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Daily Archives: June 29, 2017
Volunteers wanted for Oceania Championships – Pacific Daily News
Posted: June 29, 2017 at 11:43 am
Pacific Daily News 6:09 p.m. ChT June 28, 2017
Guam Youth Basketball Association logo(Photo: Courtesy of the Guam Youth Basketball Association)
The Guam Basketball Confederation (GBC) is looking for volunteers for the 2017 International Basketball Federation (FIBA) U17 Oceania Championships from July 10 to 17.
The games will be played at the University of Guam Calvo Field House and the Father Duenas Memorial School Phoenix Center.
Thetournament will cater to nearly 200 athletes from around our Oceania region from the following participating countries Australia, New Zealand, Guam, Tahiti, New Caledonia, Samoa, Palau and the Marshall Islands.
The FIBA Oceania Youth Championships provides a way for youngathletes to represent their country at the highest level of the sport. The Championships acts as a qualifier for the U17 and U19 World Championships held every two years. The Oceania qualifiers have been open for all Oceania nations to compete since 2014.
GBC is requesting the Guam Youth Basketball Association's support in encouraging club and volunteer involvement for the tournament.
The GBC'sidea is to have each of the GYBA clubs "adopt a team". For example:Mavericks can adopt the team fromAustralia, Crusaders can adopt team Guam, and Islanders adoptSamoa, etc. These clubs would then be encouraged to come out to "their adopted countries" game and support that team.
There would also bea tournament long shooting competition. The players from each club could compete against each other at half time. There will be atally indicatingwhich club is winning andprizes at the end of the tournament.
For more information you can contact Susan Lupolaatsusanrlupola@gmail.comor byphoneat 687-1144.
GYBA Drug Free Youth Basketball League Saturday, June 24 Results
From the Guam Sports Complex Gym
In the U16 boys division:
In the U18 girls division:
In the U18 Boys Division:
Under 10
Under 12
Information was provided in a press release.
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2017 Oceania area championships in Fiji – Guam Pacific Daily News – Pacific Daily News
Posted: at 11:43 am
Kasmira Engichy , Pacific Daily News Published 7:01 p.m. ChT June 29, 2017 | Updated 5 hours ago
Guam-born Scott James Fiti, foreground, of Tamuning, recently represented Chuuk in the Oceania Championships in Fiji. In the 100 meter race, he was fourth overall with a time of 10.94 according to the event website. He's shown in a selfie with Team Guam and Team FSM athletes.(Photo: Courtesy of Enjack Herman)
Track and field athletes throughout the region of Oceania are in Suva, Fiji to compete in the Oceania Area Championships 2017.
The Team Guamrepresentatives have fared well on the first day of the championshipsdespite the tough competition.
"So far the results are okay, we were expecting a little better but the last two days have been really cold and rainy," said coach Jay Antonio, "Our youngest athlete, Joseph Aguon did well and made it to the finals. We still have Josh Ilustre yet to run so we'll see if team Guam can do better."
Ilustre represented Guam in athletics at the 2016 Olympics in Rio de Janiero, Brazil. He entered the 800-meter run and ran a personal best time for the track but was later disqualified for stepping out of his lane.
In the Men's 400-meter Under 18 race,Aguon finished in eighth place with a time of 55.32, about four seconds away from the first place winner.
READ MORE:
Gerardo crushes 20-year-old shot put record
FAS Athletic Club holding mini track and field challenge Feb. 25
Athan Arizanga, finished in 10th place overall with a time of 53.07 after running to a fourth place finish inthe first heat of the Men's 400-meter Under 20 race.
In the Men's 100-meter Senior race, Bleu Perez finished at No. 19 with a time of 11.43. He raced in the second heat.
Genie Gerardo represented Guam in the Women's Shot Put 4.00 kg Senior and she finished with a throwing distance of 10.67 meters. In early June, she shattered Guam's 20-year-old national record with a throw of11.09 meters.
"Our under 18-athletes, Richelle Tugade and Aidan Quitigua should do well in their respective events," said Antonio.
The competition will continue today at the ANZ Stadium.
