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2014-08-05 18:00:00

SUFFERING DRILLING

SUFFERING DRILLING

Offshore drilling companies were hit on Monday after analysts at Deutsche Bank downgraded four companies in a re-evaluation of its stance on the sector.

Analyst Mike Urban said offshore drillers faced challenges ahead, as evidenced by a secular recapitalisation of offshore fleets and continued pressure in the floater market.

Companies may be "buoyed by seemingly strong rate fixtures", but Deutsche's analysts said it would be wrong to mistake a "wholesale recapitalisation of the offshore rig fleet for a more benign cyclical downturn".

"We see significant further deterioration in the offshore drilling market as relatively flat demand is met with a relentless surge of new supply," Mr Urban wrote in a note on Monday. "More problematic is the increasing likelihood that a huge chunk of the existing fleet will ultimately become impaired and/or obsolete."

Following the downgrades, Transocean fell 2 per cent to $39.48. Noble Corporation fell half a per cent to $27. Ensco fell 21 per cent to $50.52 and Diamond Offshore Drilling fell 1 per cent to $47.09.

The S&P oil and gas drilling index fell 1 per cent to 486.66.

ft.com

Tags: OFFSHORE, DRILLING, RIG, TRANSOCEAN, NOBLE, DIAMOND

Chronicle:

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2018, June, 18, 14:00:00

U.S. IS BETTER

IMF - Within the next few years, the U.S. economy is expected to enter its longest expansion in recorded history. The Tax Cuts and Jobs Act and the approved increase in spending are providing a significant boost to the economy. We forecast growth of close to 3 percent this year but falling from that level over the medium-term. In my discussions with Secretary Mnuchin he was clear that he regards our medium-term outlook as too pessimistic. Frankly, I hope he is right. That would be good for both the U.S. and the world economy.

SUFFERING DRILLING
2018, June, 18, 13:55:00

U.S. ECONOMY UP

IMF - The near-term outlook for the U.S. economy is one of strong growth and job creation. Unemployment is already near levels not seen since the late 1960s and growth is set to accelerate, aided by a near-term fiscal stimulus, a welcome recovery of private investment, and supportive financial conditions. These positive outturns have supported, and been reinforced by, a favorable external environment with a broad-based pick up in global activity. Next year, the U.S. economy is expected to mark the longest expansion in its recorded history. The balance of evidence suggests that the U.S. economy is beyond full employment.

SUFFERING DRILLING
2018, June, 18, 13:50:00

U.S. INDUSTRIAL PRODUCTION DOWN 0.1%

U.S. FRB - Industrial production edged down 0.1 percent in May after rising 0.9 percent in April. Manufacturing production fell 0.7 percent in May, largely because truck assemblies were disrupted by a major fire at a parts supplier. Excluding motor vehicles and parts, factory output moved down 0.2 percent. The index for mining rose 1.8 percent, its fourth consecutive month of growth; the output of utilities moved up 1.1 percent. At 107.3 percent of its 2012 average, total industrial production was 3.5 percent higher in May than it was a year earlier. Capacity utilization for the industrial sector decreased 0.2 percentage point in May to 77.9 percent, a rate that is 1.9 percentage points below its long-run (1972–2017) average.

SUFFERING DRILLING
2018, June, 18, 13:45:00

SOUTH AFRICA: NO BENEFITS

IMF - South Africa’s potential is significant, yet growth over the past five years has not benefitted from the global recovery. The economy is globally positioned, sophisticated, and diversified, and several sectors—agribusiness, mining, manufacturing, and services—have capacity for expansion. Combined with strong institutions and a young workforce, opportunities are vast. However, several constraints have held growth back. Policy uncertainty and a regulatory environment not conducive to private investment have resulted in GDP growth rates that have not kept up with those of population growth, reducing income per capita, and hurting disproportionately the poor.

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