Core Insights - Noble has expanded its backlog to $7 billion, yet its stock performance remains weak, with a notable investor, Canyon Capital Advisors, reducing its stake by $2 million [1][2][6] Company Overview - Noble is a leading offshore drilling contractor with a global fleet designed for complex exploration and production activities, primarily generating revenue through long-term contracts with energy companies [5] - The company reported a total revenue of $3.4 billion and a net income of $226.7 million for the trailing twelve months (TTM), with a dividend yield of 6.5% [4] Recent Developments - Canyon Capital Advisors reduced its stake in Noble by 158,607 shares, leaving them with approximately 1.3 million shares valued at $36.9 million as of September 30 [2][7] - Despite a third-quarter net loss of $21 million, Noble generated strong free cash flow of $139 million and secured $740 million in new contract awards since August, contributing to the increased backlog [8] Market Performance - As of the latest market close, Noble shares were priced at $31.35, reflecting a 6% decline over the past year, significantly underperforming the S&P 500's 13% gain during the same period [3][4] Investor Sentiment - Canyon Capital's decision to trim its position in Noble suggests a more selective approach to deepwater exposure, despite the company's improving backlog and cash generation [6][8]

Dubai, Dec. 01, 2025 (GLOBE NEWSWIRE) -- The board of directors of Vantage Drilling International Ltd. has on 1 December 2025 resolved to distribute a dividend as summarised below. The shares will trade inclusive of the right to dividend up to and including 18 December 2025 (as recorded in the Norwegian Central Securities Depository (VPS) on 22 December 2025), with the first day of trading exclusive of the right to dividend on 19 December 2025. Dividend amount: Approx. 67.8m Announced currency: USD Last day ...

Core Viewpoint - Vantage Drilling International Ltd. has announced a cash dividend payment of USD 5 per ordinary share, totaling approximately USD 67.8 million, payable on December 29, 2025 [1]. Company Overview - Vantage Drilling International Ltd. is a Bermuda exempted company and an offshore drilling contractor, primarily engaged in contracting drilling units, related equipment, and work crews on a dayrate basis for drilling oil and natural gas wells globally [3]. - The company serves major, national, and independent oil and gas companies and also provides management services for drilling units owned by others [3].

Key Takeaways Shell's joint venture BSP granted ADES a key offshore drilling contract in Brunei.The deal covers P&A work using ADES' Compact Driller rig starting in late 2026.The contract follows ADES' merger with Shelf Drilling, boosting operational strength for Shell's partner.Shell plc (SHEL) , a global leader in the energy sector, continues to strengthen its foothold in Southeast Asia through strategic partnerships and significant operational moves. One of the most recent developments comes from ADES In ...

Core Insights - Findell Capital Management has completely exited its position in Valaris Limited, selling 300,000 shares for an estimated $12.6 million, as disclosed in a quarterly Form 13-F filing [2][6][8] Company Overview - Valaris Limited is a leading provider of offshore drilling services with a market capitalization of $4 billion and revenue of $2.4 billion over the trailing twelve months (TTM) [4][5] - The company reported a net income of $399 million (TTM) and generated $596 million in revenue for the latest quarter, reflecting strong operational performance [4][7][8] Stock Performance - As of the latest market close, Valaris shares were priced at $55.94, representing a 22% increase over the past year, significantly outperforming the S&P 500's 13% gain during the same period [3][8] - The stock has increased approximately 90% since its lows in April [8] Operational Highlights - Valaris has demonstrated operational efficiency, with a reported adjusted EBITDA of $163 million and a net income of $187 million for the latest quarter, up from $114 million in the previous quarter [7][8] - The company has secured contracts for all four of its active drillships with near-term availability, indicating strong demand in the offshore drilling market [8] Investment Strategy - The exit by Findell Capital suggests a strategic shift towards small- and mid-cap growth opportunities, moving away from asset-heavy businesses like offshore drilling [6][8]

Core Insights - Goehring & Rozencwajg Associates, LLC acquired over $20 million worth of Noble stock, increasing its position significantly in the third quarter of 2025 [1][9] - Noble now represents 3.7% of the firm's 13F assets under management, with a total holding of 1,081,635 shares valued at $30.59 million as of September 30, 2025 [2][3] Company Overview - Noble is a leading offshore drilling contractor with a market capitalization of $4.64 billion and revenue of $3.45 billion for the trailing twelve months (TTM) [4][5] - The company reported a net income of $226.73 million and has a dividend yield of 6.7% [4] Performance Metrics - As of November 7, 2025, Noble shares were priced at $29.23, with a one-year return of -9.1%, underperforming the S&P 500 by 22.8 percentage points [3][10] - The firm's acquisition of nearly 700,000 shares during the third quarter more than tripled its position in Noble, making it the 11th-largest holding for the firm [9] Business Model - Noble provides offshore contract drilling services through a fleet of mobile offshore drilling units, generating revenue primarily from long-term contracts with oil and gas companies [8] - The company serves major integrated oil companies, national oil companies, and independent exploration and production firms globally [8]

