Offshore Drilling Contractors - Bohrplattformbetreiber

[Trauerschwan]

Am 1.11.2019 um 21:16 von Marfir:

Eventuell liegt es auch daran dass man noch mit dem Verdauen der 2 merger zu tun hat.

 

Größe bringt schon Vorteile. Sowohl Kostenvorteile als auch Kundenbeziehungen, z. B. ARO Drilling. Allein die Synergieeffekte haben ein NPV von etwa der aktuellen Marktkapitalisierung von Valaris. Das wird sich vermutlich aber erst richtig bemerkbar machen wenn OSD wieder im starken Aufschwung ist.

 

Vielleicht wird noch verdaut, aber ARO Drilling hat nichts mit Größenvorteilen zu tun, denn das war vorher ein Rowan Projekt (zumindest habe ich das so im Hinterkopf).

 

Hast du den NE Conference Call gehört oder gelesen? Gibt da ein paar nennenswerte Passagen:

 

Zitat

 

Laura Campbell:

Across our floating fleet we expect improved revenues in the fourth quarter from the Noble Don Taylor and Noble Sam Croft following the commencement of new contracts as well as from the Noble Globetrotter too, which returned to a full day rate in early October following the completion of a shipyard program during the third quarter.

 

 

Zitat

 

Robert Eifler:

The standard duty jackup Noble Joe Beal, which is operating offshore Saudi Arabia is expected to complete its current drilling assignment in December, after which we don't anticipate continuing to operate or market the rig.

 

Lastly, as Julie mentioned previously, the Noble Regina Allen was awarded a contract for operations offshore Trinidad and Tobago with a minimum duration of 160 days and a rate of $120,000 per day.

 

Finally, the warm stacked semi-submersible Noble Paul Romano remains under consideration for programs with an expected 2020 commencement. The moored market remains relatively tight and we are marketing the rig into several opportunities appropriate for the rig design and capability.

 

 

Eine Verschrottung, eine ordentliche Dayrate und vielleicht bald ein neuer Contract für Semi Noble Paul Romano.

[Marfir]

vor 10 Minuten von Trauerschwan:

 

Vielleicht wird noch verdaut, aber ARO Drilling hat nichts mit Größenvorteilen zu tun, denn das war vorher ein Rowan Projekt (zumindest habe ich das so im Hinterkopf).

 

Hast du den NE Conference Call gehört oder gelesen? Gibt da ein paar nennenswerte Passagen:

 

 

 

Eine Verschrottung, eine ordentliche Dayrate und vielleicht bald ein neuer Contract für Semi Noble Paul Romano.

So klein war Rowan nun auch nicht. Nur 1 rig weniger als Diamond Offshore oder etwa so groß wie ARO selbst.

 

Danke für die Hinweise! Auch Borr hat neue Aufträge gewonnen. Aber alles Kurzläufer:

https://www.offshoreenergytoday.com/borr-drilling-adds-155-million-to-backlog-with-new-contracts/

Zitat

The jack-up rig Mist, built in 2013, has won an extension with Vestigo in Malaysia.

[Trauerschwan]

Habe mir mal alle veröffentlichten Contracts bei Bassoe herauskopiert. Die Rig-Jahre an neuen Contracts für die Jackups und auch die durchschnittliche Laufzeit der Contracts sind in den folgenden zwei Graphiken zu sehen:

 

 

Es kann durchaus sein, dass Bassoe den ein oder anderen Contract nicht aufgeführt hat. Außerdem gibt es einige "Langläufer", die den Durchschnitt etwas nach oben ziehen.

 

Laut Bassoe sind 334 Jackups aktiv am Drillen, 95 warm oder hot stacked, 63 cold stacked und 53 under construction. In den ersten 10 Monaten sind ca. 220 Rig-Jahre an Contracts dazugekommen. Vielleicht werden es zum Jahresende ca. 250 Rig-Jahre sein.

 

Borr Drilling, einer der Offshore Driller mit Hauptaugenmerk auf Jackups, hat eine Folie mit dem Alter der JU-Flotte gepostet. Ob die stimmt oder nicht, weiß nur Borr Drilling.

