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    Fredrik Stene • Clarksons Securities

    Fredrik Stene's questions to Seadrill Ltd (SDRL) leadership

    Fredrik Stene's questions to Seadrill Ltd (SDRL) leadership • Q2 2025

    Question

    Fredrik Stene of Clarksons Securities inquired about near-term contracting opportunities, particularly for the Sonadrill rigs and the Buzios tender, and asked if there was a work pipeline for all non-stacked rigs. He also followed up regarding the potential for prolonged idle time between contracts.

    Answer

    EVP & Chief Commercial Officer Samir Ali confirmed Seadrill is in advanced dialogues for all three rigs in Angola, noting political unrest had caused some administrative delays. He affirmed an active dialogue exists for all non-stacked rigs, with a market recovery expected in late 2026 and 2027. President & CEO Simon Johnson added that rig performance is the company's best advertisement and that the team is diligently working to minimize idle gaps between contracts by building a continuous backlog.

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    Fredrik Stene's questions to Seadrill Ltd (SDRL) leadership • Q1 2025

    Question

    Fredrik Stene of Clarksons Securities asked for more detail on the decision-making process for stacking the West Capella versus keeping it warm. He also questioned if this move implies other rigs might be retired and asked about the company's confidence in its maintained full-year guidance.

    Answer

    Executive Simon Johnson reiterated Seadrill's disciplined approach, stating they will not burn cash on warm-stacked rigs for extended periods without a clear line of sight on profitable work. He noted that the fact rigs like the Capella are not yet cold-stacked indicates active contract pursuits. Executive Grant Creed addressed the guidance question, explaining that where the company lands within the provided range will primarily be driven by securing work for rigs with open capacity, such as the Louisiana and Vela.

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    Fredrik Stene's questions to Seadrill Ltd (SDRL) leadership • Q4 2024

    Question

    Fredrik Stene asked for high-level thoughts on Seadrill's position in the M&A landscape and whether the recent equity selloff impacts deal-making. He also asked if the heightened regulatory scrutiny in Brazil is a new standard under new leadership.

    Answer

    CEO Simon Johnson expressed support for industry consolidation but stated that a period of market stability is needed for any deal-making to occur. On Brazil, he noted some leadership changes at the regulator are still pending and that it's too early to tell if the current environment is a new standard, but they are adapting.

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    Fredrik Stene's questions to Noble Corporation PLC (NE) leadership

    Fredrik Stene's questions to Noble Corporation PLC (NE) leadership • Q2 2025

    Question

    Fredrik Stene inquired about recontracting opportunities for Noble's rigs in Brazil and sought details on the rigs held for sale, asking if they would be retired and if other rigs could be candidates for retirement.

    Answer

    President and CEO Robert Eifler stated that rig demand in Brazil is expected to be flat to slightly up, driven by Petrobras and other operators. Regarding asset sales, he confirmed the Noble Highlander will continue drilling, but the Noble Reacher and Globetrotter II are not expected to be sold for drilling purposes. He emphasized that the fleet rationalization strategy is driven by maximizing cash flow and avoiding the high cost of holding idle rigs.

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    Fredrik Stene's questions to Noble Corporation PLC (NE) leadership • Q1 2025

    Question

    Fredrik Stene sought clarification on comments suggesting more contracts could follow the Shell and TotalEnergies awards, asking if this implied similar long-term programs. He also asked whether the incentive-based revenue was purely high-margin day rate income or included lower-margin services.

    Answer

    President and CEO Robert Eifler clarified his earlier comments were primarily about addressing near-term white space in the fleet through active conversations. However, he added that strong performance in new basins like Suriname can unlock further work. Eifler confirmed that the performance bonus potential is entirely day rate revenue with a 100% margin, and the different contract wording was simply a result of negotiations.

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    Fredrik Stene's questions to Noble Corporation PLC (NE) leadership • Q4 2024

    Question

    Fredrik Stene questioned the 2025 guidance, seeking clarity on revenue coverage versus available days, and asked about plans for warm stacking assets and the future of the Globetrotter rigs in the drilling market.

