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Noble Corp. Message Board

  • cben15606 cben15606 May 19, 2014 10:18 AM Flag

    RIG CC

    Probably sounded worse that it really is, then again it is Transocean. A few of their comments struck me:
    "We were pleased to contract the GSF Development Driller II(DD2) for almost one year of work in the Black Sea with Lukoil. We wanted to relocate this rig out the U.S. Gulf of Mexico due to increasingly demanding well programs and the capabilities offered by new build drilling units and found the right opportunity to do so. We were competing against a deepwater unit and the $360,000 per day rate reflects this circumstance."
    What I think this says is that due to that rigs lower specs compared to newbuild GOM UDW rigs coming online, their 2005 built DD2 was looking at difficulty finding follow on work in the GOM, had to relocate and per the last sentence was bidding this older UDW rig against either a 3G or 4G "deepwater" rig. Hence the $360 dayrate. Not indicative I think of higher spec rigs and may be very good as we get thru the next year or so if it creates a daisy-chain whereby some of these older rigs get pushed out of the market. Makes RIG look worse too since recent signings for 4G rigs have been for better terms than what RIG got-ie longer terms at higher dayrates and one of those was in the GOM!

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    • Other useful comments that I think are very positive for include:
      "we expect an increase in demand for offshore drilling equipment within the next 12 to 18 months providing ample opportunities of the existing fleet and for future growth."
      "While ultra-deepwater demand is being driven by Sub-Saharan Africa, other emerging markets and the U.S. Gulf of Mexico, we expect demand in Brazil to increase in the near to medium term. So I think that that really helps the situation a lot. We hope that Petrobras will come to the market for more tenders. And by the way, we think they will. So that will help."

      "it’s pretty easy to look to Africa for the amount of demand that’s been out there for quite some time. I mean there’s what, 15 to 20 opportunities there alone. And they’re real opportunities. So it’s not just possibilities."

      No mention of Mexico/Pemex. Maybe they weren't invited to the fiesta!

      BTW, news is out that Petrobras is getting active in renewing contracts on 9 UDW rigs, maybe some midwaters too.

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