Dayrate Duration

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

39

2

10 Thoughts on the Transocean-Valaris Merger

A positive industry development in various respects.

Feb 9 • Tommy Lee

127

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

34

7

1

Noble's Semisub Upgrade Trade

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

Jan 26 • Tommy Lee

45

22

3

Deepwater in 2026

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

Jan 12 • Tommy Lee

63

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

30

6

1

September 2025

Transocean's Capital Structure

A credit investor's perspective on the recent equity raise

Sep 27, 2025 • Tommy Lee

60

15

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

17

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