reports
Transocean Ltd. Closes the Acquisition of Ocean Rig UDW Inc.
Transocean Ltd. Closes the Acquisition of Ocean Rig UDW Inc. STEINHAUSEN, Switzerland, Dec. 05, 2018 (GLOBE NEWSWIRE) -- Transocean Ltd. (NYSE: RIG) announced today that it has completed the acquisition of Ocean Rig UDW Inc. The acquisition adds nine high-specification ultra-deepwater drillships, two harsh environment semisubmersibles, and two high-specification ultra-deepwater drillships currently under construction to Transocean’s existing fleet. About Transocean Transocean is a leading international provider of offshore contract drilling services for oil and gas wells. The company sp...
Ocean Rig UDW Inc. Shareholders Approve Merger with Transocean Ltd.
Ocean Rig UDW Inc. Shareholders Approve Merger with Transocean Ltd. GRAND CAYMAN, Cayman Islands, Nov. 29, 2018 (GLOBE NEWSWIRE) -- Ocean Rig UDW Inc. (NASDAQ:ORIG), (“Ocean Rig” or the “Company”), an international contractor of offshore deepwater drilling services, today announced that its shareholders have approved the merger of the Company with Transocean Ltd. (“Transocean”) by which, upon the closing of the merger, Ocean Rig will become a wholly-owned subsidiary of Transocean (the merger to form the “Combined Entity”). Holders of 86.76% of the outstanding shares of Ocean Rig voted, o...
Ocean Rig UDW Inc. Reports Financial and Operating Results for the Thi...
Ocean Rig UDW Inc. Reports Financial and Operating Results for the Third Quarter 2018 GRAND CAYMAN, Cayman Islands, Nov. 13, 2018 (GLOBE NEWSWIRE) -- Ocean Rig UDW Inc. (NASDAQ:ORIG), (“Ocean Rig” or the “Company”), an international contractor of offshore deepwater drilling services, today announced its unaudited financial and operating results for the quarter ended September 30, 2018. Third Quarter 2018 Financial Highlights • For the third quarter of 2018, the Company reported net loss of $31.5 million, or $0.34 basic and diluted loss per share. Included in the net loss for the third ...
Ocean Rig UDW Inc. Announces Third Quarter 2018 Results Release Date
Ocean Rig UDW Inc. Announces Third Quarter 2018 Results Release Date GRAND CAYMAN, Cayman Islands, Nov. 09, 2018 (GLOBE NEWSWIRE) -- Ocean Rig UDW Inc. (NASDAQ:ORIG) (“Ocean Rig” or “UDW” or the “Company”), an international contractor of offshore deepwater drilling services, announced today that it will release its results for the third quarter 2018 after the market closes in New York on Tuesday, November 13, 2018. About Ocean Rig UDW Inc. Ocean Rig is an international offshore drilling contractor providing oilfield services for offshore oil and gas exploration, development and producti...
Ocean Rig UDW Inc. Announces Date of Extraordinary General Meeting to ...
Ocean Rig UDW Inc. Announces Date of Extraordinary General Meeting to Approve Merger With Transocean Ltd. GRAND CAYMAN, Cayman Islands, Oct. 09, 2018 (GLOBE NEWSWIRE) -- Ocean Rig UDW Inc. (NASDAQ:ORIG), (“Ocean Rig” or the “Company”), an international contractor of offshore deepwater drilling services, today announced that it has scheduled an extraordinary general meeting of shareholders (the “Special Meeting”) to, among other things, consider and vote on a proposal to approve and adopt the previously announced Agreement and Plan of Merger, dated as of September 3, 2018, by and among Oce...
Transocean Ltd. Announces Agreement to Acquire Ocean Rig
Transocean Ltd. Announces Agreement to Acquire Ocean Rig Enhances Transocean’s position as the leader in ultra-deepwater and harsh environment drilling;Adds nine high-specification ultra-deepwater drillships, two harsh environment semisubmersibles, and two high-specification ultra-deepwater drillships currently under construction;Results in a combined fleet of 57 floaters, with 17 of the top 50 and 31 of the top 100 ultra-deepwater drillships in the industry(1);Enhances Transocean’s exposure to, and ability to capitalize on, the ultra-deepwater market recovery;Increases Transocean’s industr...
