Core Insights - 2025 has been challenging for energy markets due to increased output from OPEC+ and signs of a global economic slowdown [1] - Escalating US trade tensions with other countries are contributing to the difficulties faced by the energy sector [1] Industry Summary - OPEC+ has raised output levels, impacting supply dynamics in the energy market [1] - The global economy is exhibiting signs of a slowdown, which may affect energy demand [1] - Trade tensions involving the US are further complicating the market landscape for energy companies [1]

Contract Status Overview - The report provides an overview of Seadrill Limited's fleet contract status as of May 12, 2025 [1] - The fleet includes drillships, benign semi-submersibles, and harsh environment rigs [9, 10] - The report contains forward-looking statements subject to risks and uncertainties [2, 3] Drillship and Semi-Submersible Contracts - West Auriga has a contract with Petrobras in Brazil, with a total contract value at signing of approximately $577 million, including mobilization and additional services [9] - West Carina is contracted with Petrobras in Brazil at a dayrate of $252,600 [9] - West Jupiter has a contract with Petrobras in Brazil, with a total contract value at signing of approximately $525 million, including mobilization and additional services [9] - West Polaris has a contract with Petrobras in Brazil, with a total contract value at signing of approximately $518 million, including mobilization and additional services [9] - West Tellus has a contract with Petrobras in Brazil, with a total contract value at signing of approximately $539 million, including mobilization and additional services [10] - West Neptune has a contract with LLOG in the U.S Gulf, with a total contract value of approximately $86 million, excluding additional services, for an approximate 180-day duration [9] - West Gemini is contracted with TotalEnergies in Angola at a dayrate of $404,800 [9] Harsh Environment Rigs - West Elara is contracted with ConocoPhillips in Norway until March 2028 at a market-indexed rate [10]

Group 1 - Noble Corporation plc (NE) has commenced its drilling campaign at the Malampaya-Camago field offshore the Philippines, with the Noble Viking drillship contracted to drill three wells, including an option for a fourth well [1][9] - The Bagong Pag-Asa drill site marks the operational kickoff for the Malampaya Phase 4 (MP4) project, which is crucial for enhancing the energy security of the Philippines [2] - The Malampaya project has been operational since 2001 and at its peak supplied up to 40% of Luzon's energy demand, highlighting its significance in the Philippine energy landscape [2] Group 2 - Phase 4 of the Malampaya project involves drilling three specific wells: Camago-3, Malampaya East-1, and Bagong Pag-Asa-1, aimed at extending the gas field's life and increasing domestic energy production [3][9] - The Philippine Department of Energy (DoE) anticipates the first gas from the project by the fourth quarter of 2026 and is committed to supporting the project to ensure a reliable energy future [4] Group 3 - The Noble Viking drillship, operational since 2013, can drill at depths of 12,000 feet and has a maximum drilling depth of 40,000 feet, accommodating up to 230 personnel [5]

Core Insights - Transocean, Inc. has secured a drilling assignment in the Norwegian Sea from Equinor ASA, with drilling activities expected to commence in July 2025 [1][2][7] Group 1: Drilling Assignment Details - Equinor has received a drilling permit from the Norwegian Offshore Directorate for wellbore 6506/12-PB-3 H, where the Transocean Encourage rig will be utilized [2][3] - In 2023, Transocean secured a nine-well contract for the Encourage rig in the Norwegian Continental Shelf, which includes an option for six additional wells [2] Group 2: Rig Specifications - The Transocean Encourage semi-submersible rig features a GVA 4000 NCS design, suitable for harsh environments, and includes automated drilling control [3][7] Group 3: Stakeholder Information - The wellbore 6506/12-PB-3 H is located within production license 094, operated by Equinor, which holds a 40.95% stake, alongside partners Vår Energi, Petoro, and TotalEnergies EP Norge [3][7]

