Mainly revolving around
- contract book
- leverage
- implied value
Thought worth examining if some merit to those points.
2/n
Contract book
- critique: bad contracts and/or contracts rolling off
- actual: strghtfwd exercise checking out FSRs for drillers and see current/fwd dayrates and longest coverage (hint: $RIG scoring best)
- historically, $RIG signed longest contracts at highest rates
ctd.
Oct 17, 2022 • 12 tweets • 5 min read
1/n
Pretty pumped to see two OGs of the $BTU trade joining in on $RIG
Not a lot in there that wasn’t known previously but think clear trend in dayrates visible w decent chunk of contracts signed at ~400k+ 2/n
Further, there is talks of reactivating Deepwater Orion as part of latest Petrobras tender
Aug 3, 2022 • 4 tweets • 1 min read
$TGA - Transglobe Energy
This might be one for the special sits/merger arb crowd.
On July 14 $TGA and $EGY - Vaalco Energy announced a deal whereby $EGY would acquire $TGA in an all stock deal, with $TGA shareholders receiving ~0.67 shares of $EGY each
Today $TGA is down ~18% on the back of no news. What happened? $EGY released an operational update, lowering midpoint production guidance by ~750bbl/d. Now $EGY is down ~17% on this update and $TGA too as a consequence.