Guam-born Scott Fiti places 4th overall in sprint
Guam-born Scott James Fiti, who resides in Tamuning, raced on behalf of Chuuk. Fiti completed his 100-meter in 4th place overall with a time of 10.94on day one of the championships.
Fiti trains with the FAS Athletic Club on Guam.
"Scott did good in his race and finished first in his heat despite apoor start a bad take-off but thatplaced him in fourth overall and he is running in the semifinal," said Karatel Phillip, one of Fiti's coaches.
Reporter Kasmira Engichy covers Guam sports. Follow her on Twitter @kasmiraengichy. Follow Pacific Daily News on Facebook/GuamPDN and Instagram @guampdn.
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Pacific fighters progress to Oceania Boxing Championships final – Loop PNG
Posted: at 11:43 am
The Rio 2016 Olympian was in fine form, as he beat New Zealands Keegan O'Kane to advance to the gold medal contest.
He will face the challenge of Sam Goodman, with the Australian having overcome Noki Beupu of Papua New Guinea in his semi-final bout.
Naurus Colan Caleb and New Zealands Richard Hadlow will clash in the light-welterweight final, with the pair having beaten Papua New Guineas John Ume and Tongas Fineasi Tuipulotu respectively.
Fiji will boast one fighter in todays finals, with Winston Hill having advanced in the mens welterweight.
Hill, the top seed, defeated New Zealands Leroy Hindley in the semi-finals.
He will take on the host nations Andrew Hunt, with the Australian having beaten John Barry Slade Moleni of Tonga in the last four.
Campbell Somerville will fail to advance to the middleweight final in front of a home crowd, losing to New Zealands Ryan Scaife.
Scaife will take on Henry Tyrell in the gold medal match, with the Samoan having won his semi-final with Naurus Francis Togagae.
New Zealands Patrick Mailata secured a place in the super heavyweight final by beating Samoas Ishmael Liaina.
He will now face Australias Joseph Goodall.
It is the last of the five Continental Championships that serve as direct qualification routes to the International Boxing Association's World Boxing Championships, due to be held in the German city of Hamburg between August 25 and September 2.
The two finalists in each of the 10 weight categories will secure their places in Hamburg.
All finals will be held today.
Photo: Facebook Boxing Australia/www.sportspics.com.au
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As PNG opens up on a high note at the Oceania Athletics Championships – POST-COURIER
Posted: at 11:43 am
June 29, 2017
Athletics
Papua New Guinea has made a good start to the opening day of the Oceania Track and Field Athletics Championships being held in Suva, Fiji yesterday. PNG won two gold medals plus a silver in the opening session. Rellie Kaputin won the long jump with her fifth jump of the competition, leap-frogging Australian Jessie Harper who had led from the first round, said Athletics PNG president Tony Green. There were no records this time for Kaputin but she did have the satisfaction of being the only athlete to record six legal jumps, taking off behind the board every time. Simbai Kaspar was the surprise winner of the mens 5000m in a time of 15mins 50 seconds which is just a shade outside his personal best of 15min 49 set in 2015. Fellow Simbu athlete Abel Siune won silver in the U-20 mens 5000m. Young Roland Hure in his first overseas competition was just one centimetre outside the medals in the U20 long jump, Green added. Theo Piniau and Ephraim Lerkin cruised through the 400m semi finals and are set for an epic battle in todays final with Australias Murray Goodwin and Fijian Samuela Railoa threatening to spoil the PNG party. With a place in the World Championships at stake for the three Island athletes this promises to be the best race of the Championships. In the U-20 division, Emmanuel Wanga and Damien Kotou both qualified for the final. The in-form Wanga will face a strong challenge from Australias Louis Stenmark, Green added. Wesley Logorava, Nazmie Lee Marai and Charles Livuan all advanced to the 100m semi finals and Toea Wisil was a class apart in the womens 100m semi-final. However her (Wisil) hopes of running a world championship qualifier are not being helped by the windy conditions, said Green. Competition continues this afternoon with the mens long jump, womens javelin and the heptathlon getting underway, whilst on the track the 100m semi finals will be followed by walking events then the 400m finals. The session will end today with the 100m finals at 7.05pm.
