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Apr-Jun 2013 Earnings Preview
Kejal Mehta
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Adani Ports & SEZ
Gujarat Pipavav Port
Offshore & Ports
Offshore
Crude firmed up further during the quarter teasing the US$100 mark. This led to
jackup rig utilizations remaining firm despite an increase in fleet size from 398 rigs to
407. Utilizations for drill ships declined slightly on the back of an increased fleet size,
while semisub utilizations formed on a stable fleet.
Stock prices of global and Indian offshore companies displayed a divergent trend to
that of crude this quarter.
Rig Utilizations
100.0%
95.0%
90.0%
85.0%
80.0%
75.0%
70.0%
65.0%
Source: Rigzone
Drill Ships Jack Ups Semisubs
Feb-08
May-08
Aug-08
Nov-08
Feb-09
May-09
Aug-09
Nov-09
Feb-10
May-10
Aug-10
Nov-10
Feb-11
May-11
Aug-11
Nov-11
Feb-12
May-12
Aug-12
Nov-12
Feb-13
May-13
Crude prices consolidate after correction
110.00
105.00
100.00
(US$/bbl)
95.00
90.00
85.00
80.00
75.00
Jul-11
Sep-11
Nov-11
Jan-12
Mar-12
May-12
Jul-12
Sep-12
Nov-12
Jan-13
Mar-13
May-13
Jul-13
Source: Bloomberg, PL Research
July 8, 2013 135