Ocean Rig UDW Inc. Reports Financial and Operating Results for the Sec...
Ocean Rig UDW Inc. Reports Financial and Operating Results for the Second Quarter 2018 GRAND CAYMAN, Cayman Islands, Aug. 08, 2018 (GLOBE NEWSWIRE) -- Ocean Rig UDW Inc. (NASDAQ:ORIG), (“Ocean Rig” or the “Company”), an international contractor of offshore deepwater drilling services, today announced its unaudited financial and operating results for the quarter ended June 30, 2018. Second Quarter 2018 Financial Highlights • For the second quarter of 2018, the Company reported net loss of $19.1 million, or $0.21 basic and diluted loss per share. Included in the net los...
Ocean Rig UDW Inc. Announces Second Quarter 2018 Results Release Date,...
Ocean Rig UDW Inc. Announces Second Quarter 2018 Results Release Date, Conference Call and Webcast GRAND CAYMAN, Cayman Islands, Aug. 03, 2018 (GLOBE NEWSWIRE) -- Ocean Rig UDW Inc. (NASDAQ:ORIG) (“Ocean Rig” or “UDW” or the “Company”), an international contractor of offshore deepwater drilling services, announced today that it will release its results for the second quarter 2018 after the market closes in New York on Wednesday, August 8, 2018. Conference Call details:Thursday, August 9, 2018, at 8:00 a.m. ET Participants should dial into the call 10 minutes before the scheduled time us...
Ocean Rig UDW Inc. Announces Updates to Rig Employment
Ocean Rig UDW Inc. Announces Updates to Rig Employment GRAND CAYMAN, Cayman Islands, July 23, 2018 (GLOBE NEWSWIRE) -- Ocean Rig UDW Inc. (NASDAQ:ORIG), (“Ocean Rig” or the “Company”), an international contractor of offshore deepwater drilling services, today announced certain updates with respect to its rig employment status: The Company has entered into a new drilling contract with Chariot Oil & Gas Limited for a one-well drilling program, for drilling offshore Namibia. The contract is expected to commence in direct continuation of the previously announced program with Tullow Namibia...
Ocean Rig UDW Inc. Announces Agreement to Postpone Delivery of Newbuil...
Ocean Rig UDW Inc. Announces Agreement to Postpone Delivery of Newbuilding Drillship Ocean Rig Crete GRAND CAYMAN, Cayman Islands, June 29, 2018 (GLOBE NEWSWIRE) -- Ocean Rig UDW Inc. (NASDAQ:ORIG), (“Ocean Rig” or the “Company”), an international contractor of offshore deepwater drilling services, today announced that its subsidiary that is party to the shipbuilding contract for the construction of its 8th generation enhanced integrated design newbuilding drillship, the Ocean Rig Crete, reached an agreement with Samsung Heavy Industries (“SHI”) to postpone the delivery of the Ocean Rig C...
Ocean Rig UDW Inc Joins the Russell 3000® Index
Ocean Rig UDW Inc Joins the Russell 3000® Index GRAND CAYMAN, Cayman Islands, June 25, 2018 (GLOBE NEWSWIRE) -- Ocean Rig UDW Inc. (NASDAQ:ORIG), (“Ocean Rig” or the “Company”), an international contractor of offshore deepwater drilling services, today announced that it has joined the broad-market Russell 3000® Index at the conclusion of the Russell US Indexes annual reconstitution, effective after the US market opened on June 25, 2018. Annual Russell US Indexes reconstitution captures the 4,000 largest US stocks as of May 11, 2018, ranking them by total market capitalization. Membershi...
Ocean Rig UDW Inc. Announces Withdrawal of Offering of Common Shares b...
Ocean Rig UDW Inc. Announces Withdrawal of Offering of Common Shares by its Subsidiary GRAND CAYMAN, Cayman Islands, June 08, 2018 (GLOBE NEWSWIRE) -- Ocean Rig UDW Inc. (NASDAQ:ORIG), ("Ocean Rig" or the "Company"), an international contractor of offshore deepwater drilling services, today announced the withdrawal of the previously announced offering of common shares by its wholly-owned Marshall Islands subsidiary, Valiant Offshore Inc., ("Valiant"). Ocean Rig and Valiant made the final decision today after careful consideration of several factors, including the interests of the shareho...
