Petrobras PBR, Brazil’s state-owned oil and gas company, recently joined forces with the offshore drilling contractor Diamond Offshore Drilling, Inc. DO. The Ocean Courage semi-submersible rig, owned by Diamond Offshore, has initiated a four-year contract with Petrobras, signifying the ongoing success of their collaboration.
The Ocean Courage rig recently concluded its campaign with Petrobras in Brazil in late September 2023. After completing its tenure, the rig mobilized to Guanabara Bay to gear up for its upcoming contract with Petrobras, which was originally anticipated to commence in December 2023 and extend until December 2027. Per Diamond Offshore, the rig officially started its new four-year contract with Petrobras last month.
The Ocean Courage rig, built in 2009 by Sembcorp Marine in Singapore, boasts impressive capabilities, including the ability to drill in waters up to 10,000 feet deep, with a maximum drilling depth of 40,000 feet. This cutting-edge technology positions the rig as a valuable asset for Petrobras in its offshore operations.
Diamond Offshore expressed its enthusiasm for the extended collaboration with Petrobras, emphasizing the significance of the longstanding relationship. The rig owner acknowledged the dedication and efforts of rig crews, Petrobras teams and service providers in ensuring the successful transition. This accomplishment followed the completion of the rig's five-year special periodic survey, contract preparation work and acceptance testing.
Zacks Rank & Key Picks
Currently, Petrobras carries a Zack Rank #3 (Hold).
A couple of better-ranked stocks in the energy sector are Sunoco LP SUN and The Williams Companies, Inc. WMB. While Sunoco sports a Zacks Rank #1 (Strong Buy), Williams Companies carries a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Sunoco is among the biggest motor fuel distributors in the U.S. wholesale market in terms of volumes. By distributing more than 10 fuel brands via 10,000 convenience stores under long-term distribution contracts, the partnership will continue to generate stable cash flow.
SUN’s earnings beat estimates in two of the trailing four quarters and missed twice, delivering an average surprise of 28.33%.
The Williams Companies is well-positioned to capitalize on the anticipated substantial long-term growth in U.S. natural gas demand due to its impressive portfolio of large-scale projects that create significant value. The company’s debt maturity profile is in good shape, with its $4.5-billion revolver maturing in fiscal 2023.
WMB’s earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 13.68%.
Zacks Reveals ChatGPT "Sleeper" Stock
One little-known company is at the heart of an especially brilliant Artificial Intelligence sector. By 2030, the AI industry is predicted to have an internet and iPhone-scale economic impact of $15.7 Trillion.
As a service to readers, Zacks is providing a bonus report that names and explains this explosive growth stock and 4 other "must buys." Plus more.