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Dayrate Duration

Tommy Lee

Offshore drilling, Deepwater E&P and fixed income markets

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Substack
PricingOnly free issuesPublishesWeekly
Issues35Founded4 years agoLast Issue13 days ago
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Latest Issues

Offshore Drillers and Debt

Debt itself didn’t cause the offshore driller bankruptcy cycle of 2016-2021. Debt plus a newbuild wave delivering into a downturn did, and it was bad for years.

Today, a non-existent orderbook is a better macro backdrop to support modest l...

13 days ago
57
6

Drillship Dayrates Climb Despite Softer US Gulf

The 7G drillship market is global, but the US Gulf, producing ~2 million bopd, accounts for roughly 25% of demand. In recent years Transocean has had around nine rigs in the region, Noble around six, and Valaris and Seadrill two each. While...

a month ago
56
2

Midyear Outlook: Energy Security vs. Capital Discipline

Seven months into 2026, here’s an overview of where the deepwater rig market is today and what’s likely to move it in the back half of the year.

  • Project timelines are holding. The 2H26-2027 commencement window drillers flagged in 2025...
3 months ago
54
15

Borr: 10 Thoughts on the Bond Refinancing

Borr launched a $1.6 billion senior secured notes offering this week. What follows are ten quick thoughts on the credit, published within 24 hours of announcement.

Borr was built on an opportunistic thesis: acquire high-specification jacku...

5 months ago
33
4

Transocean-Valaris: Antitrust and HHI Analysis

Following Transocean's 1Q26 earnings release, regulatory approval concerns on the proposed Transocean-Valaris merger announced in February have come into sharper focus. Before turning to market share analysis, it is worth noting that curren...

6 months ago
44
3

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  • Tommy Lee

    Deepwater Oil Drilling and High Yield Credit

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