    Answer

    CFO Richard Barker clarified that over 90% of the 2025 revenue guidance midpoint is secured by backlog, with the guidance assuming some idle time for 7th-gen assets. President and CEO Robert Eifler added that the Globetrotter rigs are being bid into the intervention market and will not compete for standard drilling work, outside of niche opportunities, to avoid cannibalizing the core fleet.

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    Fredrik Stene's questions to Noble Corporation PLC (NE) leadership • Q3 2024

    Question

    Fredrik Stene of Clarksons Securities requested more geographical detail on the contracting opportunities emerging for late 2025 and beyond. He also asked how management currently ranks the floater versus jack-up segments and whether synergies from the Diamond integration could surpass the $100 million target.

    Answer

    President and CEO Robert Eifler stated that opportunities are global but most concentrated in the "Golden Triangle" (US GoM, South America, West Africa), with future growth expected from Suriname and Namibia. He noted that while the company's growth focus is on floaters, the jack-up market has remained resilient. Regarding synergies, Mr. Eifler confirmed there is a "good chance" of exceeding the $100 million target, citing the precedent set after the Maersk Drilling acquisition.

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    Fredrik Stene's questions to Tidewater Inc (TDW) leadership

    Fredrik Stene's questions to Tidewater Inc (TDW) leadership • Q2 2025

    Question

    Fredrik Stene from Clarksons Securities asked if management's increased optimism on M&A was due to better market stability. He also questioned why full-year guidance was only reiterated despite a strong H1, implying a weaker H2 outlook, and asked about the timing for 2026 guidance.

    Answer

    President & CEO Quintin Kneen confirmed that a general settling of expectations has made M&A conversations more constructive. SVP Wes Gotcher explained that while H1 2025 outperformed, expectations for H2 have moderated, particularly for utilization improvements, leading to the decision to reiterate, rather than raise, full-year guidance. He added it was too early to commit to a timeline for issuing 2026 guidance.

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    Fredrik Stene's questions to Tidewater Inc (TDW) leadership • Q1 2025

    Question

    Fredrik Stene questioned the decision to reiterate full-year guidance despite the strong Q1 outperformance, asking if the outlook for the remaining quarters had weakened. He also asked for an update on the 2026 backlog progression.

    Answer

    Executive West Gotcher explained that while 88% of the year's revenue is covered by backlog, there are still open days to contract, justifying the reiterated guidance. CEO Quintin Kneen added that Q1 benefited from lower-than-expected down-for-repair days, and this outperformance might not repeat. Regarding 2026, West Gotcher noted they do not provide specific backlog details but that the outlook remains constructive.

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    Fredrik Stene's questions to Tidewater Inc (TDW) leadership • Q4 2024

    Question

    Fredrik Stene of Clarksons Securities AS asked about contract visibility for 2026-2027 and the potential for a financial uplift. He also inquired about organic fleet adjustments through vessel sales and attrition.

    Answer

    CCO Piers Middleton noted that while firm tenders are not yet out, discussions for 2026 work are increasing, fueling confidence in a future market uptick. President & CEO Quintin Kneen stated the company will continue to divest older, uneconomical vessels and prefers acquiring existing fleets over ordering newbuilds.

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    Fredrik Stene's questions to Tidewater Inc (TDW) leadership • Q3 2024

    Question

    Fredrik Stene asked how Tidewater's stock price volatility impacts M&A discussions with private companies and whether those sellers adjust their price expectations with market sentiment. He also requested the company's contracted backlog for 2025.

    Answer

    CEO Quintin Kneen explained that while price volatility complicates M&A, they deal with sophisticated sellers who understand market fluctuations, though it takes time for expectations to align. Executive West Gotcher provided the 2025 revenue backlog figure, stating it was approximately $855 million.

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    Fredrik Stene's questions to Valaris Ltd (VAL) leadership

    Fredrik Stene's questions to Valaris Ltd (VAL) leadership • Q2 2025

    Question

    Fredrik Stene inquired about the nature of emerging short-term "gap fill" work for drillships in 2026, asking about contract duration and potential impact on rigs with upcoming availability. He also asked about any unusual CapEx associated with recent contract awards.