 

 

Alte Jackups, die keinen ordentlichen neuen Contract bekommen und vor einem sogenannten "5 Year Survey" stehen, werden höchstwahrscheinlich verschrottet. NE hat beispielsweise im letzten Call gesagt, dass eines der alten JU sehr wahrscheinlich nach Ende des Contracts verschrottet wird. Auch bei Borr und Shelf Drilling sieht man das. Das heißt nicht, dass massenweise alte JU von der Bildfläche verschwinden, aber ich denke schon, dass die neueren JU gute Chancen auf Contracts haben. Die ersten JU erzielen mittlerweile Dayrates von über 100k USD. Zur Info: Borr gibt die Opex der eigenen JU Flotte mit ca. 50k USD pro JU pro Tag an.

[Marfir]

vor 13 Stunden von Trauerschwan:

Habe mir mal alle veröffentlichten Contracts bei Bassoe herauskopiert. Die Rig-Jahre an neuen Contracts für die Jackups und auch die durchschnittliche Laufzeit der Contracts sind in den folgenden zwei Graphiken zu sehen:

 

Den Grafiken nach ist dieses Jahr alles zum Vorjahr geblieben. Das klingt in den Investorenpräsis aber anders.

[Trauerschwan]

Am 9.11.2019 um 12:30 von Marfir:

Den Grafiken nach ist dieses Jahr alles zum Vorjahr geblieben. Das klingt in den Investorenpräsis aber anders.

 

Ja, die Zahlen sind relativ "flat" und bei den Drillships und Semis sieht es übrigens ähnlich aus. Investorenpräsis sind immer positiv, egal wie es in der Realität aussieht. Trotzdem ist es nunmal so, dass einige OSD besser ausgelastet sind als andere. DO, NE und Shelf Drilling sind beispielsweise fast komplett ausgebucht. Die niedrigen Dayrates (inkl. das Auslaufen einiger Contracts mit hoher Dayrate) und die hohe Zinslast machen aber auch denen das (Über-)Leben schwer.

 

Positiv:

JU Dayrate 2020 in Trinidad - Noble Regina Allen --> 120,000 USD

Semi Dayrate 2021 in Australien - Ocean Apex --> 220,000 USD geschätzt von Bassoe und DO spricht selber von einer Dayrate, die einerseits über der Spotrate von Drillships (vermutlich 150,000 USD) liegt und andererseits von Contract zu Contract gestiegen ist

[Trauerschwan]

Billionaire Fredriksen steps down as Seadrill Chairman - Billionaire investor John Fredriksen has stepped down as Chairman of offshore drilling contractor Seadrill. He will be replaced by Glen Ole Rødland, who is currently chairman of offshore flotel provider Prosafe, as well as of Aqualis Braemar.

 

Seadrill Partners Starts Negotiations With Creditors (Artikel bei SeekingAlpha) - "Discussions with advisers representing certain lenders have commenced in relation to debt maturing during 2020 and first quarter of 2021"

[Marfir]

viele neue Aufträge, meist Kurzläufer

https://www.valaris.com/news/news-details/2019/Valaris-Announces-New-Contract-Awards-41461ee2f/default.aspx

Zitat

Valaris plc (NYSE: VAL) ("Valaris" or the "Company") announced today new contracts and contract extensions, with associated revenue backlog of approximately $285 million, awarded subsequent to a prior fleet status report dated October 25, 2019.

 

[Trauerschwan]

Offshore Drilling: Jack-Up Fundamentals - November 2019 Edition

 

 

Offshore Drilling: Floater Fundamentals - November 2019

 

Ein langsamer Prozess. Bei den Jackups kann man immerhin einen positiven Trend erkennen.

[ceekay74]

Für Freunde von Crelino und COLIBRI:

 

STENA AB GROUP INTERIM REPORT FOR THE NINE-MONTH PERIOD: 1 JANUARY-30 SEPTEMBER 2019

Zitat

• PROFIT BEFORE TAX amounts to SEK 192 million for the nine-month period ended 30 September 2019, compared to SEK 1,076 million for the nine-month period ended 30 September 2018.
• CONSOLIDATED EBITDA, excluding net gain on sale of assets and change in fair value of investment properties, for the nine-month period ended 30 September 2019 amounted to SEK 5,938 million compared to SEK 3,856 million for the nine-month period ended 30 September 2018.
• CONSOLIDATED EBITDA, including net gain on sale of assets and change in fair value of investment properties, for the nine-month period ended 30 September 2019 amounted to SEK 7,098 million compared to SEK 6,775 million for the nine-month period ended 30 September 2018 (...)