Waisake Naholo will start on the right wing for the All Blacks against the British and Irish Lions on Saturday, with Ngani Laumape set to continue his remarkable rise after being brought into the match-day 23 following Ryan Crottys hamstring injury.
Usain Bolts preparations for the world championships received a jolt as he struggled to win his penultimate race before defending his 100m and 4x100m titles in London and then admitted to having some health issues with a stiff back.
British and Irish Lions coach Warren Gatland has handed captain Sam Warburton a start in one of three changes to the side beaten 30-15 last weekend for Saturdays second test against New Zealand.
Waisake Naholo will start on the right wing for the All Blacks against the British and Irish Lions on Saturday, with Ngani Laumape set to continue his remarkable rise after being brought into the match-day 23 following Ryan Crottys hamstring injury.
Usain Bolts preparations for the world championships received a jolt as he struggled to win his penultimate race before defending his 100m and 4x100m titles in London and then admitted to having some health issues with a stiff back.
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Bahamas hosts Public Relations Society of America Conference – South Florida Caribbean News
Posted: at 11:38 am
NASSAU, Bahamas: Seventy-five public relations professionals and their guests visited Nassau during this years Public Relations Society of Americas (PRSA) Sunshine District Conference held on June 23 26.
Every year the PRSA holds a conference in different districts, this year it was organized by North Florida. The organizers of this years conference wanted to plan something more exciting and took the conference onboard a Royal Caribbean cruise that stopped at Coco Cay and Nassau.
The Bahamas Ministry of Tourism hosted the group for a full day of activities in Nassau and the guests were treated to an authentic taste of The Bahamas. Jeanie Gibson, General Manager of Global Communications, said the goal is to encourage the cruise visitors to come back and experience even more of the destination.
We felt this would be a great opportunity to show these public relations executives, a taste of The Bahamas so that we can convert them from cruisers into stopover visitors. PRSA has a number of chapters with over 200,000 professionals. Their annual conference is normally in the United States but perhaps we can bring one of their other conferences down here such as the travel and tourism conference which hosts some 300 public relations and tourism professionals, she said.
Bryan Campbell, Chairman of the 2017 PRSA Sunshine District Conference, said the relationship between The Bahamas and South Florida made it an easy decision to visit.
The great relationships that South Florida districts and Miami have with The Bahamas just made it kind of a natural idea for us to come to The Bahamas, enjoy some time on the cruise and enjoy some time out here in beautiful Nassau. Being able to hear more of the history and understand more about the country, is allowing our people to have a better time while theyre here and working with the Bahamas Ministry of Tourism on being able to gibe this information to our members is great, Campbell said.
The PR professionals were treated to a mini-tour of Nassau stopping at Parliament Square, Paradise Island and Smugglers Restaurant where they watched a conch salad demonstration while getting to try the delicious delicacy, conch fritters and uniquely Bahamian beverages.
Bonnie Upright, Co-Chair of the conference said the feedback on the visit to Nassau has been incredible.
Public Relations Society of Americas (PRSA) Sunshine District Conference members enjoying a trip to The Bahamas
Weve had a number of people that have never been on a cruise before, weve got a number of people with us who have never been to The Bahamas before and so as a co-chair its exciting to not only offer professional development opportunities within the public relations profession but also talk about tourism, public relations industry and show people things they have never seen before.
A number of folks said they would like to come back and spend more time in The Bahamas. There was a relatively short tour of the island where we were able to get a taste of the island, get a taste of conch and try traditional beverages. I cant say enough about how fantastic everyone has been and the feedback has been phenomenal, Upright said while sipping a Goombay Punch.
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Inside Ben Affleck and Jennifer Garner’s Family Vacation in the Bahamas, Two Months After Filing for Divorce – E! Online
Posted: at 11:38 am
It's been two months since Ben Affleck and Jennifer Garner officially filed for divorce (and two years since they announced their separation), but they still make sure to spend quality time together with their three children, Violet, Samuel and Seraphina.
Case in point: The whole familyvacationed in Baker's Baylast week.
"Ben and Jen took a family vacation with other family friends," an insider tells E! News. "There was never any question that Ben would be there. All the dads went along, and it would have been strange for the kids not to have their dad there."
