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August 4, 2014
10:28 EDTORIG, ATW, DO, HERO, RDC, RIG, PACD, SDRL, ESVTransocean, peers slip after Deutsche downgrades several in sector
Shares of companies that provide offshore drilling services are falling after Deutsche Bank wrote that investors are underestimating the weakness of the sector's dynamics and lowered it ratings on several of the stocks in the industry. WHAT'S NEW: The rates and utilization of older drilling rigs are dropping rapidly and significantly, Deutsche Bank analyst Mike Urban wrote in a note to investors earlier today. Meanwhile, the amount of rigs available continues to increase quickly, Urban wrote. Investors believe that self-elevating rigs, known as jackups, will not suffer similar price decline, the analyst stated. However, the supply of jack-ups is poised to increase "dramatically" in the second half of 2014 and through 2017, Urban believes. Demand is highly unlikely to keep up with supply growth and jackup rates and utilization should consequently be pressured starting in the second half of 2014 and well into 2015, Urban believes. Offshore drilling stocks are likely to drop an average of 13% from current levels, and consensus estimates for the sector are an average of 23% too high, Urban estimated. He downgraded Diamond Offshore (DO), Ensco (ESV), and Transocean (RIG) to Sell from Hold. The analyst downgraded Noble Corp (NE) to Hold from Buy. Urban kept Hold ratings on Atwood Oceanics (ATW), Rowan Companies (RDC), and Seadrill Limited (SDRL). He maintained Buy ratings on Hercules Offshore (HERO), Ocean Rig (ORIG) and Pacific Drilling (PACD). PRICE ACTION: In early trading, Transocean fell 2.3% to $39.53, Diamond Offshore lost 0.3% to $46.30, Ensco lost 0.9% to $50.49, Noble Corp. gained 0.6% to $26.93, Atwood Oceanics fell 1% to $48, Rowan declined 1% to $30.29, Seadrill dropped 0.6% to $35.96.
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November 24, 2015
11:05 EDTRIGStocks with call strike movement; NFLX RIG
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06:06 EDTSDRLSeadrill expects to achieve $200M in cash savings in 2016
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06:05 EDTSDRLSeadrill expects market conditions likely to remain challenging through 2016
The company commented, "We believe that market conditions are likely to remain challenging through 2016 and the coming quarters will provide insight into the 2017 environment. It is important to recognize that we are in a cyclical business. The longer this downturn lasts, the more robust the recovery will be when it happens. Seadrill is in a position to capitalize on the upturn with the the most modern fleet and world class operations."
06:04 EDTSDRLSeadrill reports Q3 EPS excluding items 21c, consensus 45c
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November 23, 2015
12:59 EDTSDRLSeadrill volatility elevated into Q3 and outlook
Seadrill November weekly call option implied volatility is at 89, December is at 76; compared to its 52-week range of 49 to 111, suggesting large near term price movement into the expected release of Q3 results on November 24.
05:25 EDTRIGTransocean announces intention to delist from SIX Swiss Exchange
Transocean announced its intent to delist its shares from the SIX Swiss Exchange. The company expects the SIX listing authorities to approve its delisting application prior to year-end and the related delisting to occur in Q1. The company will remain incorporated in Switzerland and its shares will continue to be listed and traded on the New York Stock Exchange.
November 20, 2015
07:59 EDTATWAtwood Oceanics dividend cut should not come as surprise, says Stephens
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07:51 EDTATWAtwood Oceanics lowers dividend to 7.5c from 25c per share
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November 19, 2015
16:52 EDTHEROCenterbridge Credit Partners reports 13% passive stake in Hercules Offshore
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November 16, 2015
16:20 EDTHEROSoros Fund Management reports 7% passive stake in Hercules Offshore
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16:00 EDTRIGOptions Update; November 16, 2015
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09:33 EDTESVEnsco announces retirement of CFO Jay Swent
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