Здравствуйте. Вся информация этого сайта бесплатна. Вы можете сделать пожертвование и поддержать наше развитие. Спасибо.

Hello. All information of this site is free of charge. You can make a donation and support our development. Thank you.

2014-08-29 17:55:00

FITCH: TO BUY PEERS

FITCH: TO BUY PEERS

A cyclical downturn in offshore drilling might provide an opportunity for driller contractors having financial flexibility to buy their peers at favorable prices, Fitch Ratings of Chicago said in a recent research note, adding that master limited partnerships (MLPs) in particular can provide financial flexibility.

"Near-term offshore demand has moderated," Fitch said in a recent report, estimating newbuild rigs scheduled for delivery through Dec. 31, 2018, will equal about one third of the working worldwide rig fleet.

"This has led to contracting delays, and it will also probably result in shorter-contract terms and lower dayrates over the near-term," the credit ratings agency said.

Meanwhile, drillers might consider buying assets rather than investing in new rigs as they seek to improve asset quality and gain market share. More consolidation among offshore drilling contractors also could improve pricing power and, if necessary, a more orderly fleet attrition process, Fitch said.

A corporate parent using an affiliated MLP can fund an acquisition through dropdown proceeds. MLPs also can enable contractors to purchase peers directly at tax-advantaged multiples, Fitch said.

"Both options provide further acquisition advantages to corporate drillers with an affiliated MLP. In either case, parent-driller stakeholders would directly (via a corporate acquisition) or indirectly (via an MLP acquisition) improve asset quality and cash flow prospects," Fitch said.

Affiliated MLP stakeholders would realize additional asset and cash flow growth.

ogj.com

Tags: FITCH, DRILLING, OFFSHORE, RIG

Chronicle:

FITCH: TO BUY PEERS
2018, May, 21, 10:40:00

U.S. PETROLEUM DEMAND UP BY 750 TBD

API - American Petroleum Institute reported that the first four months of this year saw U.S. petroleum demand average 750 thousand barrels a day above the same period in 2017 despite higher prices, a sign of solid economic activity. April also saw the U.S. produce a record 10.5 million barrels per day (MBD) of oil.

FITCH: TO BUY PEERS
2018, May, 21, 10:35:00

IMF: EGYPT'S GROWTH UP

IMF - “Egypt’s growth has continued to accelerate during 2017/18, rising to 5.2 percent in the first half of the year from 4.2 percent in 2016/17. The current account deficit has also declined sharply, reflecting the recovery in tourism and strong growth in remittances, while improved investor confidence has continued to support portfolio inflows. In addition, gross international reserves rose to $44 billion by end-April, equal to 7 months of imports.

FITCH: TO BUY PEERS
2018, May, 21, 10:30:00

U.S. RIGS UP 1 TO 1,046

BAKER HUGHES A GE - U.S. Rig Count is up 1 rig from last week to 1,046, with oil rigs unchanged at 844, gas rigs up 1 to 200, and miscellaneous rigs unchanged at 2. Canada Rig Count is up 4 rigs from last week to 83, with oil rigs up 6 to 38 and gas rigs down 2 to 45.

FITCH: TO BUY PEERS
2018, May, 18, 09:20:00

OIL PRICE: ABOVE $79

REUTERS - Brent crude futures LCOc1 were at $79.57 per barrel at 0310 GMT, up 27 cents, or 0.3 percent from their last close. Brent broke through $80 for the first time since November 2014 on Thursday. U.S. West Texas Intermediate (WTI) crude futures were at $71.62 a barrel, up 13 cents, or 0.2 percent, from their last settlement.

All Publications »