- Martin Huseby Karlsen
Libra tender launched
Updates suggest Petrobras has launched its tender for two UDW rigs for development drilling at the Libra field starting in December 2019. As there currently are two UDW rigs working at the field with exploration and appraisal drilling until October 2019 and June 2018, we consider this tender to be a replacement, rather than incremental demand. The start date on the new tender is somewhat later than we had expected, leaving a small gap with no rigs and a longer period with only one rig at the Lib...
DDASA DOLPHIN DRILLING ASA
SDRL SEADRILL LTD
SONGA OFFSHORE
E65F VALARIS PLC CLASS A
ORIG OCEAN RIG UDW INC
ODL ODFJELL DRILLING
DO DIAMOND OFFSHORE DRILLING INC.
NLC NOBLE CORPORATION PLC
RIGN TRANSOCEAN LTD.
SHLF SHELF DRILLING
RDC ROWAN COMPANIES PLC
NODL NORTHERN DRILLING
AWDR AWILCO DRILLING
A2JAU0 BORR DRILLING
- Martin Huseby Karlsen
Asset valuation still stretched
While we do not expect dayrates to worsen from today's depressive level, we do not see any immediate recovery triggers (except decent market conditions for certain niche assets). At the current equity valuations, the positive effect from fundamentals ceasing to deteriorate could be offset by an unrealistically high consensus on the timing and magnitude of a dayrate recovery. Patience is needed for an earnings recovery, and we expect continued negative estimate revisions. We maintain our muted, b...
DDASA DOLPHIN DRILLING ASA
SDRL SEADRILL LTD
SONGA OFFSHORE
E65F VALARIS PLC CLASS A
ORIG OCEAN RIG UDW INC
ODL ODFJELL DRILLING
DO DIAMOND OFFSHORE DRILLING INC.
NLC NOBLE CORPORATION PLC
RIGN TRANSOCEAN LTD.
SHLF SHELF DRILLING
RDC ROWAN COMPANIES PLC
NODL NORTHERN DRILLING
AWDR AWILCO DRILLING
A2JAU0 BORR DRILLING
- Martin Huseby Karlsen
2018 offshore spending still set to fall
Following Q4 reports and multiple capital markets updates, we maintain our forecast that 2018 offshore E&P spending will decline ~5%. At current oil prices, we see meaningful positive cash-flow generation from offshore-focused E&Ps. Yet capital allocation trends towards onshore and strong capital discipline with focus on shareholder returns (including elimination of scrip dividends) remain. Hence, we do not see a near-term significant offshore spending increase and maintain our selective view on...
1Q6 PROSAFE S.E.
AKAST AKASTOR ASA
PGS PGS ASA
SPM SAIPEM S.P.A.
DOF DOF ASA
SOC SUBSEA 7 S.A.
DDASA DOLPHIN DRILLING ASA
SOFF SOLSTAD OFFSHORE ASA
SDRL SEADRILL LTD
BWO BW OFFSHORE
PLCS POLARCUS LIMITED
SONGA OFFSHORE
OCY OCEAN YIELD ASA
ARCHERO ARCHER
MGN MAGNORA ASA
AKER AKER ASA CLASS A
EIOF EIDESVIK
SIOFF SIEM OFFSHORE INC
TGS TGS-NOPEC GEOPHYSICAL COMPANY ASA
SPU SPECTRUM ASA
E65F VALARIS PLC CLASS A
KVAER KVAERNER ASA
ORIG OCEAN RIG UDW INC
ODL ODFJELL DRILLING
ATW.. ATWOOD OCEANICS INC.
DO DIAMOND OFFSHORE DRILLING INC.
NLC NOBLE CORPORATION PLC
RIGN TRANSOCEAN LTD.
