Companies that run the drilling rigs — the machines that bore deep into the ground or seabed to reach oil and gas, often hired by big oil firms.
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Valaris Adds $220M to Backlog With Suriname, Australia and North Sea Awards
Valaris Ltd. announced several contract awards and extensions, including in Suriname, Australia and the North Sea, that together add about $220 million to its contract backlog. PETRONAS Suriname Exploration & Production awarded an exploration contract for the VALARIS DS-18 drillship covering two exploration wells in Suriname, following an earlier Letter of Award, with work expected to start in the fourth quarter of this year and last up to seven months. The jack-up rig VALARIS 107 secured a contract offshore Australia with an estimated term of 300 days that adds approximately $50 million to the backlog, excluding mobilization and demobilization fees, and includes priced options. A plug and abandonment contract in the Southern North Sea, a fleet award that can be undertaken by any suitable rig in Valaris' North Sea fleet, is expected to last 341 days with a commencement window through December 2030 and add $41.5 million to the backlog, with an annual cost escalation provision and an option for an additional well. Among extensions, INEOS extended its agreement for the VALARIS 122 rig in the North Sea starting February 2027 at a day rate of $115,000 for approximately 126 days, with options for a combined 699 more days, while a Seatrium extension for the VALARIS 248 rig in the U.K. North Sea adds approximately $2.5 million and an amended Eni contract reassigns about eight and a half months of East Irish Sea work from the VALARIS 72 to the VALARIS 121, adding approximately $17 million.
VAL · Demand · Positive Valaris won multiple contract awards and extensions in Suriname, Australia and the North Sea adding about $220M to its backlog.
Transocean Adds $1.1 Billion to Backlog With Shell Contract and Equinor Approval
Transocean Ltd. announced a new contract award representing approximately $62 million in firm contract backlog and the formal approval of the previously announced Equinor agreement, bringing its total new contract backlog to approximately $1.1 billion. The Transocean Norge was awarded a two-well contract with A/S Norske Shell, with the estimated 120 days of work expected to commence in direct continuation of the rig's previously awarded programs in Norway and contribute approximately $62 million in backlog, excluding additional services; the contract also includes one single-well option. In late September, final approval was received from Equinor for the previously announced agreement covering three harsh environment semisubmersible rigs in Norway — Transocean Enabler, Transocean Encourage, and Transocean Endurance — converting the total contract value of approximately $1.0 billion into firm backlog. Transocean operates the highest specification floating offshore drilling fleet in the world, owning or holding partial ownership interests in 27 mobile offshore drilling units, consisting of 20 ultra-deepwater floaters and seven harsh environment floaters.
RIG · Demand · Positive New Shell two-well contract (~$62M) plus Equinor approval lift Transocean's total new backlog to ~$1.1 billion
A/S Norske Shell · Demand · Positive A/S Norske Shell awarded Transocean Norge a two-well contract worth ~$62 million in backlog
EQNR · Demand · Positive Equinor gave final approval converting ~$1.0 billion for three Transocean harsh-environment rigs into firm backlog, confirming its drilling demand
Helmerich & Payne Sees Q4 Margins at High End, Expands ExxonMobil FlexRobotics to Nine Systems
Helmerich & Payne said it expects direct margins across its North America Solutions, International Solutions and Offshore Solutions businesses to come in at or near the high end of previously issued fiscal fourth-quarter guidance, with International Solutions direct margins of around $45 million near the upper end of the prior $25-$45 million range. North America Solutions average rig count is expected near the high end of its guided range, while International Solutions and Offshore Solutions are each expected near the midpoint of their ranges for average rig count and management contracts, and other financial guidance items from the Aug. 5 earnings release remain unchanged. Management expects overall direct margins in fiscal 2027 to be stronger than in fiscal 2026, with robust North America activity and stronger Latin America activity partly offsetting near-term reductions in the Middle East, and reiterated its commitment to reducing leverage to approximately 1x net debt to adjusted EBITDA by calendar year-end 2027 while maintaining the base dividend. Separately, Helmerich & Payne announced that ExxonMobil plans to add seven more FlexRobotics systems over the next 12 months after the initial deployment of two systems on HP rigs, bringing the total number of FlexRobotics systems operating for ExxonMobil to nine. The company said the update was provided on Oct. 7.
