of the Bankruptcy Code (the “Disclosure Statement”) and (ii) schedul...
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.