TEC TECHNIPFMC PLC
CGG. CGG ADR
SHLF SHELF DRILLING
RDC ROWAN COMPANIES PLC
NODL NORTHERN DRILLING
AWDR AWILCO DRILLING
A2JAU0 BORR DRILLING
- Martin Huseby Karlsen
Harsh focus shifting to 2020+
With the exception of the three frame agreement rigs for Statoil, the Nova development from Wintershall and a potential incremental rig for AkerBP, we believe oil companies have secured Norway rig capacity for all long-term programmes starting in 2018–2020. Also, short-term opportunities with start-up during the next 12 months are in our view mostly spoken for. Outside Norway most high-profile jobs needing a large harsh semi have also made rig selections with the exception of Rosebank in the U...
DDASA DOLPHIN DRILLING ASA
SDRL SEADRILL LTD
SONGA OFFSHORE
E65F VALARIS PLC CLASS A
ORIG OCEAN RIG UDW INC
ODL ODFJELL DRILLING
DO DIAMOND OFFSHORE DRILLING INC.
NLC NOBLE CORPORATION PLC
RIGN TRANSOCEAN LTD.
SHLF SHELF DRILLING
RDC ROWAN COMPANIES PLC
NODL NORTHERN DRILLING
AWDR AWILCO DRILLING
A2JAU0 BORR DRILLING
- Martin Huseby Karlsen
Four Sete rigs to be continued
Petrobras said in a filing today that it has reached a conditional agreement with Sete Brasil to continue with four UDW rigs and that the remaining 24 rigs will be cancelled. Sete has been under restructuring since 2015 and we have expected that the restructuring will result in 0–5 rigs being continued. Continuation of no rigs would obviously have been the best for the global supply/demand situation, but we consider it neutral to the UDW market that four rigs now are being continued. As we exp...
DDASA DOLPHIN DRILLING ASA
SDRL SEADRILL LTD
SONGA OFFSHORE
E65F VALARIS PLC CLASS A
ORIG OCEAN RIG UDW INC
ODL ODFJELL DRILLING
DO DIAMOND OFFSHORE DRILLING INC.
NLC NOBLE CORPORATION PLC
RIGN TRANSOCEAN LTD.
SHLF SHELF DRILLING
RDC ROWAN COMPANIES PLC
NODL NORTHERN DRILLING
AWDR AWILCO DRILLING
A2JAU0 BORR DRILLING
- Martin Huseby Karlsen
Not what established players need
We view Awilco Drilling’s harsh semi order as a proper move from a company perspective, but on the downside for the industry. First, it helps to renew and grow its fleet. The yard price is an historical low and the yard contract terms have a lot of optionality. Second, For the equity story, it makes Awilco Drilling a more interesting M&A candidate, in our view. Despite an improved harsh environment market, we still see plentiful supply, supported by seven uncontracted harsh semi newbuilds sitt...
DDASA DOLPHIN DRILLING ASA
SDRL SEADRILL LTD
SONGA OFFSHORE
E65F VALARIS PLC CLASS A
ORIG OCEAN RIG UDW INC
ODL ODFJELL DRILLING
DO DIAMOND OFFSHORE DRILLING INC.
NLC NOBLE CORPORATION PLC
RIGN TRANSOCEAN LTD.
SHLF SHELF DRILLING
RDC ROWAN COMPANIES PLC
NODL NORTHERN DRILLING
AWDR AWILCO DRILLING
A2JAU0 BORR DRILLING
- Christoffer Wang Bjørnsen
- Eivind Sars Veddeng
- Joachim Gunell
- Jon Masdal
- Karl-Johan Bonnevier
- Marius Knudssøn
- Martin Arnell
- Martin Huseby Karlsen
- Nicolai Farstad Olsen
- Nicolay Dyvik
- Ole-Andreas Krohn
- Patrik Ling
- Martin Huseby Karlsen
Ocean Rig (Buy, TP: USD27.00) - Small earnings beat in Q4
Ocean Rig’s Q4 EBITDA was 4% above our forecast but 3% below consensus. Leiv Eiriksson will as expected continue working for Lundin through the summer, while Mykonos will be demobilised from Brazil in March. In Angola, Ocean Rig is in discussions with Total regarding commercial terms for its long-term contract for Skyros, but in the event of potential amendments or termination, we believe there will be limited financial impact as contract terms should be favourable to Ocean Rig.
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