Over 28 nå…er det en motstand her eller huske rjeg feil?
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28 hadde bra motstand i “gamle SOFF”, men ser ikke ut til å være tilfellet i dag 
Hadde eg visst regnestykket mitt blei så godt mottatt sko dg handla mer igår:grinning_face_with_smiling_eyes:
PLSV bids coming in high in major Petrobras tender
Results from Petrobras’ major PLSV tender have started to emerge. While we had high expectations, bids from vessels offered under Brazilian flag suggests even higher pricing than we had hoped for. While complete bidding lists are not yet out, we do not expect the remaining vessels to have been offered at substantially lower prices. The gross dayrates imply an EBITDA of USD >80m for the largest vessels versus estimates reflecting USD ~55m a piece, noting several unknowns. With dayrates likely above Petrobras’ “budget” we also note that contracts will likely take time to firm up – Petrobras is unlikely to just start dishing out contracts at these terms. Nevertheless, a clear sign of the market strength and positive for SUBC/DOFG/SOFF/Paratus.
Very high dayrates offered in Petrobras’ PLSV tender – awards will likely take some time
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The offered dayrates in Petrobras’ much-anticipated pipelay support vessels (PLSV) tender have started to emerge
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So far, we have seen results showing the vessels offered at “Brazilian-flagged” with gross dayrates for the high-end vessels ranging from USD ~320-390k’/day, excluding one bid at USD ~460-470’/day. A few smaller vessels have been offered under some of the categories at USD 240-290’/day
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The dayrates are well above levels seen earlier for this vessel class. The offers compare with recent dayrates in the USD 150-200’/day range and maiden charters at USD ~250-300’/day. They are also up from offers in a failed tender earlier this year (limited)
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We do know of numerous other vessels also having been bid, which are not included in the circulated lists. They are not expected to come in at substantially lower levels though
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There is still uncertainty if (i) the bids will clear Petrobras’ budget and end up being awarded, and if so (ii) which vessels will be awarded across the respective lots
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With history in mind, we think the offered rates will likely be above “budget” and that a lengthy negotiation process likely to follow before any contracts are firmed up. In the meantime, rolling existing contracts are extendedPetrobras likely needs all the vessels that are currently there, plus some
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For context, Petrobras currently have 17 PLSVs operating on long term charters in Brazil whereof (i) DOF has six (through 50% owned DOFCON), (ii) Paratus has six (through Seabras), (iii) Subsea 7 has four and (iv) TechnipFMC has one
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The tender has been split into many categories depending on the spec, start up, flag etc. Effectively the tender is against renewal of all existing vessels. The number of vessels required is not known
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Based on its work program, it has been suggested that Petrobras will require all existing vessels plus units located elsewhere – the high rates on offer reflects thisIndicated economics even better than the 2012-14 contracts
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Assuming opex of USD 80-90’/day and 5% top line tax, offered rates imply EBITDA in the USD 80-100m range. Assuming further a top line tax of ~4%, cash flow is estimated at USD ~75-95m – noting uncertainty on any potential required upgrades ahead of the charters
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For comparison, construction cost for the large PLSVs have generally been around the USD ~300m mark (2012-14 prices). In our NAV calculation, we have the larger units at USD ~270m and smaller ones at USD ~150m, also noting the equities trade at a 10-15% discount to these quotes
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Our estimates for new contracts for the PLSVs in DOFG and SUBC currently reflect USD ~55m annual EBITDA for the highest spec’ed (4x in DOFG and 4x in SUBC) in PLSVs, and USD ~33m for the lower spec’ed units (2x in DOFG)
Please note that Pareto Securities AS acts a financial adviser to Solstad Offshore ASA
[Contact analyst(s)](mailto:bard.rosef@paretosec.com?subject=Ref: Oil Services - PLSV bids coming in high in major Petrobras tender - Newsflash&cc=jso@paretosec.com )
Analyst(s):
Bård Rosef, +47 24 13 21 56, bard.rosef@paretosec.com
Jørgen Søvik Opheim, +47 24 13 21 05, jso@paretosec.com
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Er noen latterleige tall vi ser her- dette er jo båter rundt MAximus-klasse og Maximus ble bygget til Saipem på en kontrakt på 1.3-1.5mill7dag i 2016 altså
Kan det være NM som bys fram til USD 450k per dag…? Nesten 5 millioner per dag…!
Best å ikke tenke på sånt… :-o
men det blir nok endel frohandlinger og div her uansett, kanskje litt lengre mot litt lavere rate etc…endel av dette er nokså langt over “budsjett” for Petrobas…
«Dersom» NM skulle fått en 3-4 års kontrakt i nærheten av en slik rate PUSS at bankene/solstad vinner i Lagmannsretten, blir det mange som må investere i ny og større kalkulator. En så lenge er dette en våt drøm, men ikke totalt urealistisk?
