reports
- Dave Nicoski
- Ross LaDuke
Vermilion Compass: Weekly Equity Strategy
Semiconductors and Technology Leading the Way We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass). We will maintain our bullish view as long as market dynamics remain healthy and the S&P 500 (SPX) is above 5700-5785 (up from 5500). We continue to be buyers in the 5700-5785 range if it gets there, and we would also be buyers at 5804-5854 gap support. We are expecting all-time highs soon on the SPX. Technolo...
LPG DORIAN LPG
G2O GOLAR LNG LIMITED
RIGN TRANSOCEAN LTD.
TRT1 TRANSATLANTIC PETROLEUM LTD.
INSW INTERNATIONAL SEAWAYS INC.
SMH MARKET VECTORS SMEICONDOUCTOR ETF
SDRL SEADRILL LTD.
STNG SCORPIO TANKERS INC.
VAL VALARIS LTD
ALCC ALTC ACQUISITION CORP
SMR NUSCALE POWER CORP
FRO FRONTLINE PLC
NE NOBLE CORP (NEW)
NNE NANO NUCLEAR ENERGY
TNK SEADRILL LTD
CPLPB TEEKAY TANKERS LTD.
TK CARGOPORT LOGISTICS CA PFD B
TEEKAY CORPORATION LTD.
- ABGSC Energy Research
- Daniel Vårdal Haugland
- John Olaisen
- Njål Kleiven
- Oliver Dunvold
- Stian Wibstad
Transocean Ltd. Announces Exercise of $100 Million Option for Harsh En...
Transocean Ltd. Announces Exercise of $100 Million Option for Harsh Environment Semisubmersible STEINHAUSEN, Switzerland, June 04, 2025 (GLOBE NEWSWIRE) -- Transocean Ltd. (NYSE: RIG) (“Transocean”) today announced that a two-well option was exercised for the Transocean Spitsbergen in Norway. The program is expected to commence in the first quarter of 2026 in direct continuation of the rig’s current program and contribute approximately $100 million in backlog, excluding additional services. About Transocean Transocean is a leading international provider of offshore contract drilling ser...
Halliburton Co: 1 director
A director at Halliburton Co bought 8,550 shares at 19.785USD and the significance rating of the trade was 71/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly...
Moody's Ratings announces completion of a periodic review of ratings o...
Moody's Ratings (Moody's) has completed a periodic review of the ratings of Halliburton Company and other ratings that are associated with this issuer. The review was conducted through a rating committee held on 16 May 2025 in which we reassessed the appropriateness of the ratings in the context of...
- Martin Huseby Karlsen
- ABGSC Oil & Oil Services Research
- Njål Kleiven
- Stian Wibstad
- Martin Huseby Karlsen
Transocean (Buy, TP: USD3.00) - Patience, powered by backlog
Transocean remains disciplined in its bidding strategy by leveraging its strong contract coverage, making it less willing to lower dayrates than peers in ongoing tenders, as it can afford to be patient. Short-term, this could limit its near-term backlog growth, as it recently had two rigs replaced in the US Gulf. Long-term, we expect it to keep high-quality rigs working, and benefit from its service offering and client relationships. We reiterate our BUY and USD3 target price.
- Martin Huseby Karlsen
Another round of Aramco suspensions expected
Market sources suggest Saudi Aramco will further reduce its rig count in the coming months through early contract terminations and potentially more suspensions, which would mark the ‘fourth round’ of rig reductions. This follows last month’s request for dayrate discussions (historically, such requests have preceded it suspending rigs). We believe this round could be extensive, affecting c10 jackups out of its current rig count of c57 rigs. At the peak, Aramco had 92 jackups (22% of global demand...
- ABGSC Energy Research
- Daniel Vårdal Haugland
- John Olaisen
- Njål Kleiven
- Oliver Dunvold
- Stian Wibstad
Transocean Ltd. Reports First Quarter 2025 Results
Transocean Ltd. Reports First Quarter 2025 Results Three months ended Three months ended March 31, December 31, sequential March 31, year-over-year 2025 2024 change 2024 change(In millions, except per share amounts, percentages and backlog) Contract drilling revenues$906 $952 $(46) $763 $143 Revenue efficiency (1) 95.5% 93.5% 92.9% Operating and maintenance expense$618 $579 $(39) $523 $(95)Net income (loss) attributable to controlling interest$(79) $7 $(86) $98 $(177)Basic earnings (loss) per share$(0.09) $0.01 $(0.10) $0.12 $(0.21)Diluted earnings (los...
