New Tender Rig Contract

Newbuild tender rig Kencana Mermaid(KM-1) has been awarded a five-year contract by Petronas Carigali. The value of the contract is $239 million, which would translate into a day rate of $128 000.
Seadrill's self erecting tender Teknik Berkat(virtually indentical in design) was contracted by Petronas Carigali in April for a four-year contract with a d-r of $124 000. The day rates in the South East Asian tender rig market are still actually rising, in spite of the major drop in the price of oil.

EC: Petronas contracts Kencana tender rig

Seismic results

The former merger partners TGS-Nopec(Oslo:TGS) and Wavefield-Inseis(Oslo:WAVE) have released their respective Q3 results. The numbers below are from the period january-september.

Wavefield

Total revenues 262.746(MUSD)(+99%)

EBIT 77.855(MUSD)(+85%)

EBIT margin 30%

EPS $0,40 (+42%)

backlog 485(MUSD)(+183%)

TGS-Nopec

Total revenues 410.032(MUSD)(+44%)

EBIT 188.944(MUSD)(+41%)

EBIT margin 46%

EPS $0.53(-27.5%)

backlog 190(MUSD)(+59%)

The reports: TGS-N, Wavefield

Insider activity in Seadrill

October 2008

Director Tor Olav Trøim has purchased 50 000(76.40 NOK x 25k +60.12NOK x 25k) shares, value of transactions 3 413 000 NOK

CEO Alf C Thorkildsen has purchased 20 000 (49 NOK)shares, value of transaction 1 225 000 NOK

CFO Trond Brandsrud has purchased 12 500(48.29 NOK) shares, value of transaction 603 625 NOK

all transactions were made through open market

Seadrill Stock Exchange Releases

A result & a new contract

Norwegian driller Fred. Olsen Energy(Oslo:FOE) reports results YTD(jan-sep)

Revenues 3700,8 NOK mill(+17%)
EBIT 1551.3 NOK mill(+40%)
EPS 22.3 NOK (+36%)

"Outlooks
During the 3rd quarter of 2008 the market for offshore services continued to strengthen. Globally, the balance between supply and demand for offshore drilling units continued to be tight in all floater segments. The demand for offshore drilling services is expected to continue, however the financial turmoil and falling oilprice might lead to revised oilprice budgets and delays of projects by the oil companies."

P/E(TTM) 7.8

The report(pdf)

Also Transocean(Nyse:RIG) has been awarded a five-year contract with a day rate of ~$640 000(total contract revenues $1.17-1.19 billion) for its newbuild ultra-deepwater drillship yet to be named. The name of the customer hasn't been disclosed.

Press release

New contract for Diamond Offshore's Ocean Valiant

Deep water semi Ocean Valiant has been awarded a two year contract with Total in offshore Angola with a day rate >$600 000. That is an increase of more than 40% or $200 000 a day from Ocean Valiant's previous contract(dr $420k).

Deep water day rates are supprisingly strong, considering the drop in oil prices.

Diamond Offshore Drilling, Inc. Announces Third Quarter 2008 Results; Also Reports New Deepwater Contract

PGS

PGS results YTD(9 months)

Revenue 1 455.9 MUSD(+27%)

EBIT 569.4 MUSD(+36%)

Eps(diluted) 2.11 USD(-12%)

Order backlog 1200 MUSD(+30%)(onshore increased, marine decreased)

Net interest bearing debt 1177.6 MUSD(+59%)

P/E(ttm)1.87(P=30.75 NOK, E=$2.36 x 6.94 NOK=16.37NOK)

Q3 presentation(.pdf)

New contracts

Fred Olsen Energy's semi Byford Dolphin receives a Letter of Award for a three year contract with a day rate of $410 000


Rowan newbuild jackup receives gets an LOI with a estimated day rate of $185 000





Oil price keeps declining, but the day rates remain firm, at least for now.