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Når det gjelder shorten, så kan ikke jeg se annet enn at de etter hvert må begynne å bli litt bekymret.
Shorten må vel på toppen også dekke tegningsrettene på ett eller annet vis?
Negativt utbytte / Selskapshendelser.
Ved utbetaling av utbytte er det den som shortet aksjen som skal betale utbytte til den som låner ut aksjene. Normalt vil en aksje falle i verdi tilsvarende utbyttet når det betales utbytte i en aksje, men faller aksjekursen mindre i verdi enn størrelsen på utbyttet på ex.dag, vil en som er short tape på dette.
Det samme gjelder ved selskapshendelser som f.eks. tildeling av tegningsretter eller fisjon/spin-off. Hvis det deles ut tegningsretter i en aksje du er short vil du også bli short tegningsretten. Er tegningsretten notert må du kjøpe tilbake tegningsretten, hvis ikke må du selge aksjer til tegningskurs i emisjonen til utlåner dersom den ønsker å tegne/benytte rettighetene. Hvis et selskap gjennomfører en fisjon vil du også bli short i det nye utskilte selskapet.
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Cutter er bydd inn… :-o
Five contractors have submitted dozens of bids in a highly anticipated Petrobras tender for the charter of several flexible pipelaying support vessels to carry out operations across Brazil’s pre-salt province in the Campos and Santos basins.
It is unclear how many PLSVs the Brazilian oil giant intends to contract in the new tender, but given average dayrates of about $300,000 and charter periods of three and four years, each vessel ordered would likely result in a deal worth approximately $400 million, sources told Upstream.
Petrobras welcomes over 100 bids in four offshore vessel tenders
Read more
The tender is wide in scope with Petrobras splitting the competition into five lots – A, B, C, D and E – and as many as 34 subcategories ranging from Brazilian-flagged to foreign-flagged units, to requirements for vessels capable of operating in shallow waters, deep water and ultra-deep waters.
Solstad Offshore was the sole bidder in Lot A1 with the Normand Cutter vessel for a dayrate of $304,760.
Seagems Solutions finished first in Lot A2 with the Sapura Esmeralda vessel for a dayrate of $293,765, while TechnipFMC proposed the Skandi Acu vessel for $358,980.
PLSVs in both lots A1 and A2 are scheduled to start operations in September 2024 and carry out work for Petrobras for periods of three years each.
Lot B1 saw TechnipFMC ahead with the Skandi Acu vessel for a dayrate of $353,095, followed closely by Subsea7 with the Seven Cruzeiro vessel for $356,380.
Seagems was also the low bidder in lots B2 and B4 with the Sapura Esmeralda vessel for dayrates of $292,275, while TechnipFMC and Subsea7 offered the Skandi Acu and Seven Cruzeiro vessels for the same prices as in Lot B1.
Vessels in the B category are to be chartered for three-year periods, with mobilisation due in March 2024.
There was a single offer in Lot C1, which called for PLSVs to be ordered for four years and contract starting in March 2025. Subsea7 bid the Seven Waves vessel for a dayrate of $386,080.
There was strong competition in category D with a total of 51 offers submitted in six different lots.
Seagems and TechnipFMC led the race and are expected to win a few contracts, according to one source.
Seagems proposed the Sapura Diamante and Sapura Topazio vessels in lots D1 and D3 for dayrates of $320,230 each.
As for TechnipFMC, the company ended in pole position with the Skandi Vitoria vessel in Lot D2 for a dayrate of $320,230. The same PLSV was in front in lots D5 and D6 for $281,065 each.
TechnipFMC was also well-positioned in Lot D7 with the Skandi Niteroi vessel for a dayrate of $242,670.
Finally in Lot E1, Subsea7 emerged as the only contractor to submit offers with the Seven Sun and Seven Waves vessels for dayrates of $386,080 each.
PLSVs in Lot D are due to enter operation for Petrobras in March 2025, while vessels in Lot E are earmarked for activities in March 2026.
Petrobras currently has 17 PLSVs on hire, including one with TechnipFMC, four with Subsea7, and six each with Sapura Navegacao — a joint venture between Seadrill and Sapura Energy — and a pairing between TechnipFMC and DOF.
One source speculated that Petrobras is snapping up PLSVs to enter operation more than two years from now in an effort to secure competitive prices, as dayrates for all equipment related to subsea activities are on the rise.
