Diamond Offshore Drilling's CDS Widen 47%

MarineLink.com
Wednesday, February 26, 2014
Image courtesy Diamond Offshore

Reuters - (The following statement was released by rating agency RPT-Fitch Solutions) Credit default swaps (CDS) on Diamond Offshore Drilling Inc. (Diamond) have widened 47% over the past month, according to Fitch Solutions.

Diamond's CDS significantly underperformed the 3.4% CDS tightening for the broader North America oil and gas sector over the same time period. Additionally, the cost of credit protection on Diamond's debt has been climbing steadily since late January.

After trading consistently at 'A/A+' levels since November 2013, CDS on Diamond have widened to price in-line with 'BBB+' levels. 'Wider CDS spreads are likely indicative of Diamond's lower earnings as well as market concerns surrounding the broader offshore drilling industry,' said Director Diana Allmendinger. Fitch Solutions case studies build on data from its CDS Pricing Service and proprietary quantitative models, including CDS Implied Ratings. These credit risk indicators are designed to provide real-time, market-based views of creditworthiness. As such, they can and often do reflect more short term market views on factors such as currencies, seasonal market effects and short-term technical influences. This is in contrast to Fitch Ratings' Issuer Default Ratings (IDRs), which are based on forward-looking fundamental credit analysis over an extended period of time.

Maritime Reporter July 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Evergreen Line's Ital Lunare to Make Maiden Call in Boston

As part of the new service linking North Asia and the U. S. East Coast (NUE2), Evergreen Line's containership Ital Lunare will make the first ever direct call into

FARO 3D Documentation Conference

The FARO 3D Documentation Conference, to be held October 13-15, 2014, was created as a forum for sharing knowledge, best practices and insight into the world of laser scanning and 3D documentation.

Elco Launches Electric Outboard Motor Line

Expansion into outboard category brings benefits of electric propulsion to even more boaters Elco Motor Yachts, a company in electric and hybrid marine propulsion for more than 120 years,

Offshore

First Oil in Salamander FSO at Bualuang Field

Salamander announces that first oil has been received in the tanks of the newly converted Suksan Salamander Floating Storage and Offtake Vessel (“FSO”) at the

Delivery & Naming of Atlantic Offshore´s ERRV – Ocean Marlin

On August, 13th the delivery and naming ceremony of our last construction, the ERRV C722- Ocean Marlin - for Atlantic Offshore was performed. The event was held in the Norwegian town of Stavanger,

BOEM to Open Bids for Gulf of Mexico Lease Sale

The Bureau of Ocean Energy Management (BOEM) Gulf of Mexico Regional Director John Rodi will open the Gulf of Mexico Western Planning Area Lease Sale 238 at 9 a.

Finance

Star Bulk to Acquire 34 Drybulk Vessels

Star Bulk entered into a definitive agreement with Excel Maritime Carriers Ltd., and as a result, will acquire 34 drybulk vessels for an aggregate of 29.917 million

Statoil: Gudrun Officially Opened

Norwegian prime minister Erna Solberg officially opened the Gudrun platform in the North Sea today, 19 August. This is the first new Statoil-operated platform on

Turkish Shipbuilder to Send Floating Power to Gaza

Turkish shipbuilder Karadeniz Holding plans to send an electricity generating vessel to Gaza to provide urgently needed power in the enclave left reeling by an

News

CEVA Expands Presence in Los Angeles Market

CEVA Logistics, one of the world’s leading supply chain management companies, today announced the expansion of its Los Angeles (LAX)/Torrance freight management operation.

First Oil in Salamander FSO at Bualuang Field

Salamander announces that first oil has been received in the tanks of the newly converted Suksan Salamander Floating Storage and Offtake Vessel (“FSO”) at the

Delivery & Naming of Atlantic Offshore´s ERRV – Ocean Marlin

On August, 13th the delivery and naming ceremony of our last construction, the ERRV C722- Ocean Marlin - for Atlantic Offshore was performed. The event was held in the Norwegian town of Stavanger,

Offshore Energy

First Oil in Salamander FSO at Bualuang Field

Salamander announces that first oil has been received in the tanks of the newly converted Suksan Salamander Floating Storage and Offtake Vessel (“FSO”) at the

BOEM to Open Bids for Gulf of Mexico Lease Sale

The Bureau of Ocean Energy Management (BOEM) Gulf of Mexico Regional Director John Rodi will open the Gulf of Mexico Western Planning Area Lease Sale 238 at 9 a.

SBI Wins Jack-up Design and Engineering Contract

SBI Offshore Limited, which is pursuing higher-value oil and gas engineering projects, said today it has secured a $24 million contract to provide design and engineering

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Naval Architecture Navigation Salvage Ship Electronics Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1803 sec (6 req/sec)