Financial Highlights - Noble Corporation's market capitalization is $6.2 billion[6] - The company's 2023 Free Cash Flow (FCF) was $184 million[6] - The company's 2023 Adjusted EBITDA was $810 million[6] - The company's backlog stands at $4.6 billion[6] - The company's quarterly dividend is $0.40[6] - The company's 2023 Adjusted EBITDA margin was 31%[6] Market Overview - Average deepwater greenfield investment is expected to increase by 60% in 2025-27 compared to 2021-24[9] - Tier-1 Ultra-Deepwater (UDW) marketed utilization is at 100%[14] - Total UDW marketed utilization is at 97%[14] - Total floater marketed utilization is at 95%[14]

Company Strategy & Fleet - Transocean's strategy focuses on delivering safe, reliable, and efficient operations, deleveraging the balance sheet, and innovating with new technology[16] - The company has transformed its fleet since 2014, shifting to 100% UDW & HE floaters, reducing the average floater age to approximately 11 years[20] - Transocean has an industry-leading contract backlog, estimated at $9.4 billion as of October 18, 2023[17, 26] Market Outlook & Opportunities - Deepwater investments make economic sense, with competitive breakeven Brent prices, payback times, and IRR[11] - Contract durations and lead times are increasing, indicating a strengthening market[72] - There are significant floater opportunities in the next 18 months, with 90 rig years to be awarded across 73 programs[78] Operational Performance & Innovation - Transocean is focused on continuous improvement through its WorkSight assurance and verification process[41] - The company utilizes Smart Equipment Analytics (SEA) to monitor rig systems and drive condition-based maintenance[48, 52] - Transocean is developing energy solutions and exploring diverse offshore drilling-adjacent technologies and services to address the needs of the energy expansion[29] Financial Strategy - The company's first priority is to strengthen the balance sheet, targeting a leverage of $4 - $4.5 billion, approximately 3x mid-cycle EBITDA[86, 87] - Scheduled amortization and debt maturities are approximately $2.6 billion between 2024 and 2026[87] - Projected liquidity at the end of 2024 is estimated to be between $1.5 billion and $1.7 billion[91]

Investment Thesis - The company has an attractive exposure to the global offshore drilling industry due to hydrocarbon demand, favorable market dynamics, and a portfolio of premier assets, leading to value creation[4, 5] - Constructive rig supply and demand supports continued dayrate accretion, with leading edge ultra-deepwater dayrates exceeding $500k/d[5] - The company owns approximately 50% of the stacked drillship capacity[6] Financial Position - The company's backlog is $8.6 billion as of July 24, 2024, excluding the $531 million Deepwater Invictus contract[6] - Total liquidity stands at $1.5 billion as of June 30, 2024[6] - Projected liquidity at the end of 2024 is estimated to be between $1.35 billion and $1.45 billion[18] Fleet and Market - The company owns and operates a young fleet of the highest specification floating drilling rigs in the industry[5] - The company has eight cold-stacked UDW ships available[11] - The company's contracted floater utilization is strong compared to peers, with 80% utilization projected for January 2024[16] Dayrate Progression - Dayrates are showing favorable progression, with Deepwater Atlas achieving $505K/d & $580K/d, Deepwater Asgard achieving $505K/d & $515K/d, and Deepwater Invictus achieving $485K/d[15] Deleveraging - The company aims for a net debt target of $4 - $4.5 billion, corresponding to a BB-area corporate credit rating[19]

• Forward-Looking Statements • The statements described herein that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements could contain words such as "possible," "intend," "will," "if," "expect," or other similar expressions. • Forward-looking statements are based on management's current expectations and assumptions, and are subject to inherent u ...

Core Insights - Noble Corporation has garnered interest due to its position in the offshore drilling industry, particularly highlighted through the analysis of 13F filings from notable investment figures [1]. Company Analysis - The offshore drilling industry is currently under scrutiny, with various earnings calls providing insights into market dynamics and company performance [1]. Industry Overview - The research into the offshore drilling sector indicates a complex landscape influenced by market trends and investment behaviors, necessitating thorough analysis for potential investment opportunities [1].

Company Overview - Valaris Ltd (NYSE: VAL) is a prominent provider of offshore drilling services globally, operating a fleet that includes drillships, semi-submersibles, and jackups [1] Market Presence - The company maintains a strong operational presence in key regions such as the Gulf of Mexico, off the coast of Brazil, and in the UK North Sea [1]