OFFSHORE DRILLING Stena Drilling achieved a positive EBITDA in the first nine months 2019. The increased EBITDA compared to last year is due to more operating days, increased day rates and positive effect from our ongoing Cost Race Program. Positive development for the fleet, with secured contracts coverage of 82%, incl. options, for 2019. (...)

 

The liquidity position remains strong as of 30 September 2019. Available liquidity amounted to SEK 13.9 billion. (...)

 

Stena Drilling has signed a contract with EnQuest for the drilling unit Stena Don regarding two firm wells (90 days), commencing in February 2020. A contract has been signed with Exxon for the drilling unit Stena DrillMAX for two firm wells (140 days) plus two option wells (140 days), commencing in May/June 2020. (...)

 

[Marfir]

Am 30.11.2019 um 10:05 von Trauerschwan:

Offshore Drilling: Jack-Up Fundamentals - November 2019 Edition

 

 

Ein langsamer Prozess. Bei den Jackups kann man immerhin einen positiven Trend erkennen.

Mehr Verschrottungen sind nötig.

@ceekay74

Stena Drilling ist hoch verschuldet. Es wäre hilfreicher die würden den Markt verlassen oder sich kaufen lassen. STENA SPEY ist Schrott-reif. Bleiben noch 5 nutzbare floater.

[Marfir]

Gar nicht gut, falls die Quelle wirklich vernachlässigte offshore Bohrlöcher sind:

https://www.spektrum.de/news/ein-riesiger-oelteppich-unbekannten-ursprungs-erreicht-brasilien/1688202?utm_source=pocket-newtab

Zitat

Ein großer Ölteppich treibt vor Brasilien auf dem Meer und bedroht viele Tier- und Pflanzenarten. Die Regierung ist ratlos, woher er kommt, und bleibt passiv. Stattdessen werden weitere Ölfelder versteigert – was die Gefahr künftiger Katastrophen nur erhöht.

 

[Trauerschwan]

Noble buys Shell’s interest in two drillship JVs as Shell exits drilling contract - Offshore drilling contractor Noble Corporation and oil major Shell have completed their deal under which Noble received payout from Shell for a drillship contract and took over Shell’s interest in two drillship joint ventures. 

 

ExxonMobil, EnQuest hire Stena drillship and semi-sub - Offshore drilling contractor Stena Drilling has recently signed drilling contracts for the Stena Don and the Stena DrillMax rigs.

[Trauerschwan]

Einige der letzten Fixtures (wie immer, Dayrates und Start Date sind fast ausschließlich von Bassoe geschätzt):

[Trauerschwan]

Dubai, December 17, 2019 – Shelf Drilling, Ltd. (“Shelf Drilling”, OSE: SHLF), announces that one of its subsidiaries has entered into an agreement with a subsidiary of Maersk Drilling (CPH: DRLCO) to purchase the Maersk Completer jack-up drilling rig for a purchase price of USD 38 million.The Maersk Completer rig was built in 2007 and is of Baker Pacific Class 375 design, currently located in Singapore. The contemplated acquisition of this premium high-spec jack-up rig is in anticipation of securing a long-term contract in the near term. The transaction is subject to customary closing conditions, and the rig is expected to be delivered in January 2020.

 

BP takes Maersk rig for development drilling off Trinidad - Danish offshore drilling contractor Maersk Drilling has secured a three-well contract for the semi-submersible rig Maersk Discoverer with BP for development drilling at the Matapal project offshore Trinidad and Tobago. Maersk Drilling said on Tuesday that the contract has an estimated duration of 322 days and is expected to start in July 2020. The value of the firm contract is approximately $78 million, including a mobilization fee. The contract contains an additional one-well option, the rig owner noted.

[Marfir]

vor 20 Stunden von Trauerschwan:

Maersk Drilling said on Tuesday that the contract has an estimated duration of 322 days

Über 100 Tage für 1 Bohrloch. Scheint ganz schön Tief und aufwendig dort zu sein. Eine Wassertiefe konnte ich nicht finden.