If Baker's Bay sounds familiar, that's because it's the same Caribbean island the family visited after they announced their separation in 2015. But they've been going there for years, even before that.
Of course, with the vacation comes plenty of speculation regarding their relationship status. However, our insider confirms, "They are not getting back together at all. They are both moving on, but will continue doing things together as a family."
We're told Benwasn't there the entire time. Rather, hecame for a few days toward the end of the trip.
As for the getaway, another source dished,"They stayed in the same house they always stay at. It's beachfront and beautiful. It's an annual tradition for them when the kids get out of school to come for a long vacation. It's very relaxing, and they can feel like they're on island time with nowhere to go and nobody they need to see."
Erik Pendzich/REX Shutterstock
So what did they do?
Our insider added, "The kids spent a lot of time on the beach swimming and playing in the sand with their friends. They also swam in the pool at the house and visited the club. Ben and Jen both worked out at the gym daily."
The former couple has always been very vocal that co-parenting their three children is their No.1 priority, and they will remain united as a team to do so.
"We are definitely a modern family," Jen told Todaylast summer. "You don't have a choice," she added, admitting that while their new normal might look unusual to some, they're actually "doing really well."
Ben reiterated that statement when he told E! News,"Jen is a superhero mom. She is an amazing mother, and I'm really lucky to have her as a partner to co-parent these kids with.We try our best, we put them first and that's what we do."
Us Weekly was the first to report about the vacation.
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KPMG in The Bahamas announces appointment of Mr. Dennis Deveaux – The FINANCIAL
Posted: at 11:38 am
The FINANCIAL -- KPMG in The Bahamas ispleased to welcome Mr. Dennis Deveaux as an Associate Director in its Advisory team.
Mr. Deveaux will be responsible for supporting the ongoing development of KPMGs Management Consulting practice in The Bahamas and regionally and for KPMGs Data & Analytics advisory business. Dennis brings his core skills in the areas of financial management and mergers and acquisitions to KPMG, after working in a global setting outside of The Bahamas for the majority of his career.
Mr. Deveaux joined KPMG from Toyota Material Handling where he spent more than 10 years, having worked at the Director level leading the North American strategic planning, financial management and operational accounting functions. He recently led TOYOTAs strategy work in the area of logistics solutions. Dennis has significant international experience working in the United States, Canada, Mexico, and Europe. He also successfully completed a 4 year assignment at TOYOTA's global material handing headquarters in Nagoya Japan, as a senior financial/planning leader, according to KPMG.
KPMG remains a trusted advisor to the worlds most demanding clients. Its role as an advisor to the public and private sector is essential to driving efficiency and operational improvements, given the many opportunities that stand at the forefront of our national dialogue, noted Dennis I fully expect to leverage my past experience at TOYOTA, along with KPMGs global platform and local presence to support impactful contributions in the community.
Mr. Deveaux earned a Bachelor of Science in Finance and Economics from Fisk University and then a Master of Science Finance, as well as an MBA from the Saunders College of Business, at the Rochester Institute of Technology. Dennis is a graduate of St. Annes School and was formerly involved with Junior Achievement Bahamas as a student. He was also a former intern at IBM Bahamas as well as Shell Bahamas, prior to joining TOYOTA.
KPMG is pleased to welcome Dennis and his wife, Dr. Teykia Deveaux back home. We are very fortunate to welcome Dennis into our Advisory team. He brings a wealth of experience, industry knowledge and expertise to the management team. As our Advisory practice grows, we are confident we have the right people in place to best support the needs of our clients, and to continue to drive our business forward noted Simon Townend, Head of Advisory for KPMG in The Bahamas. The firm will continue to invest in attracting the best and brightest Bahamians, including those working abroad, to return home and contribute to the national development of The Bahamas.
KPMG is a wholly Bahamian owned member firm of KPMG International and has been in The Bahamas for almost 60 years. KPMG has 3 offices in The Bahamas and employs 80 professionals. KPMG provides a wide range of advisory services to the public and private sector in The Bahamas and across the region from its Bahamas office.
