Deepwater Insight

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

23

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

58

11

July 2025

Mid-Year 2025 Outlook

EBITDA Momentum, Operating Leverage, Mozambique and NCS Exploration

Jul 1 • 

Tommy Lee

62

17

June 2025

RIG Credit: June 2025 Update

Contracting Outlook, Credit Spreads and 20k psi Deepwater Oil

Jun 1 • 

Tommy Lee

31

16

April 2025

RIG Credit: Dayrate Duration

A quick primer on offshore's largest High Yield issuer

Apr 30 • 

Tommy Lee

44

16

March 2025

Deepwater Gas and LNG in Mozambique

Also geopolitics, deadly insurgencies and EM credit

Mar 29 • 

Tommy Lee

22

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

51

16

Deepwater Macro: March '25

Focus Turns to 2026-2027 Demand

Mar 1 • 

Tommy Lee

40

21

February 2025

Drillship Cannibalism

Alternative uses for coldstacked drillships

Feb 15 • 

Tommy Lee

53

11

Key Topics for 4Q24 Earnings Season

10 Topics of Interest

Feb 1 • 

Tommy Lee

29

1

January 2025

Deepwater M&A and Exploration

Seadrill, Hookload and Wildcat Waves

Jan 25 • 

Tommy Lee

37

8