花旗:Transocean(RIG.US)-Seadrill(SDRL.US)合并可能性较高 有望缔造最大海上钻井运营商

智通财经
Oct 25, 2024

智通财经APP获悉,据外媒报道称,海上钻井公司Seadrill(SDRL.US)正与规模更大的同行Transocean(RIG.US)进行合并谈判,花旗分析师认为这一交易发生的可能性相当高。Transocean目前拥有24台活跃的深水钻井平台,Seadrill拥有11台活跃的深水钻井平台,两家公司的合并预计将创造出最大的海上运营商。

在上个经济周期中,Transocean是唯一一家没有破产的公共海上钻井平台公司,因此背负了大量遗留债务,花旗分析师认为,如进行合并,对Transocean而言将是一个去杠杆事件,且合并后公司或将具备更稳健的财务基础。

花旗认为,Transocean需要利用其溢价估值以购买现金流并加速其去杠杆化,Seadrill似乎是一个不错的选择,其现代深水钻井平台组合与Transocean相匹配,而且规模足够大,预计到2025年可将RIG的杠杆率降低近30%。花旗表示,虽然目前日费率较为合理,但人们对明年的原油价格感到担忧,这表明现在或是达成交易的好时机。

花旗表示,如果合并最终实现,预计Seadrill的股价将达到55美元左右,而Transocean 的股价将继续上涨。

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