reports
- Martin Huseby Karlsen
Large-cap commentary supports long-term offshore upcycle
Key takeaways from SLB, Halliburton and Baker Hughes Q4 earning calls include positive commentary on the ongoing offshore upcycle. They see continued growth in global EP spending in 2024 (high-single to low-doble digits), driven by offshore and international markets, while North America onshore outlook are less favourable. Lastly, SLB sees potential for more than USD100bn in global offshore FIDs in 2024 and 2025, while Baker Hughes expects over 300 subsea tree awards annually for the next 2–3 ye...
SOC SUBSEA 7 S.A.
SDRL SEADRILL LTD
ARCHERO ARCHER
AKER AKER ASA CLASS A
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
CGG CGG
AWDR AWILCO DRILLING
DRLCO DRILLING COMPANY OF 1972
BORR BORR DRILLING
MSEIS MAGSEIS FAIRFIELD
PRS PROSAFE
NODL NORTHERN 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
AWILCO DRILLING PLC:
AWILCO DRILLING PLC: Awilco Drilling Plc: Keppel to apply for permission to appeal the second arbitration case Further to the stock exchange release of 23 November 2023 from Awilco Drilling PLC ("Awilco Drilling") regarding the ruling of the arbitration tribunal in favour of Awilco Rig 2 Pte. Ltd. ("AR2"), the Company has today been advised that Keppel FELS Limited ("KFELS") have lodged an application for leave to appeal the award of the tribunal with the High Court. We will revert once the High Court has made a decision as regards the application for leave to appeal. Aberdeen, 15 Ja...
- Martin Huseby Karlsen
Solid medium-term, but mixed long-term signals from Petrobras
As the largest global consumer of deepwater oil services, Petrobras’ strategic plans tend to attract investor attention. We consider its new 5-year plan mixed, but with solid support for near- to medium-term offshore activity from increased and high spending in 2024–2026. On the other hand, 2027–2028 spending looks set to trend down c20% sequentially, despite having been revised higher compared to its previous plan. Total spending is seen up 31% compared to the previous plan, driven by downstrea...
SOC SUBSEA 7 S.A.
SDRL SEADRILL LTD
ARCHERO ARCHER
AKER AKER ASA CLASS A
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
CGG CGG
AWDR AWILCO DRILLING
DRLCO DRILLING COMPANY OF 1972
BORR BORR DRILLING
MSEIS MAGSEIS FAIRFIELD
PRS PROSAFE
NODL NORTHERN 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
Awilco Drilling PLC: Ruling of the second arbitration case
Awilco Drilling PLC: Ruling of the second arbitration case Reference is made to the Half-Year Report 2023 and the stock exchange release of 14 March 2023 from Awilco Drilling PLC (“Awilco Drilling”) regarding the termination of the newbuilding contract between Awilco Rig 2 Pte. Ltd. (“AR2”) and Keppel FELS Limited (“KFELS”) for the construction of a semi-submersible drilling rig, hull number B382. Today, the Company has received the arbitration tribunal ruling which is in AR2’s favour in an amount of USD 43.0 million plus interest and legal costs. The tribunal will issue a further awa...
- Martin Huseby Karlsen
High dayrates in Petrobras PLSV tender
Bids have been opened for the large Petrobras PLSV tender, with the key takeaway the solid dayrates offered, supporting our view that PLSVs likely will be key earnings contributors in the coming years for companies active in Brazil, namely Subsea7, DOF (via its 50% of DOFCON) and Paratus (via its 50% of Seabras). While it is unclear how many vessels Petrobras will award under this tender, we believe the high dayrates and solid industry discipline are key. For high-spec PLSVs that are mostly offe...
SOC SUBSEA 7 S.A.
SDRL SEADRILL LTD
ARCHERO ARCHER
AKER AKER ASA CLASS A
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
CGG CGG
AWDR AWILCO DRILLING
DRLCO DRILLING COMPANY OF 1972
BORR BORR DRILLING
MSEIS MAGSEIS FAIRFIELD
PRS PROSAFE
NODL NORTHERN 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
Awilco Drilling PLC: Capital Reduction Process Completed
Awilco Drilling PLC: Capital Reduction Process Completed Reference is made to our press release of 20 July 2023 from Awilco Drilling PLC (“Awilco Drilling”) regarding the resolution passed in the General Meeting to reduce the issued share capital of Awilco Drilling by cancelling and extinguishing paid-up capital of 63 pence on each issued fully paid up ordinary share of 65 pence each and reducing the nominal value of each issued fully paid up ordinary share from 65 pence to 2 pence (the "Share Capital Reduction"). The Share Capital Reduction has now been approved by the Court and registere...