Helmerich & Payne Guides to High End of Fiscal Q4 Margins, Expands ExxonMobil Robotics Deal
Helmerich & Payne management said fiscal Q4 segment margins will land at or near the high end of guidance and announced a larger FlexRobotics deployment with ExxonMobil. The stock last closed at $39.64, with a 7 day share price return of 6.73%, a 90 day share price return of 21.04%, a 30 day share price return of negative 10.64%, a year to date share price return of 32.40% and a 1 year total shareholder return of 71.47%. The most followed narrative values Helmerich & Payne at $44.75, roughly 11% above the last close, a gap that hinges on converting technology and global rig deployments in Vaca Muerta, the Middle East and offshore into consistent direct margins and free cash flow. Risks to that story include drilling overcapacity pressuring dayrates and conflict-related disruptions hitting international margins.
Helmerich & Payne said it expects strong operational and segment financial results for the fourth quarter, with direct margins for its North America Solutions, International Solutions, and Offshore Solutions businesses all at or near the high end of previously issued guidance ranges. The company also said it expects average rig count and management contracts to land near the high end of guidance for North America Solutions, near the midpoint for International Solutions, and near the midpoint for Offshore Solutions. Separately, Helmerich & Payne announced that ExxonMobil is expanding its use of the company's FlexRobotics technology, with seven additional systems to be deployed over the next 12 months, bringing the total number of systems operating to nine. President and CEO Trey Adams said the company maintains a constructive outlook heading into fiscal 2027, citing encouraging customer discussions and contracting activity across its global portfolio and an expectation of stronger overall direct margins compared to 2026. Shares gained 1.3% pre-market Wednesday following the update.
H&P Expands FlexRobotics Deployment With ExxonMobil to Nine Systems
Helmerich & Payne announced an expanded deployment of its FlexRobotics technology with ExxonMobil, adding seven new systems over the next 12 months to the two already running on H&P rigs, bringing the total number of systems operating to nine. The expansion builds on the successful deployment of the first two FlexRobotics systems and supports ExxonMobil's broader efforts to deploy advanced technologies across its entire drilling operations. FlexRobotics automates repetitive rig-floor activities, reducing personnel exposure to higher-risk tasks while improving consistency, precision and operational efficiency. H&P President and Chief Executive Officer Trey Adams said the expansion demonstrates the value automation can deliver in modern drilling operations, while ExxonMobil Senior Vice President of Unconventional Bart Cahir said the move builds on what the company learned from its initial deployments.
HP · Demand · Positive ExxonMobil expands FlexRobotics deployment to nine systems, adding seven new H&P systems over 12 months — a concrete order/adoption event for H&P's technology.
XOM · Technology · Positive ExxonMobil is deploying H&P's FlexRobotics across its drilling operations to automate rig-floor tasks and improve efficiency.
Valaris Wins $220 Million in New Contracts and Extensions
Valaris Limited announced new contracts and contract extensions with associated contract backlog of approximately $220 million since its previous fleet status report on August 5, 2026. The awards include a two-well exploration contract with PETRONAS Suriname Exploration & Production B.V. for drillship VALARIS DS-18, expected to commence in the fourth quarter of 2026 with a duration of up to seven months. Among the jackup awards, VALARIS 107 secured a new contract offshore Australia with an estimated duration of 300 days and backlog of approximately $50 million, while a multi-well plug and abandonment contract in the Southern North Sea carries estimated contracted revenue backlog of $41.5 million and a commencement window up to December 2030. VALARIS 122 won a contract extension with INEOS for a project in the Danish North Sea at an operating day rate of $115,000, and an amendment to the previously announced VALARIS 72 contract with Eni in the East Irish Sea increases contract backlog by approximately $17 million. A 31-day extension for VALARIS 248 with Seatrium in the UK North Sea added approximately $2.5 million to contracted revenue backlog, and the semisubmersible VALARIS MS-1 and jackup VALARIS 111 were sold for recycling in September 2026.
VAL · Demand · Positive Valaris won ~$220M in new contracts and extensions, including a PETRONAS Suriname drillship deal and multiple jackup awards, boosting its contract backlog.
Capital raises 2026 revenue forecast to $435-455 million after MDU acquisition
Capital raised its 2026 group revenue guidance to $435 million to $455 million from $430 million to $450 million previously, after acquiring Australian underground drilling specialist Metres Down Under for up to $16 million. The mining drilling services firm will pay about $11 million upfront for MDU, with a further $5 million tied to performance milestones, and MDU's revenue will be included from Sept. 30. MDU generated about $25 million in revenue and $6 million in adjusted EBITDA in the 12 months to Sept. 30, and brings 11 drilling rigs plus contracts at the Sunrise Dam and Tropicana mines, both operated by AngloGold Ashanti. The deal gives Capital a direct presence in Australia's underground drilling market and adds MDU's contracted revenue to the group's fourth-quarter results. Capital maintained its revenue guidance of $85 million to $95 million for MSALABS and capital expenditure guidance of $55 million to $65 million.
