Dayrate Duration

Borr: 10 Thoughts on the Bond Refinancing

An alternative pre-sale report

May 27 • Tommy Lee

25

4

1

Transocean-Valaris: Antitrust and HHI Analysis

Investigating global market share estimates and drillship mobility

May 6 • Tommy Lee

41

3

1

"Exploration is Back"

E&P Capital Discipline Remains but Incrementally Positive Signs for Rigs

May 2 • Tommy Lee

59

11

4

March 2026

Borr/Paratus Jackup M&A and Brazilian Deepwater Market Update

Borr's Mexican jackup consolidation, Paratus's PLSV residual, what regional driller contracts reveal about Brazilian deepwater dayrate expectations…

Mar 25 • Tommy Lee

36

2

1

February 2026

Offshore High Yield: Tidewater, Transocean, Azule and Others

Tidewater M&A in Brazil, Transocean Capital Structure, Jubilee Update and Miscellaneous High Yield Relative Value

Feb 23 • Tommy Lee

46

6

10 Thoughts on the Transocean-Valaris Merger

A positive industry development in various respects.

Feb 9 • Tommy Lee

132

30

16

January 2026

High Yield: Odfjell, Noble, Murphy, Borr and Kosmos

Oil & gas credit perspectives on relative value including thoughts on Norwegian semisubs, jackups, and deepwater E&P

Jan 29 • Tommy Lee

35

7

1

Noble's Semisub Upgrade Trade

Noble’s $1.3B of new contract awards and Norway entry

Jan 26 • Tommy Lee

45

26

3

Deepwater in 2026

7G+ Drillships, Cost Structure, Consolidation, Norway, "Scrap, Baby, Scrap" and Deepwater FID's

Jan 12 • Tommy Lee

64

5

4

November 2025

RIG Contracting and Jubilee

Proteus, Mykonos, Skyros, KG2, Equinox and Kosmos' 3Q25 Update

Nov 4, 2025 • Tommy Lee

47

10

1

October 2025

RIG Credit: Deepwater CLO?

A catchy title but very unlikely. Investigating various secured financing options.

Oct 3, 2025 • Tommy Lee

31

6

1

September 2025

Transocean's Capital Structure

A credit investor's perspective on the recent equity raise

Sep 27, 2025 • Tommy Lee

61

15

2