Jefferies More Bullish On Longer-Term Outlook For Brazilian Offshore Market (SPN, PDE, SDRL)

Following 3+ days of meetings in Rio de Janeiro with a wide range of companies that included Petrobras, OGX, Odebrecht, Superior Energy SPN, Pride PDE, and Seadrill SDRL, Jefferies reports that it came away from its trip “incrementally more positive on the outlook for the UDW rig market over the next 2-4 years and even more bullish on the longer-term outlook for the Brazilian offshore market.” “To be sure, we also believe the region faces its share of challenges, most notably a limited skilled labor pool that is likely to result in significant wage and cost inflation for years to come that creates an environment that gradually eats away at margins,” Jefferies writes.
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Posted In: Analyst RatingsEnergyJefferiesOil & Gas DrillingOil & Gas Equipment & ServicesPrideSeadrillSuperior Energy
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