@tommydeepwater · ranked 2 of 2 scored days
#67
89up today
$ODL.OL NCS semisub Deepsea Bergen new 3-year contract in Norway with Vår Energi at ~$473k dayrate, not including bonuses, commencing 1Q28. Good rate. Bergen (fka Bollsta) is working for Equinor into early 2028. Not expected to have meaningful downtime between contracts.
India has recently added 2 drillships for exploration w/ 2-3 year terms in last year It’s v early in exploration but I think prospects are good for at least gas developments to reduce LNG import volatility. Don’t need all oil as much IMO. Gas is good Gov’t should reduce delays
$NOL.OL Hemen's mandatory offer (NOK 7.50) on Northern Ocean shares concluded today, with Hemen adding ~20% of outstanding shares (83% total) After selling Bollsta to Odfjell for $480mm in late 2025, NOL's only asset is Mira Mira an interesting NCS Semisub w/ option value but
Offshore Notes - Norway's Big Three E&Ps, Equinor, Aker BP & Vår Energi, launched a "strategic exploration collaboration" in late August: 4-5 "high-impact" wells/yr for 4-5 years, aiming to refill Norway's greenfield pipeline. The Møre Basin is likely one of the early targets.
After first oil in Oct 2025, Bacalhau at ~2,050m water depth has a well running w/ the best at Búzios and Mero — 7-BAC-1-SPS at 49,324 bbl/d in July Early days, volatile monthly data, but 25k bpd/well would've been a win 220k bpd FPSO. Equinor (40%, op), Exxon (40%), Galp (20%)
I’m excited to see Norway’s big 3 E&P’s team up on more frontier, wildcatting to offset Norway’s natural decline (mature) I understand some frontier prospects are volcanic rock prospects and difficult to shoot seismic? Norway wild catting will be fun to watch 🇳🇴 Credit to h
TGS, marine seismic leader, was investing in multi-client data for Brazil’s Foz do Amazonas (Mouth of Amazon) in Equatorial Margin during 2025 🇧🇷 Petrobras and likely Chevron, Exxon (not confirmed) to be looking for oil window Petrobras called Morpho a “hydrocarbon” discovery h
On proposed $RIG $VAL combo, I think it’d make sense for RIG to keep Valaris jackups VAL’s JU fleet is avg IMO, but access to shallow water markets is cash flow diversification that, all else equal, supports larger, more stable shareholder returns. I don’t love the ARO JV though
Offshore Notes: Oil Majors & Paleogene, DS-18, Guyana+Suriname (1) Seadrill's new CEO described floater supply as 'relatively inelastic'; no newbuild orders, maybe a slidelined 7G or 3 Inelastic supply = steep curve, so small demand shifts translate into outsized dayrate moves
$PBR Petrobras announces “hydrocarbon discovery” at Morpho well in Foz do Amazonas region at 2,886m water depth Very high profile exploration well at the Mouth of the Amazon on Brazil’s northern coast 🇧🇷 Question is if it’s mostly gas, or light oil? I expect more exploration h
I like what Murphy is doing in US Gulf E&P. These were some healthy bids in Alaminos Canyon in this week’s BOEM lease sale BBG-3. They bought some nearby blocks last lease sale Try to copy Shell with Perdido and Whale? Woodside/PEMEX in MEX. Still Needs exploration/appraisal