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Msg  37212 of 37254  at  10/7/2019 9:23:44 PM  by

TonsbergDescendant

The following message was updated on 10/7/2019 9:29:59 PM.

Awesome Seadrill picture

  
This is Seadrill's jack-up West Telesto.  A photo view from the top, likely by drone, posted on Instagram in the past week. Very impressive.   Clearly Qatar Petroleum is impressed too, considering the long charter and huge day-rate premium it signed to charter it through its wholly-owned subsidiary Gulf Drilling International.
 
 
To remind, Seadrill added $656 Million (firm) to its backlog with the charter of this rig plus 4 other jackups (3 are 2019 vintage bareboat charters, the other is the 2013 West Castor) .. plus also a $700 Million in offshore drilling options on these five rigs for the lucrative North Field Expansion for Qatar.
Seadrill and Seadrill Partners seems to be expanding business in to natural gas - which follows the moves that Exxon, Total, Eni, Qatar are showing to migrate their business in to the less carbon intensive natural gas fuel.
 
These contracts, and their backlog, are NOT yet included in Seadrill's most current Fleet Status Report, which is the most current report on its website dated 8/20/19.  Thus, the FSR is significantly behind the times in terms of a factual representation to evaluate the business from a shareholder and stock price perspective.  
 
See my prior posts #37141 (8/30/19) and #37132 (8/15/19) for more thoughts on the Qatar contract; the largest offshore drilling contract in the industry this year, as I recall.   T.D.
  addendum: also see "Interview: Qatar Petroleum CEO outlines his vision for the world's largest LNG producer", published earlier today, October 7th, by O&G trade media S&PGlobal Platts' Dubai office  (www.spglobal.com) for more on offshore natural gas drilling.
 


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