- Martin Huseby Karlsen
Offshore spending shifts to 2024
After reviewing oil majors’ and Petrobras’s Q3 reports and spending plans, we see a shift in offshore spending from 2023 to 2024. We now estimate offshore spending growth of c7% YOY for 2024 (c5% in our August update), mainly on delayed Petrobras spending. We expect further growth to be partly limited by total spending already being on a par with operating cash flow. Delayed energy transition spending is seen as positive for oil services, while recent E&P consolidation underpins the oil companie...
SOC SUBSEA 7 S.A.
SDRL SEADRILL LTD
ARCHERO ARCHER
AKER AKER ASA CLASS A
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
CGG CGG
AWDR AWILCO DRILLING
DRLCO DRILLING COMPANY OF 1972
BORR BORR DRILLING
MSEIS MAGSEIS FAIRFIELD
PRS PROSAFE
NODL NORTHERN 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
- Martin Huseby Karlsen
Total shows capital discipline and boosts shareholder return
Today, Total announced its strategic update. The main takeaways are no changes to its long-term spending versus 2023 and increased focus on shareholder returns as it boosts its payout ratio. From an oil service perspective, we find it surprising that Namibia was not featured more in the strategic update, as Total has had significant exploration success there. From a development perspective, Suriname is highlighted to see FID in 2024 and first oil in 2028, and we believe this region will be impor...
SOC SUBSEA 7 S.A.
SDRL SEADRILL LTD
ARCHERO ARCHER
AKER AKER ASA CLASS A
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
CGG CGG
AWDR AWILCO DRILLING
DRLCO DRILLING COMPANY OF 1972
BORR BORR DRILLING
MSEIS MAGSEIS FAIRFIELD
PRS PROSAFE
NODL NORTHERN 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
Correction: Awilco Drilling Plc: New Sponsored Norwegian Depository Re...
Correction: Awilco Drilling Plc: New Sponsored Norwegian Depository Receipts (SNDRs) issued Aberdeen, 14 September 2023 Reference is made to the stock exchange notice from Awilco Drilling PLC ("Awilco Drilling" or the "Company") on 22 August 2023 announcing the Subsequent Offering of up to 469,400 new Sponsored Norwegian Depository Receipts (SNDRs) in the Company at a subscription price of NOK 9 per SNDR (the "Subsequent Offering") and the corresponding issuance of new shares. The subscription period for the Subsequent Offering ended on 5 September and on 14 September 2023, the 469,40...
Awilco Drilling Plc: New Sponsored Norwegian Depository Receipts (SNDR...
Awilco Drilling Plc: New Sponsored Norwegian Depository Receipts (SNDRs) issued Aberdeen, 14 September 2023 Reference is made to the stock exchange notice from Awilco Drilling PLC ("Awilco Drilling" or the "Company") on 22 August 2023 announcing the Subsequent Offering of up to 469,400 new Sponsored Norwegian Depository Receipts (SNDRs) in the Company at a subscription price of NOK 9 per SNDR (the "Subsequent Offering") and the corresponding issuance of new shares. The subscription period for the Subsequent Offering ended on 5 September and on 14 September 2023, the 469,400 new shares wer...
Awilco Drilling Plc: Final result of Subsequent Offering
Awilco Drilling Plc: Final result of Subsequent Offering NOT FOR DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, CANADA, AUSTRALIA, JAPAN OR HONG KONG, OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL OR WOULD REQUIRE REGISTRATION OR OTHER MEASURES. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF ANY OF THE SECURITIES DESCRIBED HEREIN. Aberdeen, 6 September 2023 Reference is made to the stock exchange notice from Awilco Drilling Plc ("Awilco Drilling" or the "Company") on 22 August 202...
Awilco Drilling Plc: Last day of subscription period in Subsequent Off...
Awilco Drilling Plc: Last day of subscription period in Subsequent Offering NOT FOR DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, CANADA, AUSTRALIA, JAPAN OR HONG KONG, OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL OR WOULD REQUIRE REGISTRATION OR OTHER MEASURES. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF ANY OF THE SECURITIES DESCRIBED HEREIN. Aberdeen, 5 September 2023 Reference is made to the stock exchange notice from Awilco Drilling Plc ("Awilco Drilling" or the "Company...
Awilco Drilling PLC: Half-Year 2023 presentation
Awilco Drilling PLC: Half-Year 2023 presentation Please find attached the Half-Year 2023 presentation to be held in the digital meeting today, 31 August 2022, at 13:00 UK time (14:00 CEST / 09:00 EDT). To join the digital meeting, please click or copy and paste the following address into your browser: Aberdeen, 31 August 2023 For further information please contact: Eric Jacobs, Interim CEOPhone: Cathrine Haavind, Investor RelationsPhone: Email: This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act. ...
