Valuation and market update

In this note, we show updated valuation and market statistics for the Offshore Drilling sector.

Petrobras FPSO delays may hit service volumes but lengthen cycle

Being the largest global consumer of deepwater oil services, Petrobras’ strategic plans tend to get investor attention. On the positive side, its latest 5-year plan sees 5% higher E&P spending than the previous one, and has a more stable phasing between the years, which is supportive for the cycle duration. However, several FPSOs are facing significant delays, which is on the downside for oil services, leading to delays for deepwater oilfield services (primarily drilling and subsea), likely resu...

Schlumberger Ltd - September 2024 (LTM): Peer Snapshot

Compares key performance metrics against industry peers.

Schlumberger Ltd: 1 director

A director at Schlumberger Ltd sold 11,520 shares at 44.470USD and the significance rating of the trade was 59/100. 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 clearl...

Valuation and market update

In this note, we show updated valuation and market statistics for the Offshore Drilling sector.

Valuation and market update

In this note, we show updated valuation and market statistics for the Offshore Drilling sector.

Energy Morning - 1 November 2024

Transocean (Buy, TP: USD5.50) - Better positioned than peers

Despite increased uncertainty in the deepwater market, Transocean remains better positioned than peers for the coming years due to its high-quality fleet and service offering, backlog coverage and solid commercial capabilities. Due to these factors, and less downside to consensus than peers, we believe it deserves a premium valuation. We reiterate our BUY and USD5.5 target price.

Valuation and market update

In this note, we show updated valuation and market statistics for the Offshore Drilling sector.

Baker Hughes Holdings LLC: International and offshore businesses conti...

Our credit view of this issuer reflects its positive free cash flow aided by OFS industry momentum and low leverage, offset by its global efforts to reduce consumption of oil and gas.

Pemex effect looks to be limited for now

Following uncertainty yesterday related to Pemex’s 2024 budget cuts and potential reduction in rig count, we understand that the initial effect looks to be limited to a handful of rigs (potentially four) for a short period only. Affected rigs look to be locally owned units, which suggest that international contractors (Borr Drilling and Paratus Energy) are not affected. Hence, we now see a scenario with less-direct effect for international contractors than feared by the capital market yesterday....

Jackup uncertainty building

With reports of Pemex budget cuts and potential rig suspensions, additional uncertainty is added to the jackup market. The overhang from two rounds of Saudi Aramco suspensions (totalling 28 rigs, c6% of global supply) have been slow to absorb, and are likely to persist through 2025. With looming risk of even more Aramco suspensions, and rigs possibly being released in Mexico, we see a continued high competitive environment on new tenders. Dayrates for most premium jobs are cUSD120k–130k (a tad b...

Pemex saving plans add to jackup uncertainty

Several news reports suggest Pemex plans to cut USD1.4bn from its E&P budget this year. As the budget reduction is aimed at drilling, among others, we see a risk of jackup suspension. Pemex has 26 jackups chartered from contractors, with Borr Drilling and Paratus (through Fontis Energy) having most exposure with five rigs each, and such rigs representing 18% and 41% of 2025e EBITDA. The duration of suspensions appears unclear for now; while savings are limited to this year’s budget, reports sugg...

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/21/2024

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ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 21/10/2024

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SLB : Acceleration of cash = sustained shareholder returns

>Outperform recommendation maintained but TP adjusted to $ 65 - We reiterate our Outperform rating and we have marginally adjusted our EPS estimates as well as our target price to $ 65 (based on an 12-mth fwd P/E multiple of 14x). All told, SLB will make shareholders returns via share buybacks and dividends of close to $ 7bn for 2024-25, i.e. more than 10% of its market capitalisation. We see this as a signal of a healthy balance sheet in the context of a supercy...

SLB : Accélération du cash = un retour à l’actionnaire soutenu

>Opinion Surperformance maintenue mais 0C ajusté à 65 $ - Nous réitérons notre recommandation Surperformance et avons marginalement ajusté notre séquence de BPA ainsi que notre OC à 65 $ (basé sur un multiple de PE 12 mois fwd de 14x). Au final, SLB retournera à ses actionnaires via les rachats d’actions et les dividendes près de 7 Md$ sur 2024/25 soit plus de 10% de sa capitalisation boursière. Nous le voyons comme le signal d’une situation financière solide dan...