Energy Business Roundup: Ship Finance’s Public Offering, Credit Suisse Loves Midwater Rigs
Ship Finance International Limited (NYSE:SFL) has announced a public offering of 6 million shares. The company intends to use net proceeds for investment in new assets within the shipping and offshore sectors, and also for general corporate purposes.
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Credit Suisse likes the position in which midwater rigs now find themselves, as accelerating demand linked with tight supply should drive dayrates higher into 2014. Diamond Offshore Drilling (NYSE:DO), Transocean (NYSE:RIG), and Ensco (NYSE:ESV) are the current favorites at CS, as they are experiencing the most midwater exposure, with twelve, nine and five rigs respectively racking up contracts through that year.