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12-Member Volleyball Team To Represent Bahamas At The Cazova Senior Championships For Men – Bahamas Tribune
Posted: at 11:38 am
By BRENT STUBBS
Senior Sports Reporter
THE Bahamas Volleyball Federation has selected a 12-member team, featuring two professional players, some savvy veterans and a few collegiate players, to represent the country at the CAZOVA Senior Championships for Men.
The team, coached by Covance Mortimer and Lloyd 'Ratty' Davis, will be heading to Couva, Trinidad this weekend to participate in the tournament that will run from July 2-10.
Named to the team are pro players Byron Ferguson and Shonari Hepburn, veterans Printanique Wilson, Toney Simon, Glen Rolle and Jamaal Ferguson, collegians Eugene Stuart and Rajahl Moxey, along with JeVaughn Saunders, Javari Southard, Lorenzo Williams and Shedrick Forbes.
"I think this is probably the best 12 that we will travel with in a while since I've been on the team," he said. "So I feel we have a lot of players that we can interchange in crucial movements in the game that we didn't have in previous tournaments."
Jamaal Ferguson took it a step further. " A lot of teams are trying to emphasise on their power or right side player. Our coaches have seen the evolution in volleyball and they are trying to replicate the same things that others are doing, so I think it will work for us because a lot of teams don't know what we are doing," he said.
"It's going to be a good challenge, but we are looking to win as the favourites. We just have to go out there and play up to that expectation."
The Bahamas has been placed in Group E with Jamaica, Haiti and Barbados. The team's opening game will be on Tuesday against Barbados, followed by Jamaica on Wednesday (July 5) and Haiti on Thursday (July 6).
The playoffs are slated to begin on Friday (July 8) and wrap up on Sunday (July 9).
The tournament comes just before the women's tournament is played July 26-31 when the Bahamas will be placed in Group D with Martinique, Trinidad & Tobago and Guadeloupe.
On Monday night during a practice session at the Kendal Isaacs Gymnasium, the federation made the final cut. Coach Mortimer said he's quite pleased with the selection. "You can expect us to do the best that we can do," Mortimer said. "We have a veteran team with some of the players having been a fixture on the team for a while, so the experience on the international level is there, so I expect us to do very well."
The tournament serves as a qualifier for the World Championships with the first two teams earning their automatic berths into the next round.
"We are basically playing to fine tone ourselves because we have always played at a high standard in the past and we have been ranked a lot higher than most of our opponents," Mortimer said.
Looking at the mix-up of the team, Mortimer said their strength has and will continue to be up the middle, but they are looking at the transition from the middle to the right side.
"Every individual on the team have some sort of asset that they can contribute to our success, so that makes us overall an excellent team," he stressed.
However, Mortimer pointed out that if there was any weakness, it would have to be their mental aspect in regard to have focused the players will be when they get ready to play.
Davis said they have instilled in the players that in order to advance to the next round, the team will have to win.
"This is a very pivotal tournament for us," he stressed. "The future you go, the better it is for you. We will have some challenges, if we qualify, because we will start meeting the bigger countries like Cuba and Mexico.
"But we have a pretty young team, which can do some damage. We just have to start with this tournament. We have to win in order to look ahead to the next level."
Shedrick Forbes said there are a lot of expectations that he and his teammates have to live up too.
"We are more focused this time around mentally and now there is an expectancy of being the top team winning the gold medal at the tournament to move onto the NORCECA Championships in September to try and quality for World Championship 2018 in Japan," he projected.
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PM Touts Virtues of ‘Servant Leader’ at BCC Installation – The Bahama Journal
Posted: at 11:38 am
Posted on 29 June 2017. by Jones Bahamas
Great leadership calls for great service and those who are privileged enough to lead must be humble enough to serve their country, Prime Minister Dr. Hubert Minnis said Tuesday night.
Leadership is all about the people, Prime Minister Minnis said.
Prime Minister Minnis said he and newly-elected Bahamas Christian Council (BCC) President, Bishop Fernander, share a common destiny.
Bishop Delton Fernander, the Senior Pastor at New Destiny Baptist Cathedral, and his team were installed during the service.
