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05 May 2023
OFS weekly news wrap
Saipem (SPM:BIT), 0 | Saipem S.p.A. (SPM:MIL), 0 | Vallourec (VK:EPA), 0 | Vallourec SA (VK:PAR), 0 | CGG (CGG:EPA), 0 | Viridien (VIRI:PAR), 0 | SBM Offshore NV (SBMO:AMS), 0 | TechnipFMC PLC (FTI:NYSE), 0 | TechnipFMC plc (FTI:NYS), 0 | SUBSEA 7 (SUBC:STO), 0 | Subsea 7 S.A. (SUBC:OSL), 0 | Petrofac Limited (PFC:LON), 3.8 | Gaztransport & Technigaz (GTT:EPA), 0 | Gaztransport & Technigaz SA (GTT:PAR), 0 | AKER SOLUTIONS (AKSO:STO), 0 | Aker Solutions ASA (AKSO:OSL), 0 | Technip Energies NV (TE:PAR), 0

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OFS weekly news wrap
Saipem (SPM:BIT), 0 | Saipem S.p.A. (SPM:MIL), 0 | Vallourec (VK:EPA), 0 | Vallourec SA (VK:PAR), 0 | CGG (CGG:EPA), 0 | Viridien (VIRI:PAR), 0 | SBM Offshore NV (SBMO:AMS), 0 | TechnipFMC PLC (FTI:NYSE), 0 | TechnipFMC plc (FTI:NYS), 0 | SUBSEA 7 (SUBC:STO), 0 | Subsea 7 S.A. (SUBC:OSL), 0 | Petrofac Limited (PFC:LON), 3.8 | Gaztransport & Technigaz (GTT:EPA), 0 | Gaztransport & Technigaz SA (GTT:PAR), 0 | AKER SOLUTIONS (AKSO:STO), 0 | Aker Solutions ASA (AKSO:OSL), 0 | Technip Energies NV (TE:PAR), 0
- Published:
05 May 2023 -
Author:
Thomson Daniel DT -
Pages:
6 -
Uaru and PNG awards, majors'' project commentary and another opportunity for Petrofac
After ExxonMobil took FID on Uaru in Guyana last week, TechnipFMC and Saipem this week confirmed large related orders, while SUBC announced two smaller awards, maintaining commercial momentum after strong 1Q23 intake saw the grouping report a combined 1.6x book-to-bill in the offshore divisions. In other project news, a Saipem-led consortium has reportedly won a major FEED contract for TotalEnergies'' Papua LNG project, Petrofac has submitted a bid for works on the Sahil oilfield in the UAE, while Equinor said this week that it plans to sanction its Rosebank and BM-C-33 projects ''not too far into the future'' as it continues to progress its Bay du Nord mega-project toward FID more likely in 2024. BP moved its Kaskida HP/HT deepwater GoM development to concept select status, with FID targeted next year, though we think Browse will need to be optimised before a potential FID in 2025 at the earliest. Technip Energies declined to comment on press reports that it was the frontrunner for QatarEnergy''s NFS project yesterday.
Results round-up this week: TE (+), AKSO (=), CGG (=)
CGG, Aker Solutions and Technip Energies reported operating earnings above consensus expectations across the board, though with mixed market reactions yesterday. CGG surprised most, highlighting that in 1Q23 it became clear that the OandG upcycle had begun to reach its exploration-led end markets. We had expected a better reaction to TE''s robust 1Q margin performance, underlying cash conversion and solid levels of backlog coverage, though the market weighed the revenue miss, weak PD order intake and higher corporate cost guidance more heavily yesterday.
Chart of the week
BH''s count of international rigs was up 17 rigs m/m in April to 947, up 17% y/y though still 10% below pre-Covid levels. As International and Offshore activity continues to recover despite oil prices having declined steadily...