[Trauerschwan]

Zitat

Canada approves CNOOC’s offshore drilling plan - The Chinese oil company CNOOC has received permission to drill in Canada’s Flemish Pass, 400 kilometers east of St. John’s, Newfoundland and Labrador.

 

Between 2020 and 2028, the CNOOC could drill up to ten offshore wells, using a single offshore drilling unit, along with supply vessels and helicopters that would travel between the drilling areas and existing shore-based facilities on the island of Newfoundland and the airport in St. John’s, Newfoundland and Labrador.

 

Zitat

 

Australia to lead Asia Pacific’s oil & gas FID surge in 2020, Woodmac says - Asia Pacific oil and gas sector might in 2020 see an increase in mergers & acquisitions and FIDs, while offshore drilling is expected to focus on brownfield wells rather than on wildcats, Wood Mackenzie said in a report on Thursday.

 

When it comes to drilling operations, Wood Mackenzie expects that the oil and gas companies will switch to delineating some of the key discoveries in made in 2019, a record year for Asia Pacific exploration.

 

Regarding the pure exploration wells, Wood Mac sees the outlook as “more limited in 2020,” however, it sees some potential play-openers in New Zealand’s Great South Basin, deepwater Myanmar, offshore North Sumatra, and offshore Papua.

 

 

Zitat

 

Aker BP extends Deepsea Nordkapp rig contract - Norwegian oil company Aker BP has today exercised the first one-year option for Odfjel Drilling’s Deepsea Nordkapp semi-submersible drilling rig. The two companies originally entered the drilling contract in April 2018.

 

The first one-year option will begin after the expiry of the two-year firm period in May 2021. The approximate contract value for the firm scope is $128 million (excluding any integrated services). In addition, a performance bonus will be applicable, Odfjell Drilling said. Bassoe Offshore has estimated the dayrate for the extension to be $350,000 up from the current dayrate, estimated to be around $325,000.

 

 

Harsh Environment Semis erzielen momentan die besten Dayrates

[Trauerschwan]

Und weitere News:

 

Zitat

 

Equinor chooses Deepsea Atlantic rig for three new wells - Norwegian oil and gas company Equinor has exercised three new wells for Odfjell Drilling’s Deepsea Atlantic rig.

 

The work will start after the completion of the current scope estimated to be in 2Q 2020. The approximate contract value for the firm scope is $45 million, excluding any integrated services. In addition, a performance bonus will be applicable. Furthermore, two additional wells are pending final approval by Equinor and its licensees, the rig owner said in a statement on Friday.

 

 

Zitat

 

More Gulf of Mexico work for Pacific drillship - U.S. oil major Chevron has exercised an option for the Pacific Drilling-owned drillship Pacific Sharav, operating in the U.S. Gulf of Mexico. 

 

Under this third firm well option, the drillship will work for Chevron from March until May 2020 under a dayrate of $225,000. The first option started in September 2019 and ended in December with a dayrate of $175,000. The drillship is currently under a second firm well option with Chevron, which started in December and is set to end in March 2020, with a dayrate of $185,000. However, Pacific revealed that Chevron would not exercise the remaining one-well option provided under the contract.

(Dayrate: 175,000 --> 185,000 --> 225,000 USD)

 

Pacific also said that the Pacific Khamsin drillship started its contract in the Gulf of Mexico with Equinor on December 15, 2019. This is the rig’s first contracted well of three firm wells and it expires in March 2020. The dayrate is $227,000. Starting in March next year until July, the Pacific Khamsin is assigned to Total for Equinor’s second firm well with a dayrate of $252,000. The third firm well for Equinor starts in August 2020 and ends in October 2020 with a dayrate of $282,000. There is also one priced option well remaining.

(Dayrate: 227,000 --> 252,000 --> 282,000 USD)

 

 

Zitat

 

KS Energy lands another jack-up extension - Singapore’s KS Energy has been awarded a contract extension for one of its jack-up drilling rigs for operations offshore Vietnam.

