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Oil & Gas: OPEC+ Plays Let's Make a Deal

Sector Analysis: 07 Dec 2018, 11:38 AM ET - OPEC+ reportedly came together at the last minute for a 1.2 mmbd production cut although details are sparse at this point.

Oil & Gas: OPEC+ Struggling to Come Together

Sector Analysis: 06 Dec 2018, 2:02 PM ET - OPEC came away from its meeting in Vienna today empty-handed on an agreement, with plans to continue the discussion with OPEC+ tomorrow.

Oil & Gas: Slashing Oil Outlook, Downgrading E&Ps

Sector Analysis: 26 Nov 2018, 4:48 AM ET - We believe the recent 33% drop in oil prices is likely to be just the first leg of a deeper decline.  We are reducing our 2019 oil price view and recalibrating our IG and HY E&P investment recommendations to a more defensive position.

Oil & Gas: Bloodbath Over or Temporary Pause?

Sector Analysis: 15 Nov 2018, 5:11 AM ET - Oil prices finally turned north yesterday, with WTI closing up a scant $0.20/bbl to $55.89/bbl, following a record string of 12 straight down days which saw prices plunge $12/bbl, or 18%.  

Euro IG Sector Snapshots: October 2018

Sector Analysis: 22 Oct 2018, 9:31 PM ET - Our updated one page snapshots of the Euro IG sectors.

Oil & Gas: Mega-mergers Lead the Way in 2Q18

Sector Analysis: 16 Jul 2018, 10:24 PM ET - Global Oil & Gas M&A activity hit $97 bn in 2Q18, rising $31 bn, or 73%, sequentially and posting the highest quarterly total since 1Q17.

Oil Markets: OPEC Leaves 'Em Guessing

Sector Analysis: 26 Jun 2018, 4:26 AM ET - OPEC and its non-OPEC partners in cooperation, collectively, OPEC+, threw the market a curveball over the weekend by failing to come up with any clear and concrete plans to bring production back online.

Oil & Gas: Market Tightens, Raising Price Forecast

Sector Analysis: 30 May 2018, 5:34 AM ET - Oil has come off the boil in the past week as the Saudis and Russia look to help ease tightening oil market conditions. However, we expect conditions will remain tight nonetheless - raising price forecasts.

European Integrated Oil: FY17 Wrap & Recs. Update

Sector Analysis: 19 Apr 2018, 11:32 PM ET - In this sector piece we review the European Integrated O&G’s 2017 results, outlook and recommendation. More specifically we move Statoil to U/P from M/P, and BP to O/P from M/P.

Oil Markets: IEA Remains Cautious due to Shale

Sector Analysis: 14 Feb 2018, 3:56 AM ET - The IEA released an Oil Market Report highlighted by an increased demand forecast and continued fears for downside price risk given its supply demand forecast for 2018.
Focused

Ship Finance: Amends and Extends the Seadrill Rigs

Worth Watching: 26 Nov 2017, 9:32 PM ET - Ship Finance , Seadrill, and the banks extend and amend the relationships between all three, subject to final bankruptcy court approval.  SFL drops the bareboat charter rate for the West Taurus, West Hercules, and West Linus by 29% for five year ..
Focused

Seadrill: Cramdown

Worth Watching: 13 Sep 2017, 4:35 PM ET - Seadrill bondholders' mathematical recovery is 4.7%: $2,297 million unsecured bonds and $280 million estimated derivative contract claims share 15% new equity, and $200 million cash buys 25% new equity for an $800 million "market cap".  That is ..
Focused

Seadrill: Bankruptcy

Worth Watching: 12 Sep 2017, 10:19 PM ET - Seadrill filed its prepackaged bankruptcy plan in Houston TX.  More details to follow, but bonds get crammed down to 15% of the new equity, banks extend five years with no amortization for three years, and new money is $860 million secured notes ..
Focused

Seadrill Limited: 2Q17 Deteriorating Financials

Worth Watching: 24 Aug 2017, 5:40 PM ET - Seadrill Limited all but filed for Chapter 11, citing 9/11/17 as the drop dead date.  Current shape of the restructuring includes banks extending five years, less amortization, $1 billion new capital, and bonds converted to equity.  How much eq ..
Focused

Seadrill: Banks Postpone Inevitable

Worth Watching: 26 Jul 2017, 8:35 PM ET - Seadrill bank loans further extended maturities and waivers until September 2017, right up to when the $843 million 5.625s are due.  Even then an omnibus restructuring agreement might not be in place: 1) most bank groups are undercollateralized; ..
Focused

Ship Finance International: Seadrill Exposure

HY Note: 01 Jun 2017, 5:46 AM ET - SFL three-rig exposure to SDRL is mitigated by relationships with John Fredriksen and the bank group.
Focused

Seadrill Limited 1Q17: First Look

HY Note: 24 May 2017, 9:50 PM ET - Restructuring negotiations restarted; looks like cash injection, bonds to equity, equity wiped out, all driven through a bankruptcy.
Focused

Seadrill: Sells 3 Rigs, Book Loss but Cash Gain

Worth Watching: 01 May 2017, 9:21 PM ET - Seadrill sold three jackups to Shelf Drilling (SHLFDI: B2/B-) for $225 million.  While total book value was $415 million, these were easier to sell as their secured debt was $102 million in credit facilities that were overcollateralized by mar ..

Seadrill: Breathing Space but Low Oxygen

Worth Watching: 05 Apr 2017, 12:29 AM ET - Seadrill pushed its upcoming 4/30/17 default trigger out to August 2017, receiving extensions on three loan facilities out to just before the $843 million 5.625s mature on 9/15/17—the hard bankruptcy trigger sans restructuring.  The extension of ..

March 2017 Company Coverage Initiated

Company Coverage Initiated: 02 Apr 2017, 4:24 PM ET - Our monthly report provides executive summaries for the ten company on which we launched coverage in the US, Europe, and Asia during the month of March.

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