Dayrate Duration

Deepwater in 2026

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

Jan 12 • Tommy Lee

38

5

2

November 2025

RIG Contracting and Jubilee

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

Nov 4, 2025 • Tommy Lee

47

11

1

October 2025

RIG Credit: Deepwater CLO?

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

Oct 3, 2025 • Tommy Lee

30

6

1

September 2025

Transocean's Capital Structure

A credit investor's perspective on the recent equity raise

Sep 27, 2025 • Tommy Lee

57

16

2

RIG Share Issuance Quick Thoughts

RIG's share issuance is a win for Credit. Disappointing for Equity although could be a step toward eventual shareholder returns by loosening bond terms…

Sep 25, 2025 • Tommy Lee

60

6

1

August 2025

Tullow & Kosmos: Jubilee's Mid-Life Crisis

7G Drillship idle time has contributed to idiosyncratic E&P distress in credit and equity valuations with a critical Ghana drilling campaign ahead in…

Aug 26, 2025 • Tommy Lee

24

16

2

Rigs, Rates and Recapping 2Q

Thoughts on major Deepwater Drillers, Turkey's Big Surprise, Jackup M&A Heating up, Namibia Conference and the Brunei Bay Indicator

Aug 19, 2025 • Tommy Lee

61

12

July 2025

Mid-Year 2025 Outlook

EBITDA Momentum, Operating Leverage, Mozambique and NCS Exploration

Jul 1, 2025 • Tommy Lee

64

17

6

June 2025

RIG Credit: June 2025 Update

Contracting Outlook, Credit Spreads and 20k psi Deepwater Oil

Jun 1, 2025 • Tommy Lee

33

16

April 2025

RIG Credit: Dayrate Duration

A quick primer on offshore's largest High Yield issuer

Apr 30, 2025 • Tommy Lee

46

16

2

March 2025

Deepwater Gas and LNG in Mozambique

Also geopolitics, deadly insurgencies and EM credit

Mar 29, 2025 • Tommy Lee

24

4

1

Stayin' Alive in '25

Offshore high yield markets are pricing the traditionally stable jackup rig issuers as riskier credits than deepwater floaters. Why?

Mar 15, 2025 • Tommy Lee

32

6