God, in His wisdom, has called both of us for such a time, the Prime Minister said. This is indeed a new season, not only for the Christian Council, but for The Bahamas. We are both here because of the grace and mercy of Almighty God. We must both approach our office and duties with humility, focus and an attitude of service. We must both pray for Gods continued wisdom and understanding.
I congratulate you and your team. I commit not only my support, but you have my pledge to always be open to your spiritual counsel.
Addressing the Bahamas Christian Councils Service of Installation held at the William Thompson Auditorium, Jean Street, Prime Minister Minnis said the BCC is important to the wellbeing and development of the Commonwealth of The Bahamas.
The Bahamas should be thankful we have an organization called the Bahamas Christian Council, filled with spiritually strong leaders who love their God and their country. The Bahamas should not take these gifts for granted, Prime Minister Minnis said.
I firmly believe that a great part of the national change we all desire will only come when we truly follow Christian values and principles.
Prime Minister Minnis said Bahamians and The Bahamas have a great deal to be thankful for and should not lose sight of the many gifts God has bestowed on citizens and country alike.
The bible tells us to give thanks in every circumstance, Dr. Minnis said. The people of The Bahamas have a great deal to be thankful for. We should thank God that we live in one of the best countries in the world. We should thank God that even though we face challenges, we are a strong, talented and courageous people. We should thank God for our religious freedoms that allow us to pray and worship without fear of persecution.
Prime Minister Minnis congratulated Bishop Delton Fernander on his ascension to the presidency of the Christian Council and for Bishop Fernanders faithful and exemplary service to your own church (New Destiny Baptist Cathedral) and his country.
I give God thanks for your election to the office of President of the Bahamas Christian Council. I wish you and your team Gods favour and grace as you lead this important organization.
The prime minister also commended outgoing BCC President Dr. Ranford Patterson for his tenure as BCC president.
Dr. Patterson has been a passionate, outspoken, thoughtful and fearless spiritual leader, the prime minister said. (He) and his team have provided sound, biblical guidance for our people on important national issues.
The Christian Council has established several commissions to investigate such matters as the council may refer to it or such other matters that fall within its term of reference for 2017.
These include areas such as theological and bible studies, education and culture, economic development, health and wellness, crime and justice, moral and social matters, family life (the role of men), children, youth and young adults, pastoral education and ethics and women (church women) among others.
The council was constituted to promote understanding and trust between various parts of Christs Church in The Bahamas at all levels, to further Christs mission of service by the joint action of Christians in The Bahamas, and to witness for the Christian community in The Bahamas on matters of social and common concern.
Bishop Fernanders team will include Archdeacon James Palacious (First Vice-President); Reverend. Dr. Beverley Strachan (Secretary); Pastor Ronald Campbell (Treasurer); Bishop Moses Johnson (Second Vice-President); Bishop Gregory K. Minnis (Third Vice-President); Bishop Gloria D. Ferguson (Fourth Vice-President); Reverend Irene Russell (Radio and Television Coordinator); Pastor Roslyn Astwood (Administrative Assistant to the President) and Bishop Albert Hepburn (Historian).
Apostle Leon Wallace, Reverend Dr. Vaughn Cash, Pastor Mario Moxey, Reverend Ednol Minnis and Dr. Anthony Farrington are the executive officers.
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PM Touts Virtues of 'Servant Leader' at BCC Installation - The Bahama Journal
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Offshore Drilling: Discussing First-Half Results – Seeking Alpha
Posted: at 11:37 am
The sixth month of this year ends in a few days and I feel its high time to look at the results of the offshore drilling sector and where it is headed. Heres what I believe are major highlights of the first half together with my thoughts on the future.
Oil prices drop and postpone recovery
It is now a fact OPEC failed to lift oil prices, at least in the short term. Both Brent (BNO) and WTI (USO) trade at about the same levels where they traded before the first announcement of the OPEC decision to cut production. The prolongation of the deal did not inspire the market and led to a downtrend in oil prices.
In my view, oil prices continue to trend in a wide range, which is roughly $44-58 for Brent and $42-55 for WTI. To get out of this range, oil prices will need strong upside catalysts. So far, the effect of the OPEC/non-OPEC deal was not sufficient enough to push oil prices to the desired $60+ range, which will create a meaningful uptick in the contract activity in the offshore drilling space.
