A week ago I wrote a 43-ish-pager deep dive about Transocean myself- I will be honest: turns out I haven't dug deep myself. Especially on the field dynamics, FIDs & other shenanigans in practice as you did. Thanks, Tom! Always much appreciated! :) Keep going;
Noble's recent earnings were quite a thing I was waiting for; Now on to August 5th! Fingers crossed, haha
Nice work on the write-up, AK! On Transocean, I recently noticed Proteus is now working for, I believe, Murphy in the US Gulf. Probably short-term work but nice gap filler for Transocean as a bridge toward hopefully longer-term work
Thank you for the kind words. A fun industry to follow, yet volatile. I'm hopeful the merger goes through and we can move back to simple supply-demand economic analysis, but for now there's antitrust/regulatory importance. More to follow and thanks for your time.
Noble's hiccup in Brazil was disappointing news but hopefully they can avoid an adverse outcome (I think they will). Separately, I think they are positioned well for Total's Venus drilling program but we'll have to see how that unfolds. I like their dividend program but think their valuation will improve if/when they can start growing it (in 2H27??). Thank you for your comments!
Apart from the prospect of increased offshore exploration & development, a primary thesis, I think the fact that building new offshore rigs are not economically viable without much higher day rates, makes the drillers a legitimate inflation hedge. Real estate isn’t the only thing they’re not making anymore. 😉
A week ago I wrote a 43-ish-pager deep dive about Transocean myself- I will be honest: turns out I haven't dug deep myself. Especially on the field dynamics, FIDs & other shenanigans in practice as you did. Thanks, Tom! Always much appreciated! :) Keep going;
Noble's recent earnings were quite a thing I was waiting for; Now on to August 5th! Fingers crossed, haha
Nice work on the write-up, AK! On Transocean, I recently noticed Proteus is now working for, I believe, Murphy in the US Gulf. Probably short-term work but nice gap filler for Transocean as a bridge toward hopefully longer-term work
Tremendous work in a still largely overlooked industry. Invaluable, really. Captures where we are and what to look for going forward.
Thank you for the kind words. A fun industry to follow, yet volatile. I'm hopeful the merger goes through and we can move back to simple supply-demand economic analysis, but for now there's antitrust/regulatory importance. More to follow and thanks for your time.
I appreciate your work.
Thank you.
Thank you for your interest in offshore drilling, Leslie!
Always great to read information and opinions about offshore drilling. Just finished the transcript from Noble today. My biggest holding.
I’m very bullish on the offshore drillers. 😉
Noble's hiccup in Brazil was disappointing news but hopefully they can avoid an adverse outcome (I think they will). Separately, I think they are positioned well for Total's Venus drilling program but we'll have to see how that unfolds. I like their dividend program but think their valuation will improve if/when they can start growing it (in 2H27??). Thank you for your comments!
Apart from the prospect of increased offshore exploration & development, a primary thesis, I think the fact that building new offshore rigs are not economically viable without much higher day rates, makes the drillers a legitimate inflation hedge. Real estate isn’t the only thing they’re not making anymore. 😉
Thanks Tommy. You provide very useful info and insight. _/\_
Thank you Stuart. It’s a global industry so something always happening but a bit slow.
Thank you, very useful.
Thank you, Elshan. Hope to have another post next week as well. Thanks for reading
Thanks Tommy. Great stuff.
Thanks for your continued readership, Athelas