Offshore

Tor Olav
14.12.2020 kl 22:15 4252

Shelf Drilling, Ltd.'s (Shelf Drilling) Caa1 corporate family rating (CFR) reflects (1) a deteriorating global offshore drilling market as reflected by declining day rates; (2) the company's high exposure to re-contracting risk; (3) the company's weak credit metrics and high financial leverage; and (4) its relatively old fleet, which may require additional investments over time.

Shelf Drilling benefits from (1) exposure to diversified shallow water oil basins, with continued oil and gas production; (2) track record of signing and renewing contracts in a competitive environment and having long-standing relationships with blue-chip companies; and (3) long debt maturity profile with majority of its financial debt due in February 2025.
Redigert 21.01.2021 kl 08:27

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