    Answer

    CCO Matt Lyne noted the gap-fill opportunities are scattered across the Golden Triangle with varying durations. CEO Anton Dibowitz emphasized the strategy remains to secure long-term contracts first and only pursue gap-fill work that is economically and operationally sensible, avoiding high costs during idle periods. Dibowitz also confirmed there is no out-of-the-ordinary CapEx for the new contracts.

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    Fredrik Stene's questions to Valaris Ltd (VAL) leadership • Q3 2024

    Question

    Fredrik Stene asked for Valaris's perspective on its role in M&A and industry consolidation, and for an updated view on reactivating its high-spec stacked rigs (DS-11, 13, 14) given the current market softness.

    Answer

    CEO Anton Dibowitz stated that while Valaris sees room for more industry consolidation, the company already has the necessary scale and a high-quality fleet, so it is not compelled to pursue M&A but will evaluate value-accretive deals. He confirmed that reactivating the high-spec stacked rigs is on a 'slightly delayed timeline' as the immediate priority is keeping the active fleet utilized. He also suggested the current environment could accelerate the scrapping of less capable assets across the industry.

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    Fredrik Stene's questions to Transocean Ltd (RIG) leadership

    Fredrik Stene's questions to Transocean Ltd (RIG) leadership • Q1 2025

    Question

    Fredrik Stene sought clarification on the announced cost savings program and asked for an update on the status of rigs held for sale and plans for the cold-stacked fleet.

    Answer

    EVP & CFO R. Vayda confirmed the cost savings target is $100 million in 2025 and a similar amount in 2026, achieved without significant upfront costs through vendor renegotiations, new technology, and optimized crewing. President & CEO Keelan Adamson stated the DD3 and Discoverer Inspiration are still held for sale, and the company reviews its cold-stacked fleet quarterly, maintaining them for optionality at minimal cost. Vayda added there are no debt covenants or accounting policies that would hinder transactions involving these assets.

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    Fredrik Stene's questions to Transocean Ltd (RIG) leadership • Q4 2024

    Question

    Fredrik Stene questioned the company's confidence in the 2026-2027 outlook, citing investor fears of program delays. He also requested a repeat of the full-year 2025 liquidity guidance and an update on the Inspiration and Development Driller rigs.

    Answer

    CEO Jeremy Thigpen and EVP & CCO Roddie Mackenzie expressed confidence, citing direct customer discussions on multi-year programs and very strong fleet utilization of 96% for 2025 and 93% entering 2026. An executive confirmed the year-end 2025 liquidity forecast is $1.35 billion to $1.45 billion and stated the two rigs remain held for sale after a prior deal was canceled.

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    Fredrik Stene's questions to Transocean Ltd (RIG) leadership • Q3 2024

    Question

    Fredrik Stene of Clarksons Securities asked how Transocean weighs fleet quality against the benefits of scale in potential M&A. He also requested an update on the sale of the Development Driller III and Discoverer Inspiration rigs.

    Answer

    CEO Jeremy Thigpen explained that while no acquisition could be accretive to Transocean's superior fleet quality, a transaction could add valuable, marketable assets and create value through synergies, balance sheet growth, and marketing expertise. Regarding the rig sales, CFO Thad Vayda stated the transaction is expected to close by year-end, pending buyer financing, and that the probability of competing against these specific assets in the future is low.

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    Fredrik Stene's questions to Borr Drilling Ltd (BORR) leadership

    Fredrik Stene's questions to Borr Drilling Ltd (BORR) leadership • Q2 2024

    Question

    Fredrik Stene asked for details on the commercial prospects for the newbuild rig 'Var', the company's comfort level in maintaining high day rates in a bifurcated market, and the key variables that would determine performance at the high or low end of the 2024 EBITDA guidance.

    Answer

    Executive Patrick Arnold Schorn expressed confidence in securing work for the 'Var' before its delivery, citing Borr's global footprint as a competitive advantage in less-pressured markets like the Americas and Africa. Chief Commercial Officer Bruno Morand added that Borr's limited availability and the unique capabilities of its rigs support strong pricing power, especially as most 2025 availability is in the second half of the year. Regarding guidance, Patrick Schorn stated the company would not narrow the $500M-$550M range due to the volatile nature of the business, despite high contract coverage.

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