% | $
Quotes you view appear here for quick access.

Noble Corporation plc Message Board

  • jimcarrera47 jimcarrera47 Sep 20, 2010 12:35 PM Flag

    Petrobas Stock Offering

    Petrobas stock offering 79 billion for xploration program and will price the offer on Thusrday Sept.23 I would be inclined to think NE would benefit,any thoughts? Read article by Reuters @ PBR on Sept. 17th Yahoo Finance.

    SortNewest  |  Oldest  |  Most Replied Expand all replies
    • All the drillers will get something out of PBR's mammoth 5 year capex plan, and this stock issuance is a part of the funding for that plan.

      The prospects are made quite a bit more complicated by Brazil's efforts to drive work to brazilian shipyards and subcontractors. Negotiations over how much local content is needed and whether PBR will offer good day rates as part of the whole deal have been underway for the 28 added rigs PBR wants to produce with private sector partners. NE has sounded much more wary about making deals with Brazil than, say, SDRL has. Which figures, as NE is very prudent and SDRL leans pretty far forward.

      As to whether the PBR stock offering itself will have any good effect on NE and it's brethren... who knows? Probably the market will see a successful PBR offering as a positive for the sector, which would suit me as I'm a little long PBR and way long the drillers.

5.93-0.21(-3.42%)Aug 24 4:03 PMEDT