Conglomerates: Deutsche has Conglomerates strategy report. Note of increasing emphasis on new/high specification rigs and current jackup newbuilding cycle appears to be gaining momentum, with strong demand for high spec rigs from contractors. Tip Jackup fleet replacement to continue….
House maintains OverWeight on O&M sector. Rate KepCorp Buy with $14.20 TP and SemMarine Buy with $7.00 TP. Tip Co’s to benefit from any upgrade or replacement opportunities with increased scrutiny of aged offshore assets. Expect greater demand for high-spec offshore rigs as drill conditions become more challenging and safety standards rise.
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