Awilco Drilling PLC: Awilco Drilling Reports Half-Year 2023 Results
Awilco Drilling PLC: Awilco Drilling Reports Half-Year 2023 Results Awilco Drilling PLC reports no contract revenue in the first half 2023, EBITDA loss of USD 11.2 million and a net loss of USD 11.1 million. Please see attached for the Half-Year 2023 report. A digital presentation will be held tomorrow, Thursday 31 August 2023, at 13:00 UK time (14:00 CEST / 08:00 EDT). The presentation will be available for download on the Investor Relations section (go to "Press Releases") at prior to the meeting. There will be a Q&A session after the presentation. To join the digital meeting, plea...
Awilco Drilling PLC: Invitation to Half-Year Results 2023 presentation
Awilco Drilling PLC: Invitation to Half-Year Results 2023 presentation Awilco Drilling PLC’s Half-Year 2023 report will be released prior to market opening on Thursday 31 August 2023. A digital presentation will be held the same day, Thursday 31 August 2023, at 13:00 UK time (14:00pm CET / 08:00 EST). The presentation will be available for download on the Investor Relations section (go to "Press Releases") at prior to the meeting. There will be a Q&A session after the presentation. To join the digital meeting, please click or copy and paste the following address into your browser: A rep...
- Martin Huseby Karlsen
Focus remains on the out years
Longevity of upcycle is key Our 17th annual spending survey suggests an extended upcycle for offshore-focused oil services. High utilisation, long lead times, and growing backlogs indicate oil service capacity could be tested in subsea and offshore drilling segments. Meanwhile, oil companies are less able to boost spending, with cash flow and capital priorities key. We expect investor focus to shift to 2025. Our top picks are Subsea7, Noble, Seadrill, Odfjell Drilling and Borr Drilling.
SOC SUBSEA 7 S.A.
SDRL SEADRILL LTD
ARCHERO ARCHER
AKER AKER ASA CLASS A
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
CGG CGG
AWDR AWILCO DRILLING
DRLCO DRILLING COMPANY OF 1972
BORR BORR DRILLING
MSEIS MAGSEIS FAIRFIELD
PRS PROSAFE
NODL NORTHERN 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
Awilco Drilling Plc: Launch of Subsequent Offering
Awilco Drilling Plc: Launch of Subsequent Offering NOT FOR DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, CANADA, AUSTRALIA, JAPAN OR HONG KONG, OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL OR WOULD REQUIRE REGISTRATION OR OTHER MEASURES. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF ANY OF THE SECURITIES DESCRIBED HEREIN. Aberdeen, 22 August 2023 Reference is made to the stock exchange notice from Awilco Drilling Plc ("Awilco Drilling" or the "Company") (Euronext Growth Oslo: A...
Awilco Drilling Plc: Warrants Certificates issued
Awilco Drilling Plc: Warrants Certificates issued Aberdeen, 28 July 2023 Reference is made to the stock exchange notice from Awilco Drilling PLC ("Awilco Drilling" or the "Company") on 30 June 2023 announcing the successful private placement of 9,680,040 new shares and corresponding Sponsored Norwegian Depository Receipts ("SNDRs") (the "Private Placement"), and the grant of one warrant for every SNDR subscribed for, allocated and paid for in the Private Placement or the planned Subsequent Offering (the "Warrant"). On 27 July 2023, the Company has issued 9,680,040 Warrants to the subscrib...
Awilco Drilling Plc: New Sponsored Norwegian Depository Receipts (SNDR...
Awilco Drilling Plc: New Sponsored Norwegian Depository Receipts (SNDRs) issued Aberdeen, 27 July 2023 Reference is made to the stock exchange notice from Awilco Drilling PLC ("Awilco Drilling" or the "Company") on 30 June 2023 announcing the successful placement of Sponsored Norwegian Depository Receipts (SNDRs) in a private placement in the Company at a subscription price of NOK 9 per SNDR (the "Private Placement") and the corresponding issuance of new shares. On 26 July 2023, the 2,833,690 new shares were legally and validly issued under Tranche 2 of the Private Placement. Following th...
Awilco Drilling PLC: Minutes from Extraordinary General Meeting 20 Jul...
Awilco Drilling PLC: Minutes from Extraordinary General Meeting 20 July 2023 An Extraordinary General Meeting of Awilco Drilling PLC was held Thursday 20 July 2023 at 12:00 noon (UK time), at the offices of Awilco Drilling on 2 Kingshill Park, Venture Drive, Arnhall Business Park, Westhill, Aberdeen, AB32 6FL, UK.Each of the resolutions set out in the Meeting Notice were duly passed. The signed minutes of meeting are attached hereto. The Meeting Notice is available on our website , under ‘Investor Relations/General Meetings’.Aberdeen, 20 July 2023For further information please contact:Er...
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