OCU’s Post

Another logical and strategic acquisition for OCU, enhancing both our capability and our UK footprint. This comes on the back of our annual report being published with further good news about our performance and growth - everything is pointing in the right direction #FullSteamAhead

𝗡𝗼𝗯𝗹𝗲’𝘀 𝗮𝗰𝗾𝘂𝗶𝘀𝗶𝘁𝗶𝗼𝗻 𝗼𝗳 𝗗𝗶𝗮𝗺𝗼𝗻𝗱 𝗢𝗳𝗳𝘀𝗵𝗼𝗿𝗲 𝘀𝘁𝗿𝗲𝗻𝗴𝘁𝗵𝗲𝗻𝘀 𝗽𝗼𝘀𝗶𝘁𝗶𝗼𝗻 𝗶𝗻 𝘂𝗹𝘁𝗿𝗮-𝗱𝗲𝗲𝗽𝘄𝗮𝘁𝗲𝗿 𝗿𝗲𝗴𝗶𝗼𝗻𝘀 Noble Corporation’s acquisition of Diamond Offshore Drilling significantly strengthens its position in the golden triangle, as well as the high-spec markets of the North Sea and Australia. This acquisition raises Noble’s market share in the floater market from 9.2% to 14% and gives it the largest market share (24%) of 7th generation drillships, surpassing Transocean’s 20% share. As a result, combined, Noble will own and operate a fleet of 41 rigs, including 28 floaters and 13 jackups, becoming the fourth largest drilling contractor, following COSL, ADES, and Valaris. #spglobal #upstream #offshore #Acquisition #OffshoreDrilling #northsea

A new powerhouse on the offshore drilling rigs global market.

Westwood anticipates a mixed offshore drilling market for year-end 2024, with decreasing rig construction, selective asset acquisitions, an increase in working drillships, potential declines in semisubs and jackups, and regional growth in Latin America and West Africa, while the Middle East remains the primary jackup market despite some suspensions. #offshoredrilling #offshore #oilandgas

On November 13, 2024, Helmerich & Payne (H&P) released its Q4 FY24 earnings, highlighting a year of strong performance, strategic initiatives, and a focus on innovation. In this blog post, we delve into what the company shared about its U.S. operations, their distinctive drilling solutions approach, advanced technologies driving efficiency, and the outlook for the upcoming fiscal year. https://lnkd.in/gsg6gR6b

BREAKING NEWS- The waiting is over Noble Corporation & Diamond Offshore are days away from the Mega-Merger like none other. (Expected 4th September 2024) It’s been reported that the regulatory bodies have aligned and both Diamond and Noble have a clear path forward for the Industries highly anticipated merger to start turning to the right. Following the earlier announcement in June 2024 the waiting period had expired in July 2024 under the HSR Anti-trust Improvement Acts we could be a matter of days for an announcement. We have all seen the previously reported news including the numbers and many doubted it, well it looks like it’s about to happen, if it already hasn’t. Great news for all concerned and the Drillers Shack crew wishes only success as everyone’s a winner here, congratulations. 41 High class drilling units in one company, many thought was a thing of the past, this should prove our continuously innovating Offshore Deepwater industry is robust, fiscally responsible and ready for another 30 years. #drilling #management #innovation #oilandgas #mpd #broseidon 😎🔱👊

Future continues to appear bright for the Deepwater Companies and Noble Corporation are well positioned. Recent financials show the trend is still picking up thanks to the 7th Gen and Jack Up ongoing contacts with a healthy back log. CEO and President paid kudos to Noble employees for always delivering uncompromised excellence. See a small portion below 👇🏼 “Robert W. Eifler, President and Chief Executive Officer of Noble Corporation plc, stated, "Our first quarter results reflect continued strong operational performance in a rising market, resulting in a 32% improvement in Adjusted EBITDA compared to a year ago. Following the short-term slow down in deepwater contracting activity during late 2023, first quarter contracting momentum for 7G rigs has been back on trend for this up-cycle, with a significant pipeline of contracts due to come to market this year for 2025 and 2026 project commencements. With a highly successful integration now behind us, I'd like to thank all Noble employees worldwide for continuing to deliver uncompromising service excellence on behalf of our customers.” The Outlook: “Offshore drilling fundamentals, especially for high-spec floaters, remain supportive of a continuing multi-year uptrend in both dayrates and average term duration, while near-term white space for lower-spec units persists as a 2024 headwind. The outlook for earnings and cash flow inflection in the second half of this year is well supported by several meaningful contract startups that are on schedule to commence over the next several months. As Noble progresses into this next stage of earnings growth, we will remain committed to returning the significant majority of free cash flow to shareholders via dividends and share repurchases." See the full report 👉🏼 https://lnkd.in/dhDYJ7mF Good luck to all and we look forward to bringing news as it’s released. #drilling #oilandgas #exploration #drillship

Do more or less M&A, and/or leveraged buyouts, happen closer to market/economic bottoms or tops? "...this should prove our continuously innovating Offshore Deepwater industry is robust, fiscally responsible and ready for another 30 years." Agree that "innovating" is robust. However, I wonder if they are preparing for (negative economic) impart in the short term (18-36 months).

By adding more consolidation and presence in the competitive onshore handling market, this will be a merger to pay close attention to. Will Drillform products gain market share through broader distribution channels and customer acquisition opportunities? Or, more broadly, will Drillform’s existing base help HMH products gain access to more onshore customers? Onshore drillers will certainly benefit from this partnership, brining more choices and fresh ideas to help improve worker safety and rig efficiency.

Great move and congratulations to Noble & Diamond! In a world of relatively high rig rates, it is perhaps easy to forget that the drilling industry still has too many players and too much overhead. So, great to see this move from Noble and Diamond. Will be interesting to see if this is a beginning of a final round of - still - much needed consolidation in the offshore drilling industry. Will there now be a move for Stena, Seadrill or Odfjell? From a fleet size point of view, this would make sense but obviously the owners will also have to see this. So, is it now over to Valaris or Transocean for the next move, or does Noble have another play up their sleeve, or will a couple of the smaller players gang up... or was this it, or how will the customers act? We have already seen Totalenergies take the unusual move to partially acquire a rig, seemingly as a hedge against rig rate inflation. But should oil companies really be rig operators? If that a hedge or a gamble? And, finally, the efficiencies likely to be gained from this consolidation will they be shared with the customers e.g. in the form of investments in better technologies/services, development of new business models or will shareholders pocket it all? Interesting times for offshore drilling. PS: See Noble announcement from this morning: https://lnkd.in/dbcdw3dt PPS: I only invest in market index funds, so I do not have any direct ownership in any of abovementioned companies or industry.