Kontrarian Korner #37 - Tommy Deepwater
Kontrarian Korner · Ben Kelleran and Tommy Lee
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Show Notes
Yesterday I was able to talk with Tommy Deepwater, who has been following offshore oil services for more than a decade, with a focus on deepwater. We talked about some of the recent news from the sector, the trend of consolidation and M&A, and where the offshore cycle sits today. His Twitter is a must follow for his weekly updates on the sector. It was a great follow up to my podcast series on oil, and if you’re interested in offshore oilfield services, specifically deepwater, you will enjoy it.
Podcast Summary
* Noble $NE retiring a couple drillships, and why parts of the stacked fleet will continue to be retired.
* Why higher spec stacked drillships are more likely to be reactivated.
* Why he thinks Transocean $RIG has the highest quality active fleet.
* The Transocean & Seadrill $SDRL M&A rumors, and future consolidation of the sector.
* How the offshore bull cycle has been delayed, the picture for 2025/2026, and where day rates have to go to see new builds.
* His thoughts on jackups, Borr Drilling $BORR , and their asset quality.
* The OSV market, Tidewater $TDW , and how OSVs will benefit from increased activity in the deepwater sector.
* Why he finds FPSOs (Floating Production Storage Offloading units) interesting.
* Namibia, Colombia, and Suriname as potential geographies for new long-term drillship demand.
* Book Recommendation: Chip War by Chris Miller.
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