Tue, Nov. 10, 12:28 PM
- Atwood Oceanics (ATW +13.8%) surges following much better than expected FQ4 earnings on 12% higher revenues and agreeing to a contract extension for the ultra-deepwater rig Atwood Advantage with Noble Energy.
- Cowen analysts explain that the beat was caused by more than just cost cutting, with contract drilling revenues of $349M ahead of their $337M forecast, driven by $197M in ultra-deepwater revenues that rose 13% Q/Q; deepwater and jackup revenues of $79M and $73M also were ahead of forecasts and up a respective 3% and 9% Q/Q.
- Cowen says ATW's EBITDA margin of 61% was ahead of its 57% estimate, and was the highest on record since 63% in FQ2 2011.
- In its agreement to extend the contract for the Atwood Advantage for an additional three months through August 2017, ATW will lower its dayrate to $240K/day, 60% less than the $584K dayrate the rig had fetched previously under a three-year contract.
Tue, Nov. 10, 6:21 AM
Sun, Nov. 8, 5:35 PM
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Tue, May 12, 11:35 AM
- Ocean Rig UDW’s (ORIG +13.6%) better than expected Q1 earnings report follows the pattern set earlier this reporting season by Transocean (RIG +1.7%), Noble (NE +2.8%) and Diamond Offshore (DO -0.1%), and the group is moving higher in morning trade.
- Q1 contract drilling revenues of $402M beat estimates, as ORIG’s on-the-water fleet again delivered an impressive operating performance, Cowen analysts say; ORIG achieved record utilization of 99%, up from last quarter’s 95%, and adjusted EBITDA of $219M was well ahead of Wall Street’s $168M forecast.
- Q1 operating expenses of $153M were down 22% Q/Q as cost-cutting initiatives are starting to be reflected in results, a trend Cowen expects will continue throughout the remainder of 2015.
- ORIG also maintained its $0.19/share quarterly dividend even in the face of a declining offshore rig market.
- Also: SDRL +4.7%, ESV +2.3%, RDC +2.1%, ATW +0.8%.
Thu, Apr. 30, 11:48 AM
- Ensco (ESV +4.1%) and Atwood Oceanics (ATW +5.8%) are sharply higher following their strong Q1 earnings reports (I, II), even though neither company sees the offshore drilling environment getting much better soon.
- Cowen analysts note that management commentary on the outlook for the offshore drilling sector remains gloomy as the current downturn looks to be extending well into 2016, but says ESV’s recent ability to refinance $1.1B of debt speaks to the company’s "strong positioning amongst its peers as one of the premier offshore contract drillers."
- Meanwhile, ATW also enjoyed a "great quarter" but challenges remain, including lower rig utilization and pricing, according to Credit Suisse.
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Tue, Feb. 3, 6:30 PM
Mon, Feb. 2, 5:35 PM
Nov. 10, 2014, 6:04 PM
Nov. 9, 2014, 5:35 PM
Nov. 5, 2014, 3:31 PM
- Rowan (RDC +4.4%) leads offshore drillers higher after easily beating Q3 earnings estimates and forecasting revenues to rise in 2015 despite its own predictions for a soft rig market next year; it certainly doesn't hurt that oil prices are higher today.
- FBR Capital says it likes RDC as both a near-term idea on a sentiment snap-back and as a longer-term investment opportunity for patient investors; the firm believes the risk in RDC is mitigated by the company's fully locked-up ultra-deepwater newbuild fleet, whose contract starts account for the entirety of net earnings growth it foresees from 2014 to 2016, as well as concentrated exposure to high-spec jackups, which make up 93% of 2015 jackup earnings and should see fundamentals hold up better than the other classes.
- Also: RIG +5.2%, SDRL +4.5%, ESV +3.6%, DO +5.7%, NE +5.4%, ATW +2%.
Oct. 23, 2014, 3:46 PM
- Diamond Offshore's (DO +5.5%) better than expected Q3 results is providing a lift across the offshore drilling sector today: RIG +3.8%, ESV +4.1%, RDC +2.6%, SDRL +1.9%, PKD +3.6%, HP +3.1%, ATW -0.5%.
- It was a trifecta of good news for DO: Its operating profit of $0.97/share easily topped Wall Street consensus for $0.79, it announced a special dividend of $0.75/share, and a positive fleet status update included two new rigs that had found work with Hess and Petrobras extending contracts on three rigs for three years.
- However, Cowen’s J.B. Lowe is cautious, noting that while that the $400K dayrates with Hess give DO a solid backlog though a soft time in the market, "they represent a new low in leading-edge newbuild ultra-deepwater floaters in this part of the cycle.”
Jul. 30, 2014, 5:45 PM
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