reports
- ABGSC Energy Research
- Daniel Vårdal Haugland
- Haakon Amundsen
- John Olaisen
- Njål Kleiven
- Stian Wibstad
- ABGSC Renewable Energy Research
- Åsne Holsen
- Daniel Vårdal Haugland
- ABGSC Oil & Oil Services Research
- Njål Kleiven
- Stian Wibstad
- Martin Huseby Karlsen
- ABGSC Energy Research
- Daniel Vårdal Haugland
- Haakon Amundsen
- John Olaisen
- Njål Kleiven
- Stian Wibstad
- ABGSC Renewable Energy Research
- Åsne Holsen
- Daniel Vårdal Haugland
- Haakon Amundsen
- Martin Huseby Karlsen
- Martin Huseby Karlsen
Petrobras claim to drilling contractors related to Sete project
Seadrill said on its earnings call that it recently had received a claim of USD213m from Petrobras related to its involvement in the Sete project in Brazil. Sete was launched in 2011, looking to build 29 deepwater rigs in Brazil, with involvement from several drilling contractors; Seadrill, Odfjell Drilling, Queiroz Galvao (now Constellation), Odebrecht (now Foresea), Petroserv (now Ventura Offshore) and Etesco. Seadrill said local and international peers have received similar claims. It further...
- Martin Huseby Karlsen
Update on Aramco and Pemex
In the jackup market, suspensions by Saudi Aramco and Pemex over the past 12 months have created continued uncertainty among investors. We see the overhang of 11 ex-Aramco premium jackups yet to be re-contracted extending through 2025. Looking ahead, we believe the worst is behind us, but we still see a risk of further reductions in Saudi Aramco’s rig count, possibly through additional suspensions of 2–5 rigs, while other rigs are set to be extended. In Mexico, uncertainty remains high, and it i...
- Martin Huseby Karlsen
Nel (Sell, TP: NOK1.50) - Backlog appears lighter than air
Q4 results were decent, and cash burn below our expectation. However, we expect falling revenue in 2025 and losses to widen again. In addition, the backlog continues to slide and 40% is at “significant risk of delay or cancellation”. Excluding the “significant risk” portion, the backlog is 60% below its peak in 2023. Only 46% of consensus 2025 revenue is covered by backlog, while comparable figures have been 60–110% over the past five years. The prospect pipeline consists mainly of smaller proje...
- Mahaut Arnaud
- Paul de Froment
- Thomas Mordelle
Nel: FY24 results, poor visibility FY25
NEL has reported FY24 revenues below consensus expectations at NOK1.39bn (+3% YoY, -3% vs cons. at NOK1.43bn), but a slightly better than expected EBITDA loss of -NOK173m (+9% vs cons. at -NOK191m), vs -NOK272m in FY23. Q4 dynamics followed a fairly similar pace to previous quarters, supported by a
- ABGSC Renewable Energy Research
- Åsne Holsen
- Daniel Vårdal Haugland
- Haakon Amundsen
- ABGSC Energy Research
- Daniel Vårdal Haugland
- Haakon Amundsen
- John Olaisen
- Njål Kleiven
- Oliver Dunvold
- Stian Wibstad
- Martin Huseby Karlsen
Brazilian regulators said to have suspended several drillships
News reports, as confirmed by Ventura Offshore, suggest the Brazilian regulator (ANP) has ordered the suspension of operations for certain rigs offshore Brazil, related to what appears to be safety issues. Unlike suspensions seen for jackups by Saudi Aramco and Pemex, these suspensions are not related to a lack of demand, but rather what appears to be safety procedures in the view of the regulator, which the news article highlights as “minor issues”. Hence, we expect no wider impact for the offs...
- ABGSC Energy Research
- Daniel Vårdal Haugland
- Haakon Amundsen
- John Olaisen
- Njål Kleiven
- Oliver Dunvold
- Stian Wibstad
- Martin Huseby Karlsen
- ABGSC Renewable Energy Research
- Adrian Gilani
- Åsne Holsen
- Daniel Vårdal Haugland
- Haakon Amundsen
- John Olaisen
- Stian Wibstad
ORSTED ORSTED
HEX HEXAGON COMPOSITES ASA
NEL NEL ASA
SSO SCATEC ASA
EOLU B EOLUS VIND AB
FKRFT FJORDKRAFT HOLDING ASA
CADLR CADELER
VOLUE VOLUE AS
A2QKGG HEXAGON PURUS
ZAP ZAPTEC
VWS VESTAS WIND SYSTEMS
EWIND EDDA WIND ASA
TOM TOMRA SYSTEMS ASA
IWS-NO INTEGRATED WIND SOLUTIONS
OX2-SE OX2
- Martin Huseby Karlsen
- Martin Huseby Karlsen
Offshore spending plateauing
After reviewing major oil companies’ most recent spending plans, we estimate offshore spending growth of c3% YOY in 2025 (down from c5% late last year and c8% six months ago). We believe a combination of supply-chain bottlenecks, efficiency gains, and capital discipline among oil companies are the main reasons for spending growth fading, resulting in a mid-cycle plateau. On the flip side, the cycle keeps building duration, as we see investments being pushed into 2026–2027. Also, activity levels ...
SDRL SEADRILL LTD
ARCHERO ARCHER
TGS TGS-NOPEC GEOPHYSICAL COMPANY ASA
ODL ODFJELL DRILLING
AKSOO AKER SOLUTIONS ASA
DO DIAMOND OFFSHORE DRILLING INC.
RIGN TRANSOCEAN LTD.
BWO BW OFFSHORE LIMITED
BORR BORR DRILLING
SHLF SHELF DRILLING LTD.
VAL VALARIS LTD
NE NOBLE CORP NEW
OTL ODFJELL TECHNOLOGY LTD
SDNS SHELF DRILLING NORTH SEA
DDRIL DOLPHIN DRILLING
DOFG DOF GROUP ASA
VTURA VENTURA OFFSHORE
PLSV PARATUS ENERGY SERVICES LTD.
- Martin Huseby Karlsen
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