The effect of the recent drop is really negative for the potential recovery. There is little reason to rush into offshore drilling spending for most oil companies. In all likelihood, they will continue to prioritize short-cycle investments like shale over offshore drilling in the second half of this year.
Day rates reach bottom and wont recover in H2 2017
As those who follow the industry regularly know well, many contracts now come at undisclosed day rates. Its not hard to decipher what undisclosed means the rate is so low that a company does not want to show it to both investors and competitors.
For day rates to increase, utilization should increase significantly. I do not see it happening in the near term. New contracts are scarce while many rigs roll off their previous contracts. Scrapping could have helped, but accounting consequences of scrapping (the necessity to take impairments which could lead to problems with credit covenants) prevent many drillers from retiring their rigs.
Offshore drilling is getting more competitive? Too early to celebrate
Here and there we can read that offshore drilling is getting more competitive and that the sole obstacle in its competition with shale is the necessity to make big upfront investments. There is no surprise that offshore drilling becomes more attractive as offshore drillers agree to contracts at cash breakeven rates! This is not sustainable and everyone understands it. Offshore drilling will be competitive with shale when it will be able to operate with same costs while all companies involved get rational rates, allowing them to profit and invest for the future.
M&A begins
Two major deals were announced (and one already executed) in the first half of this year. Transocean (RIG) sold its entire jack-up fleet to Borr Drilling. Ensco (ESV) announced a merger with Atwood Oceanics (ATW). It is not yet clear whether Ensco shareholders will vote for the merger with Atwood.
The necessity for consolidation in the industry has been discussed many times. Currently, it looks like smaller companies dont have a good place in the future of the industry as clients prefer stable companies with solid finances. However, potential acquirers themselves are not in their best shape. First, companies like Ocean Rig (ORIG) and Pacific Drilling (PACD) have to go through restructurings and get rid of debt, and only then deals similar to Ensco Atwood could be considered.
Among U.S.listed stocks, its difficult to find a company which looks ready to grab another driller right now. Frankly, Enscos move was a surprise to me. Nevertheless, I do not anticipate that other companies will immediately follow Ensco's steps. Neither Rowan (RDC), Diamond Offshore Drilling (DO), Noble Corp. (NE) nor Transocean looks ready for a deal, especially now, when the more obvious target has been approached by Ensco.
In my view, the EnscoAtwood deal will be positive for the industry if it goes through shareholder votes as it will likely lead to rationalization of Ensco's fleet. At the same time, the recent Transocean sale led to an increase in competition. The net result of these two deals is hardly positive as Borr Drilling emerged as a new competitor with a significant fleet.
Offshore drilling stocks trade near yearly lows
The direct consequence of the recent drop in oil prices is the price action in nearly all offshore drilling stocks. In case oil is really in a range and it will rebound from current levels, offshore drilling stocks will also experience a rebound. However, I do not think they can reach highs of the beginning of this year unless oil breaks out of this range and trades above $60. Current range has already proved insufficient for meaningful recovery, so each month oil stays in $50 whereabouts the fundamental situation gets a bit worse for the industry. Thus, its hard to expect that drilling stocks will react to oil upside with the same enthusiasm as at the beginning of this year, when the market implied that OPEC/non-OPEC deal will provide big support for oil prices.
In my view, the safest play from the long-term perspective is Rowan. However, it does not mean that this stock will be the best from the trading perspective in the shorter term should oil prices rebound from current levels.
H2 2017 will be very interesting and volatile
Im expecting that more contracts will surface in the second half of this year as oil companies will prepare for their drilling programs in 2018. Despite all the current attractiveness of shale and all the fuss about the end of the oil age, offshore drilling is a huge part of the world oil supply and oil companies will start locking cheap day rates after a few years of hiatus.
However, until the real, tangible signs of offshore drilling recovery materialize, offshore drilling stocks will remain more suited for trading than to be longer-term holdings. Timing of the recovery is uncertain and drilling stocks may experience many local up and down cycles before establishing an upside trend in case of oil price recovery.
Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.
I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
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Offshore Drilling: Discussing First-Half Results - Seeking Alpha
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