Diamond Offshore (DO) is scheduled to report its earnings following the close today, followed by Noble (NE) and Ensco (ESV) at the end of the July, and Transocean (RIG) and Rowan (RDC) in August.
Associated Press RBC Capital Markets’ Robert Pinkard and team don’t think second-quarter earnings will mater nearly as much as each company’s outlook. They tell investors what to look for:
Diamond Offshore: Demand in the MW market. Opportunity set for re-purposing older assets. Newbuild strategy to renew aging fleet.
Transocean: Update in North Sea spin potential. Sources and uses of cash over the next 12 months. Utilization for legacy floaters rolling off contracts.
Noble: Capital allocation strategy post Paragon spin. Update on floaters rolling off contract in next 6 months.
Rowan: Potential corporate changes given activist investor. 12 month outlook for jackup market. Uptime on newbuilds.
Ensco: Outlook for 8500 series in terms of dayrates and geographic market. Plan for standard jackup fleet going forward.
Shares of Diamond Offshore have dipped 0.1% to $50.08 at 3:38 p.m. today, while Transocean has fallen 0.8% to $43.30, Noble has risen 0.3% to $33.13, Rowan has gained 0.5% to $31.39 and Ensco is little changed at $54.02.
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