Insight
The bull and the bear: Transocean and Valaris report Q1-2020 earnings
Report summary
Transocean’s strong backlog and high utilization is in stark contrast to Valaris, who have struggled to get their balance since merging into the world’s largest offshore driller. We believe the deep-water drilling market is about to enter a second wave of the downturn. The global pandemic and recent oil price crash have led to numerous programs being delayed or cancelled, which changes the trajectory of a potential recovery. This insight will: • Compare the two companies on market sentiment, strategy, and challenges ahead • Share Wood Mackenzie’s current view on demand and the impact to contractors • Discuss some of the key challenges ahead for offshore drilling contractors • Point out four key things that drilling contractors cannot control For more information on the state of the deepwater drilling and rigs market please refer to our April report available on the Wood Mackenzie portal.
Table of contents
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Executive Summary
- Second wave of the down-turn emerges
- Key challenges for offshore drilling contractors
- The things that drilling contractors cannot control
Tables and charts
This report includes 4 images and tables including:
- Comparing Transocean and Valaris
- Changes to global deepwater base case forecast
- Over 50 rigs through 2023 removed from forecast
- Key financials RIG and VAL
What's included
This report contains:
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