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Frederik Stene

Research Analyst at Clarkson Securities

Frederik Stene is the Head of Research at Clarksons Securities, specializing in equity and credit research with a primary focus on the offshore rig and oil services sector. He closely covers leading companies such as Transocean, Noble Drilling, Seadrill, Valaris, Constellation, Ventura Offshore, and Dolphin Drilling, consistently providing timely market assessments and industry outlooks. Stene began his career as an Analyst and advanced to Vice President before taking on his current senior leadership role in 2019 at Clarksons Securities, where he has become a recognized thought leader in capital market developments for offshore assets. He holds securities market credentials and contributes regularly to industry seminars, showcasing his expertise in complex financial environments.

Frederik Stene's questions to Seadrill (SDRL) leadership

Question · Q3 2024

Frederik Stene questioned the geographical placement of the West Capella in Southeast Asia and the potential for its relocation. He also asked about the fleet's pecking order for reactivation among stacked rigs and sought clarification on the share repurchase authorization after the Oslo delisting.

Answer

President and CEO Simon Johnson stated the near-term focus for the Capella is on local opportunities, but the medium-term goal is relocation to a core region. On stacked rigs, he and EVP and CCO Samir Ali identified the Phoenix and Aquarius as easier to reactivate than the Eclipse, contingent on finding work that justifies the investment. EVP and CFO Grant Creed clarified that the $500 million buyback authorization is now a blanket approval, and the previous sub-tranches were a Norwegian disclosure requirement that no longer applies.

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