- Martin Huseby Karlsen
Transocean (Buy, TP: USD3.00) - Navigating with a strong backlog
We expect Q1 EBITDA of USD219m, in line with the guidance and consensus. With strong backlog coverage for 2025–2026e, we believe Transocean is less likely to lower dayrates than peers in ongoing tenders, although that could limit near-term backlog growth. We also expect an update on cost-saving initiatives with the results, with upside risk to our 2026–2027 estimates, but are 11–25% below consensus on EBITDA. We reiterate our BUY, but have cut our target price to USD3 (4).
- Bruno Cavalier
- Michael B. Schäfer
CVVTF COVESTRO AG
WCH WACKER CHEMIE AG
GALP GALP ENERGIA SGPS SA CLASS B
CLN CLARIANT AG
SLB.N SCHLUMBERGER NV
MC LVMH MOET HENNESSY LOUIS VUITTON SE
ORA ORANGE SA
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
GLE SOCIETE GENERALE S.A. CLASS A
LXS LANXESS AG
EL ESSILORLUXOTTICA SA
IAG INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA
BRBY BURBERRY GROUP PLC
MRK MERCK KGAA
KER KERING SA
SDF K+S AG
WIZZ WIZZ AIR HOLDINGS PLC
BAS BASF SE
EZJ EASYJET PLC
SY1 SYMRISE AG
WPP WPP PLC
RY4C RYANAIR HOLDINGS PLC
01913 PRADA S.P.A.
EVK EVONIK INDUSTRIES AG
MONC MONCLER SPA
MAP MAPFRE SA
STR STRABAG SE
BNR BRENNTAG SE
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
ABI ANHEUSER-BUSCH INBEV SA/NV
CCEP COCA-COLA EUROPEAN PARTNERS PLC
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
8TRA TRATON SE
FPE3 FUCHS PETROLUB SE
AF AIR FRANCE - KLM
- Bruno Cavalier
- Michael B. Schäfer
CVVTF COVESTRO AG
WCH WACKER CHEMIE AG
GALP GALP ENERGIA SGPS SA CLASS B
CLN CLARIANT AG
SLB.N SCHLUMBERGER NV
MC LVMH MOET HENNESSY LOUIS VUITTON SE
ORA ORANGE SA
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
GLE SOCIETE GENERALE S.A. CLASS A
LXS LANXESS AG
EL ESSILORLUXOTTICA SA
IAG INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA
BRBY BURBERRY GROUP PLC
MRK MERCK KGAA
KER KERING SA
SDF K+S AG
WIZZ WIZZ AIR HOLDINGS PLC
BAS BASF SE
EZJ EASYJET PLC
SY1 SYMRISE AG
WPP WPP PLC
RY4C RYANAIR HOLDINGS PLC
01913 PRADA S.P.A.
EVK EVONIK INDUSTRIES AG
MONC MONCLER SPA
MAP MAPFRE SA
STR STRABAG SE
BNR BRENNTAG SE
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
ABI ANHEUSER-BUSCH INBEV SA/NV
CCEP COCA-COLA EUROPEAN PARTNERS PLC
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
8TRA TRATON SE
FPE3 FUCHS PETROLUB SE
AF AIR FRANCE - KLM
- Baptiste Lebacq
- Baptiste Lebacq
- Martin Huseby Karlsen
Muted 2025 growth expectations
Following Q1 earnings calls by some of the oil service companies, 2025 outlooks appear more challenging than previously. Baker Hughes expects international upstream spending to decline by mid- to high-single digits, while Halliburton sees its international revenues flat to slightly down. Furthermore, Weatherford expects 2025 international revenue to decline by low double- to mid-double digits. Precision Drilling flagged additional rig suspensions by Saudi Aramco, and SLB highlighted a slow start...
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.
- ABGSC Oil & Oil Services Research
- Njål Kleiven
- Stian Wibstad
- ABGSC Oil & Oil Services Research
- Njål Kleiven
- Stian Wibstad
- Martin Huseby Karlsen
ENI capex cut but maintains shareholder returns
Driven by macro headwinds and uncertainty around trade tariffs, ENI was the first large oil company to introduce capex cuts for 2025, contributing to a more challenging business environment for oil services. Over the past five years, we estimate ENI to have been the oil major with strongest offshore spending growth, and it has been considered active and opportunistic while others have been more conservative. Hence, we see its reduction as a soft datapoint for oil services. ENI has optimised its ...
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.
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