Core Insights - Petrobras (PBR) is delaying the awarding of up to four key drilling contracts for its Buzios offshore oil field, likely pushing finalizations into 2026, reflecting a changing global oil landscape and the company's evolving strategy [1][9] - The Buzios field is a critical asset for Brazil's oil industry, recently surpassing production of over one million barrels per day, with projections indicating potential output could double by the end of the decade [2] - The global oil market is facing challenges such as fluctuating prices and increased competition from cheaper onshore sources, prompting PBR to optimize its drilling operations [3][5] Industry Context - The International Energy Agency (IEA) forecasts that global crude oil supply will exceed demand by over four million barrels per day in the coming year, which may pressure oil prices [4] - PBR's cautious drilling strategy is essential for maintaining profitability amid market volatility, as the company focuses on competitive and cost-effective offshore operations [5] - The delay in contract awards allows PBR to gain more knowledge about the Buzios reservoir, enhancing future well location strategies [3][12] Contractor Dynamics - PBR is working closely with contractors to reduce costs, which is vital for maintaining financial viability in a low oil price environment [6] - Contractors have been granted until the end of 2025 to revise their offers, providing flexibility to adjust proposals based on evolving economic conditions [7][9] Future Market Trends - The offshore drilling market is expected to improve in 2026 as oil prices stabilize, leading to increased demand for drilling rigs [11] - PBR's strategic delay in finalizing contracts may position the company to secure more favorable terms as market conditions improve [12] - The delay has implications for the oil services industry, as it represents a key source of future revenues for drillship operators and suppliers of offshore technologies [13][14] Conclusion - PBR's decision to delay drilling contract awards for the Buzios field until 2026 reflects broader trends in the global oil market, emphasizing the importance of optimizing operations and adjusting to market realities [15][16]

Core Viewpoint - Vantage Drilling International Ltd. reported a significant turnaround in financial performance, achieving a net income of approximately $67.2 million for Q3 2025, compared to a net loss of $10.6 million in Q3 2024, indicating a strong recovery and improved liquidity position [1][3]. Financial Performance - For the three months ended September 30, 2025, the net income attributable to shareholders was approximately $67.2 million or $4.97 per diluted share, a notable improvement from a net loss of $10.6 million or $0.80 per diluted share for the same period in 2024 [1]. - As of September 30, 2025, Vantage had approximately $197.4 million in cash, a significant increase from $89.6 million as of December 31, 2024 [2]. Operational Developments - The financial improvement was attributed to the sale of the Tungsten Explorer, which has undergone significant upgrades and commenced operations in West Africa in early November 2025 [3]. - The company is optimistic about future work opportunities for the drillship, despite having to terminate a previously announced contract for the Platinum Explorer [3]. Company Overview - Vantage Drilling is an offshore drilling contractor that primarily contracts drilling units and related services on a dayrate basis for oil and gas wells globally [3].

Core Insights - Ninepoint Investment Partners has acquired approximately $18.7 million worth of Transocean stock, indicating a bullish outlook on the company [1][5]. Company Overview - Transocean operates a specialized fleet of ultra-deepwater and harsh environment drilling rigs, making it a leading provider of offshore drilling services globally [2]. - The company's business model is based on multi-year contracts with major oil and gas producers, which provides revenue visibility despite cyclical industry conditions [2]. - Transocean's competitive advantage lies in its technical expertise and a modern fleet capable of operating in challenging offshore environments [2]. Recent Performance - As of November 11, 2025, Transocean shares were priced at $4.23, reflecting a 6.0% decline over the past year and underperforming the S&P 500 by 19.6 percentage points [3]. - Over the last three years, Transocean stock has delivered a total return of -1%, while the S&P 500 has generated a total return of 74% [6]. Financial Position - Transocean's balance sheet has improved, with net debt decreasing from a three-year high of $6.9 billion to under $5.0 billion [7]. - The company recently reported solid third-quarter earnings results that exceeded analyst estimates for both revenue and earnings per share (EPS) [7]. Investment Position - Ninepoint Partners LP's new position in Transocean represents 2.6% of its 13F reportable assets under management (AUM) [4]. - The acquisition of 6,000,000 shares makes Transocean the firm's eighth-largest position overall, indicating a significant institutional purchase [5].

Company Overview - Vantage Drilling International Ltd. is an offshore drilling contractor based in Bermuda, primarily engaged in contracting drilling units, related equipment, and work crews on a dayrate basis for oil and natural gas wells globally [4]. Earnings Call Announcement - Vantage will host a conference call on November 25, 2025, at 10:00 AM Eastern Time to discuss its operating results for the third quarter of 2025 [1]. - The earnings release will be made available on the company's website prior to the call [1]. Accessing the Conference Call - Participants are advised to call five minutes ahead of time to ensure proper connection [3]. - A replay of the conference call will be accessible following the event via a Webcast Link [3]. Contact Information - Rafael Blattner, Chief Financial Officer, can be contacted for further inquiries at +971 4 449 34 28 [5].