 

KS Energy said on Thursday that the extension was awarded to the 2014-built KS Java Star 2 jack-up drilling rig. The expected value of the firm contract extension is approximately $6.1 million. This is the third extension for the KS Java Star 2 rig following a contract award in December 2018. Bassoe’s dayrate estimate for the rig’s contract in the period from March 2019 until January 2020 is $60,000. For the period from January until April 2020, Bassoe’s dayrate estimate is $62,000.

 

 

Zitat

 

SDRL – Seadrill Limited Announces Contract Award for the West Phoenix

 

Hamilton, Bermuda, December 20, 2019 - Seadrill Limited (“Seadrill”) has secured a multiple well contract with Vår Energy AS for the West Phoenix for work on the Balder re-development project in Norway. Total contract value for the firm portion of the contract is expected to be approximately $302 million with commencement expected at the end of 2Q 2021 and running through 3Q 2023. In addition to the base rate a well based performance bonus mechanism is included in the award giving potential for incremental revenue. The contract is subject to authority approval of the Balder Future plan for development and operations (PDO).

 

 

Erfreuliche Dayrates für die Drillships von Pacific Drilling, da deutlich über 200,000 USD. Auch die Dayrate des nächsten Odjfell HE-Semi wird ordentlich sein (Bassoe schätzt 300,000 USD, bei 179 Tagen Laufzeit), aber ohne genauen Zeitraum nicht direkt ausrechenbar. Die Dayrate für West Phoenix (HE-Semi) sollte dann auch deutlich über 300,000 USD liegen. Bassoe schätzt hier 360,000 bei 837 Tagen Vertragslaufzeit.

[Trauerschwan]

@Marfir

 

Zitat

 

Valaris Receives $200 Million Cash Payment and Provides Update on Contracting and Cost Savings Plans

 

New Contracts and Extensions

Valaris has also continued winning new work for its high-quality rig fleet, as new contracts and contract extensions with associated revenue backlog of approximately $100 million have been awarded to the Company since its last contracting update press release on November 25, 2019:

- VALARIS DS-10 contract extended due to the exercise of a one-year priced option with Shell offshore Nigeria from March 2020 to March 2021;

- VALARIS JU-107 contract extended due to the exercise of a one-well priced option with Chevron offshore Australia, with an estimated duration of 30 days from late February 2020 to late March 2020; the rig has also been awarded a two-well contract with Jadestone Energy offshore Australia, with an estimated duration of 115 days from June 2020 to September 2020;

- VALARIS JU-101 awarded a three-well contract with Ithaca Energy in the North Sea that is expected to commence in March 2020, with an estimated duration of 45 days; and

- VALARIS JU-75 awarded a one-well contract with Walter Oil & Gas in the U.S. Gulf of Mexico, which commenced in late December 2019, with an estimated duration of 40 days.

 

 

Drillship: 365 Tage

Jackups: 30 + 115 + 45 + 40 = 230 Tage

 

Grobe Schätzung:

365 Tage x 200,000 USD Dayrate = 73,000,000 USD

27,000,000 USD / 230 Tage = 117,000 USD Dayrate für Jackups

 

Info: VALARIS JU-75 ist/war seit September 2019 warm stacked

[Marfir]

vor 6 Minuten von Trauerschwan:

@Marfir

 

 

Hervorragend, Danke!

[Trauerschwan]

Zitat

Seadrill picks up two three-year jack-up extensions in Middle East - Offshore drilling contractor Seadrill has secured a three-year contract for each of the AOD II and AOD III jack-up rigs.

 

- Seadrill said on Tuesday that the contracts were in direct continuation of their current contract and were expected to be approximately $98 million and $101 million respectively.

- The rigs are owned by Asia Offshore Drilling (AOD), which is a partnership venture between Mermaid and Seadrill where Mermaid has 33.76 percent and Seadrill has a 66.24 percent stake.

- The company did not say which firm awarded the two contracts, but it is worth noting that both rigs in question have been working for Saudi Aramco since 2013. Mermaid also said in a separate statement that the rigs would be working for ‘the same reputable client in the Middle East’ they have been working for since 2013.

