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, April, 23, 14:25:00

U.S. SHALE OIL UP

FT - US shale oil companies have started to generate free cash thanks to the rise in crude prices, a landmark moment for an industry that has until now relied on an inflow of capital to support its growth.

FITCH: TO BUY PEERS
2018, April, 23, 14:20:00

WBG WANT COUNTRIES

WBG - Bank Group must strengthen its financial capacity to meet the aspirations of its shareholders, mobilize capital at scale, and respond to global development challenges.

FITCH: TO BUY PEERS
2018, April, 23, 14:15:00

IMF WANTS AFRICA

IMF - we agreed on the need to accelerate structural reforms and access to finance in order to raise overall investment and medium-term growth rates to support job creation. The Fund, through its policy advice, can assist countries to design and implement growth-friendly fiscal adjustment, when needed, that responds to the country-specific sources of debt vulnerabilities while preserving needed investments in infrastructure, human capital, and other priority expenditures

FITCH: TO BUY PEERS
2018, April, 23, 14:10:00

IMF'S CORRUPTION

IMF - Directors also agreed that the Fund should continue to address governance issues and corruption in surveillance when the applicable standard of the Integrated Surveillance Decision has been met.

All Publications »