PETROBRAS PLSV TENDER
Lot A1
Normand Cutter Solstad Offshore $304,760
Lot A2
Sapura Esmeralda Seagems Solutions $293,765
Skandi Acu TechnipFMC $358,980
Lot B1
Skandi Acu TechnipFMC $353,095
Seven Cruzeiro Subsea7 $356,380
Lot B2
Sapura Esmeralda Seagems Solutions $292,275
Skandi Acu TechnipFMC $353,095
Seven Cruzeiro Subsea7 $356,380
Lot B4
Sapura Esmeralda Seagems Solutions $292,275
Skandi Acu TechnipFMC $353,095
Seven Cruzeiro Subsea7 $356,380
Lot C1
Seven Waves Subsea7 $386,080
Lot D1
Sapura Diamante Seagems Solutions $320,230
Sapura Topazio Seagems Solutions $320,230
Seven Waves Subsea7 $386,080
Seven Sun Subsea7 $386,080
Coral do Atlantico TechnipFMC $465,530
Lot D2
Skandi Vitoria TechnipFMC $320,230
Seven Waves Subsea7 $356,380
Seven Sun Subsea7 $356,380
TBD 1 Oceanica Engenharia $386,080
Coral do Atlantico TechnipFMC $465,530
Lot D3
Sapura Diamante Seagems Solutions $320,230
Sapura Topazio Seagems Solutions $320,230
Skandi Buzios TechnipFMC $353,095
Seven Cruzeiro Subsea7 $356,380
Seven Rio Subsea7 $356,380
Seven Sun Subsea7 $356,380
Seven Waves Subsea7 $386,080
Skandi Acu TechnipFMC $394,285
Coral do Atlantico TechnipFMC $461,445
Lot D5
Skandi Vitoria TechnipFMC $281,065
Skandi Recife TechnipFMC $303,870
Sapura Esmeralda Seagems Solutions $308,545
Skandi Buzios TechnipFMC $353,095
Seven Cruzeiro Subsea7 $356,380
Seven Rio Subsea7 $356,380
Seven Sun Subsea7 $356,380
Seven Waves Subsea7 $356,080
TBD 1 Oceanica Engenharia $388,310
Skandi Acu TechnipFMC $394,285
Coral do Atlantico TechnipFMC $459,405
Lot D6
Skandi Vitoria TechnipFMC $281,065
Skandi Recife TechnipFMC $303,870
Sapura Esmeralda Seagems Solutions $308,545
Skandi Buzios TechnipFMC $353,095
Seven Cruzeiro Subsea7 $356,380
Seven Rio Subsea7 $356,380
Seven Sun Subsea7 $356,380
Seven Waves Subsea7 $386,080
TBD 1 Oceanica Engenharia $388,310
Skandi Acu TechnipFMC $394,285
Coral do Atlantico TechnipFMC $459,405
Lot D7
Skandi Niteroi TechnipFMC $242,670
Skandi Vitoria TechnipFMC $286,085
Sapura Esmeralda Seagems Solutions $307,585
Skandi Recife TechnipFMC $308,775
Seven Cruzeiro Subsea7 $356,380
Seven Rio Subsea7 $356,380
Seven Sun Subsea7 $358,980
Skandi Buzios TechnipFMC $386,080
Seven Waves Subsea7 $386,080
Skandi Acu TechnipFMC $400,170
Coral do Atlantico TechnipFMC $467,570
Lot E1
Seven Sun Subsea7 $386,080
Seven Waves Subsea7 $386,080
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Cutter er bydd inn på ene plsv-tenderen til petrobas, mildt sagt veldig spennende for de ratene det er snakk om (er bydd inn på litt over 3mill/dag men obs-høy kost i Brasil), skulle 21-år gamle Cutter få en slik jobb (varighet minst mid 2027) innebærer det 25-årsklassing og en inntjeninmg helt hinsides basert på båtens “verdi” og alder pr.dd
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Når offentliggjøres eventuelle kontrakter?
Ukjent, kan ta tid….
Fra AMSC kvartalsrapporten
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DOF-opprører på krigsstien i Solstad | Finansavisen
Vi skal være glad han ikke hadde mulighet til å sette oss på 0% slik han mfl klarte i Dof
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Spoten er trist nå altså- enten ligger de til kai eller så jobber de for 200-250k/dagen…mens Soff har alle sine 5 utenfor Afrika på 500k+/dag…innafor!
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Helt ufattelig hvor han der kjører på, lurer på hvor han henter sin inspirasjon fra.
Merkelig opplegg
HAn går jo bevisst etter disse casene, både i Soff og Dof kjøpte han altså etter at det var 100% sikkert at de måtte ha refinansiering
Slow learner