 

98 Mio USD / 1095 Tage = ca. 89,000 USD Dayrate

101 Mio USD / 1095 Tage = ca. 92,000 USD Dayrate

[Trauerschwan]

SHELF DRILLING - AWARDED 35 YEARS OF CONTRACT EXTENSIONS IN ARABIAN GULF

 

Dubai, December 30, 2019–Shelf Drilling, Ltd. (“Shelf Drilling” or the “Company”, OSE: SHLF) announced today that it has secured long-term extensions on four jack-up rigs in direct continuation of their respective current contracts in the Arabian Gulf. The High Island II, High Island IV and Main Pass I rigs have each been awarded a 10-year extension, while the Main Pass IV rig has been awarded a 5-year extension. All four extensions are at dayrates generally consistent with current rates for these rigs and allow for annual rate adjustments based on the previous 12-month average Brent crude oil price. The extensions are expected to commence in Q1 2020.

 

Das ist mal ordentlich!

[Trauerschwan]

Transocean Ltd. Announces $352.9 Million in New Rig Contracts, Options Exercised By Customers - etliche Dayrates genannt

 

Transocean Ltd. Announces Offering of Notes

Zitat

 

January 8, 2020 - STEINHAUSEN, Switzerland, Jan. 08, 2020 (GLOBE NEWSWIRE) -- Transocean Ltd. (NYSE: RIG) announced today that Transocean Inc., its wholly-owned subsidiary (collectively with Transocean Ltd., “Transocean”), has commenced an offering of U.S.$750 million aggregate principal amount of senior unsecured notes due 2027 (the “Notes”) to eligible purchasers pursuant to Rule 144A/Regulation S. The Notes will be fully and unconditionally guaranteed by Transocean Ltd. and certain of Transocean Inc.’s subsidiaries.

Transocean intends to use the net proceeds from this offering to refinance, repurchase and/or redeem certain of its existing indebtedness in one or more transactions, and/or for general corporate purposes.

 

Auf den Coupon bin ich aber mal gespannt!

[Marfir]

vor 33 Minuten von Trauerschwan:

Transocean Ltd. Announces Offering of Notes

Auf den Coupon bin ich aber mal gespannt!

Ich auch. Interessant dass sie es mit unsecured versuchen.

[Trauerschwan]

@Marfir

 

Transocean Ltd. Announces Pricing of U.S. $750 Million of Senior Unsecured Notes due 2027

Zitat

 

January 8, 2020 - STEINHAUSEN, Switzerland, Jan. 08, 2020 (GLOBE NEWSWIRE) -- Transocean Ltd. (NYSE: RIG) announced today that Transocean Inc., its wholly-owned subsidiary (collectively with Transocean Ltd., “Transocean”), has priced its previously-announced offering of U.S. $750 million aggregate principal amount of senior unsecured notes due 2027 (the “Notes”) to eligible purchasers pursuant to Rule 144A/Regulation S. The Notes will be fully and unconditionally guaranteed by Transocean Ltd. and certain of Transocean Inc.’s subsidiaries.

 

The Notes will bear interest at the rate of 8.0% per annum. The offering is expected to close on or about January 17, 2020, subject to customary closing conditions. Transocean intends to use the net proceeds from this offering to refinance, repurchase and/or redeem certain of its existing indebtedness in one or more transactions, and/or for general corporate purposes.

 

 

Das wäre für Transocean richtig gut. Ich würde mir davon aber keine einzige Anleihe ins Depot legen, denn die etwas länger laufenden Anleihen haben eine deutlich höhere Rendite.

[Marfir]

vor 6 Stunden von Trauerschwan:

@Marfir

 

Transocean Ltd. Announces Pricing of U.S. $750 Million of Senior Unsecured Notes due 2027

 

Das wäre für Transocean richtig gut. Ich würde mir davon aber keine einzige Anleihe ins Depot legen, denn die etwas länger laufenden Anleihen haben eine deutlich höhere Rendite.

Was ist dein Investment case? Hoffen das Transocean bis zur Rückzahlung nicht Pleite geht? Oder hoffst du das einige der Langläufer im Zuge des Anleihenrückkaufprogramms zulegen und du die dann mit kleiner Rendite schnell wieder los bekommst?

"Höhere Rendite" ist trügerisch. Der Großteil kommt ja nicht vom sicheren Kupon, sondern dass man hofft dass eine Rückzahlung zu 100% erfolgt.