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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…

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Tags: FITCH, DRILLING, OFFSHORE, RIG
Chronicle:
FITCH: TO BUY PEERS
2019, June, 24, 12:00:00
COAL PRICES DOWN
Prices for benchmark premium Australian coal out of Newcastle hit their weakest since September 2016 last week at $70.78 per ton and are likely to fall further given a slowing global economy.
FITCH: TO BUY PEERS
2019, June, 24, 11:55:00
BRITAIN'S NO CARBON ENERGY
Energy and Clean Growth Minister Chris Skidmore said: "Coal is fast becoming the fossil of our energy system and it will soon be confined to the history books. To ensure this happens as soon as possible, we have committed to phasing out coal entirely by 2025."
FITCH: TO BUY PEERS
2019, June, 24, 11:50:00
U.S. RIGS DOWN 2 TO 967
U.S. Rig Count is down 2 rigs from last week to 967, with oil rigs up 1 to 789, gas rigs down 4 to 177, and miscellaneous rigs up 1 to 1. Canada Rig Count is up 12 rigs from last week to 119, with oil rigs up 11 to 80 and gas rigs up 1 to 39.
FITCH: TO BUY PEERS
2019, June, 21, 10:10:00
OIL PRICE: NEAR $64 YET
Brent crude was down 20 cents, or 0.31%, at $64.25 a barrel by 0630 GMT. U.S. West Texas Intermediate crude was down 16 cents, or 0.28%, at $56.90 a barrel.
FITCH: TO BUY PEERS
2019, June, 21, 10:05:00
THE STRAIT OF HORMUZ IS IMPORTANT
The Strait of Hormuz, located between Oman and Iran, connects the Persian Gulf with the Gulf of Oman and the Arabian Sea. The Strait of Hormuz is the world's most important oil chokepoint because of the large volumes of oil that flow through the strait. In 2018, its daily oil flow averaged 21 million barrels per day (b/d), or the equivalent of about 21% of global petroleum liquids consumption.
FITCH: TO BUY PEERS
2019, June, 21, 10:00:00
INDONESIA'S OIL UP, LNG DOWN
Indonesia's LNG exports plunged nearly 50% month on month in April to to 633,863 mt, while crude oil exports jumped 35% over the same period, detailed figures from Statistics Indonesia showed this week.
FITCH: TO BUY PEERS
2019, June, 21, 09:55:00
CANADA'S LNG FOR ASIA
"We can play a role because natural gas is relatively cleaner compared to coal," he said. "So we can help countries like China and India reduce their consumption of coal."
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