Contents
Floater markets – Re-entering tightness 4
RIG – Investment case, short and sweet (Buy – target USD 120) 4
DO – Investment case, short and sweet (M.Perform – target USD 120) 5
PDE – Investment case, short and sweet (M.Perform – target USD 35) 5
Global floater markets 7
Midwater floater market overview 10
Summary 10
Midwater markets overview 11
Australia 16
Norway 18
UK 21
US GoM 25
Brazil 27
W.Africa/Mediterranean 31
Asia 34
Deepwater floater market 37
Summary 37
Deepwater markets overview 38
Brazil 46
US GoM 49
West Africa 52
Asia 55
Deepwater - moored rig fleet (>5,000 ft) 58
Arctic Oil Market outlook: Oil demand rebounding in 2010 60
Economic growth has turned positive 60
Oil demand to rebound in 2010 62
Transocean Ltd. (RIG) – Arctic Buy – target USD 120 66
It hurts being opec, but it pays off in the end! 66
RIG – Investment case, short and sweet 66
Company overview 66
Backlog 68
Financials 70
Valuation 72
Investment conclusions – Arctic Buy, target USD 120 78
Diamond Offshore (DO) – Market Perform – target USD 120 79
It all boils down to the dividends 79
DO – Investment case, short and sweet 79
Company overview 79
Backlog 81
Financials 83
Valuation 87
Valuation summary 93
Pride International (PDE) – Market Perform – target USD 35 94
Restructured and ready to be taken over 94
PDE – Investment case, short and sweet 94
Company overview 94
Backlog 96
Financials 98
Valuation 101
Investment conclusions – Market Perform, target USD 35 106
Disclaimer 108
Contact information 110