Specialist
Former VP at The Drilling Company of 1972 AS (Maersk Drilling AS)
Agenda
- Offshore drilling market overview
- Competitive positioning – Maersk Drilling (CSE: DRLCO), Seadrill, Transocean and others
- Deepwater drilling – challenges and opportunities
- Outlook for 2021 and beyond
Questions
1.
Could you provide an overview of the offshore drilling industry, highlighting any key trends as the pandemic recovery continues?
2.
How have the events of 2020 impacted oil majors’ spending strategies on production and exploration in the offshore segment? What is your spending outlook across key offshore deep-water regions?
3.
In which markets would you expect rigs to be reactivated over the next few months? Where have you noticed a utilisation increase?
4.
Which drilling companies do you think are best positioned to take advantage of recent activity and the end of the downturn?
5.
Seadrill is hoping to restructure and has announced a plan to reduce its liabilities by around USD 5bn. How do you think the company can manage its financial difficulties? What’s your outlook for it through this restructuring period and after?
6.
There’s been a lot of consolidation over the last decade in the offshore drilling industry. What are your general expectations surrounding further consolidation? You highlighted the potential around Seadrill. Has the industry reached its consolidation limit, or are there still potential moves that would make sense?
7.
How might notable bankruptcies impact players’ positions or industry capacity over the next few years?
8.
You’ve mentioned Guyana, Surinam and South America with Brazil. What are your expectations for the rig count in that region as this upward trend dynamic continues?
9.
What might need to happen for Brazil to become a major offshore market player? Could you highlight any potential steps for Petrobras or other operators there? What might be the necessary steps for it to be a significant player?
10.
How many deep-water rigs do you think Petrobras would need to fully develop the pre-salt fields and resources in Brazil?
11.
What’s your outlook for offshore drilling in the Gulf of Mexico? How might the evolving regulatory environment there impact operators’ development plans and drilling companies’ prospects?
12.
The North Sea and Norway both had stable rig counts throughout the pandemic. How would you assess the supply-demand balance in those regions? What are your utilisation expectations there?
13.
Global day rates have been impacted by the pandemic and a downturn. How do you expect rates to trend given the increasing oil price? At what utilisation rate can drilling companies increase day rates?
14.
Do you expect a variation between the different regions we’ve discussed around the recovery and utilisation rates and the associated increase in day rates, or will it all be pretty even?
15.
What kinds of contracts are drilling companies willing to give in the current situation? What contracts do customers primarily want to sign?
16.
How did drilling companies manage their fleets over the course of the pandemic? How many rigs were cold stacked, warm stacked or retired? Where might the reactivation process occur?
17.
Could you outline the cost difference between cold stacking vs hot stacking a rig? What are the costs associated with bringing each back online?
18.
Which drilling company has the strongest fleet, considering age or technology?
19.
Which region do you think offers the best opportunity for the offshore drilling industry in the near term?
20.
Are there any topics that you think would be important to highlight before we wrap up?
