Deepwater Insight

RIG Credit: Deepwater CLO?

A catchy title but very unlikely. Investigating various secured financing options.

Oct 3 • 

Tommy Lee

27

5

September 2025

Transocean's Capital Structure

A credit investor's perspective on the recent equity raise

Sep 27 • 

Tommy Lee

54

16

RIG Share Issuance Quick Thoughts

RIG's share issuance is a win for Credit. Disappointing for Equity although could be a step toward eventual shareholder returns by loosening bond terms…

Sep 25 • 

Tommy Lee

56

6

August 2025

Tullow & Kosmos: Jubilee's Mid-Life Crisis

7G Drillship idle time has contributed to idiosyncratic E&P distress in credit and equity valuations with a critical Ghana drilling campaign ahead in…

Aug 26 • 

Tommy Lee

24

14

Rigs, Rates and Recapping 2Q

Thoughts on major Deepwater Drillers, Turkey's Big Surprise, Jackup M&A Heating up, Namibia Conference and the Brunei Bay Indicator

Aug 19 • 

Tommy Lee

61

11

July 2025

Mid-Year 2025 Outlook

EBITDA Momentum, Operating Leverage, Mozambique and NCS Exploration

Jul 1 • 

Tommy Lee

63

17

June 2025

RIG Credit: June 2025 Update

Contracting Outlook, Credit Spreads and 20k psi Deepwater Oil

Jun 1 • 

Tommy Lee

33

16

April 2025

RIG Credit: Dayrate Duration

A quick primer on offshore's largest High Yield issuer

Apr 30 • 

Tommy Lee

45

16

March 2025

Deepwater Gas and LNG in Mozambique

Also geopolitics, deadly insurgencies and EM credit

Mar 29 • 

Tommy Lee

23

4

Stayin' Alive in '25

Offshore high yield markets are pricing the traditionally stable jackup rig issuers as riskier credits than deepwater floaters. Why?

Mar 15 • 

Tommy Lee

32

6

Scrap, Baby, Scrap

Also underwriting Noble's ~8.1% dividend yield

Mar 8 • 

Tommy Lee

50

16

Deepwater Macro: March '25

Focus Turns to 2026-2027 Demand

Mar 1 • 

Tommy Lee

40

21