Transocean hiked to Buy at Susquehanna with ultra-deepwater drilling in demand recovery

seekingalpha04-09

Transocean (NYSE:RIG) +1.2% in Monday's trading as Susquehanna upgrades shares to Buy from Neutral with a $9 price target, raised from $5.50, saying the offshore ultra-deepwater drilling industry is ...

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Limited available sixth- and seventh-generation drillship supply, capital constraints and long lead times on newbuilds likely will keep the ultra-deepwater supply tight and support rising dayrates, Susquehanna's Charles Minervino says, adding that of the 13 cold-stacked sixth- and seventh-generation ultra-deepwater rigs in the market, Transocean (RIG) owns eight of them, providing additional EBITDA opportunities if the market supports unstacking rigs. Harsh-environment and ultra-deepwater contract durations are increasing and revisiting the levels of 2013-14, while lead times on contract awards have expanded as well, and with ~$9B of backlog, Transocean (RIG) has high EBITDA visibility through 2025 and opportunities to re-contract rigs at higher dayrates, according to Minervino. Susquehanna also has Buy ratings on oilfield services companies SLB (SLB), Halliburton (HAL), Baker Hughes (BKR), TechnipFMC (FTI), NOV (NOV), Patterson-UTI Energy (PTEN), Helmerich & Payne (HP) and MRC Global (MRC).  More on Transocean  Transocean: Raising Estimates After Encouraging Drillship Contract Extension - Hold Transocean: The Picture Is Looking Up, But It's Too Early To Get Excited Transocean: 2024 Not Off To A Good Start","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2426947520"}