Arctic: Energy Daily - Oil & Gas Markets, IPC, SDRL, ++

Research evidence excerpt

Arctic: Energy Daily - Oil & Gas Markets, IPC, SDRL, ++

capital investment phase now behind it, Blackrod has reached a clear free cash flow inflection point.

We also view management's commentary on future development phases positively, highlighting

Blackrod's potential as a multi-decade growth platform with existing regulatory approval to expand

production to 80,000 bopd. Shares expected to modestly outperform on project de-risking and

positive signals on future development phases.

Seadrill (Buy, USD 55): Priced new USD 700m senior notes due 2034

Yesterday, Seadrill has priced a new USD 700m senior note due 2034 at 6.750%, upsized from

the initial offering of USD 600m. Proceeds will be used, among other purposes, to fully refinance

the company’s outstanding 8.375% senior secured second lien notes due 2030 (USD 575m

outstanding as per Q1).

Eni set to re-tender for second drillship offshore Indonesia

According to market sources, ENI’s tender for a second drillship to operate on the Gendalo and

Gandang fields offshore Indonesia has failed, with the operator now awaiting approval to re-

tender. The original tender closed on 12 May 2026 and attracted only two bidders, reportedly the

same two contractors that participated in ENI’s first drillship tender for the North Ganal area. To

our understanding, Valaris, Saipem and Seadrill were the only pre-qualified bidders. Work scope

covers 8+7 wells over a 2.5-year term, with commencement scheduled for Q1/27, of which Eni

seeks a DP3-capable drillship equipped with dual BOPs. In Eni's first tender for a drillship (North

Ganal), we consider Seadrill's West Carina as the frontrunner.

Fontis Energy: Set to receive contract extension from Pemex

Market sources indicate that Fontis Energy’s jackup Defender is likely to receive a contract