【招商机械】Oil Price Returns to High Level, Offshore Orders Continue to Verify Boom Uptrend

English summary

[Fattest] The latest Brent oil price has reached $85/barrel. Combined with low global oil and gas inventories, overseas oilfield service orders and offshore capital expenditures continuing to land, the offshore cycle boom is further verified. [Fortune] Three positive changes in the industry: 1) # Overseas oil and gas supply capacity has significantly declined. US crude oil inventory available supply days has dropped to about 43 days, a 45-year low; Qatar LNG supply has shrunk significantly. 2) # Drilling platform demand continues to materialize. Transocean recently signed 5 contracts in Norway, Brazil, and the Eastern Mediterranean, with contract backlog of about $1.6 billion; Equinor and Transocean signed a $1 billion agreement for 3 CatD semi-submersible drilling platforms, covering about 7 years of operation. 3) # FPSO projects are advancing intensively. SBM Offshore signed contracts for two new FPSOs in Brazil, a $4 billion FPSO project in West Africa landed in a Chinese shipyard, and Indonesia's Kutei North Hub and Mexico's Zama projects are also progressing. ...