Transocean Wins $80 Million Deepwater Drillship Contract in Equatorial Guinea
Transocean Ltd. announced on September 15 that it secured an approximately $80 million contract for its Deepwater Conqueror ultra-deepwater drillship in Equatorial Guinea. The estimated 170-day campaign with an undisclosed operator is expected to begin next year, directly following the rig's current contract in the US Gulf. The award adds contract revenue and improves visibility into Transocean's future revenue base, which stood at a backlog of approximately $6.7 billion as of August 5, 2026. The 2016-built DSME 12000-design drillship can operate in water depths of up to 12,000 feet and drill to a maximum depth of 40,000 feet, and moving directly from the US Gulf to Equatorial Guinea avoids a gap between the two programs. Transocean had already signaled on its Q2 earnings call that growing demand for new deepwater contracts in Africa would help offset a decline in US Gulf awards, though the company has not disclosed contract duration, day rate, start date, or operating-cost details, leaving uncertainty around the award's contribution to earnings and cash flows.
Transocean Wins US$80 Million Equatorial Guinea Contract as DCF Puts Stock Near Fair Value
Transocean has secured a new US$80 million ultra deepwater contract in Equatorial Guinea, adding to its backlog with work set to begin in 2027. The award comes as a Discounted Cash Flow model of the offshore driller's future cash generation puts its intrinsic value broadly in line with the current US$5.94 share price, suggesting the market already prices in a step down from recent free cash flow levels. Transocean generated trailing twelve month free cash flow of about $733 million, and the model assumes that strength fades into lower free cash flow by 2030 before tapering further in later years. The stock has returned 86.2% over five years, and its price-to-sales ratio stands at 1.6x. Community narratives on Simply Wall St split on the shares, with a bull case calling them 34% undervalued on fleet scale and merger math, and a bear case calling them 32% overvalued on high debt, an aging fleet and rising competition.
Transocean Wins $80M Ultra-Deepwater Drillship Contract in Equatorial Guinea
Transocean shares rose 8.6% in Tuesday's trading after the company said its Deepwater Conqueror ultra-deepwater drillship was awarded a two-well contract for work in Equatorial Guinea by an undisclosed operator. The estimated 170-day campaign is expected to begin in 2027, in direct continuation of the rig's current contract in the U.S. Gulf, and is expected to contribute approximately $80M in backlog, excluding additional services and compensation for mobilization and demobilization. Transocean owns or has partial ownership interests in and operates a fleet of 27 mobile offshore drilling units, consisting of 20 ultra-deepwater floaters and seven harsh environment floaters. The company said in August that Africa would drive demand for new deepwater contracts, with the gain expected to offset a decline in U.S. Gulf-based contracts.
RIG · Demand · Positive Transocean's Deepwater Conqueror drillship won a two-well Equatorial Guinea contract worth ~$80M in backlog, a concrete new order.
Odfjell Drilling wins $518m Vår Energi contract for Deepsea Bergen rig
Odfjell Drilling has received a letter of award from Vår Energi for deployment of the Deepsea Bergen rig, with an estimated contract value of $518m, or Nkr4.81bn. The three-year award is due to begin in early 2028, after the unit completes its current contract, and the value includes mobilisation fees but excludes annual escalation, integrated services, performance bonuses and fuel incentives. The award extends Deepsea Bergen's firm contract backlog to the first quarter of 2031. CEO Kjetil Gjersdal said the terms allow both Vår Energi and Odfjell Drilling to invest in a long-term partnership arrangement, and that the company was pleased to secure a long-term contract for the unit less than 12 months after acquiring it. The rig is built to the CS 60 E harsh environment specification and has a conventional mooring spread for water depths from 70m to 500m, with a loading capacity of 7,500t in all operating conditions.
Valaris Limited, a U.S.-based offshore drilling services provider, saw its shares surge after agreeing to be acquired by Transocean in an all-stock transaction announced on February 9th, priced at a roughly 32% premium to its stock price. Moerus Worldwide Fund, which highlighted Valaris as its largest individual contributor to performance in the first half of 2026, noted that the stock was added to the fund in early 2025 following a slide amid subdued oil prices and a temporary lull in offshore drilling activity. As of September 7, 2026, Valaris shares closed at approximately $86.74, giving it a market capitalization of about $6.03 billion. The fund's Institutional Class returned 0.14% in Q2 2026, compared with 14.49% for the MSCI ACWI ex USA and 14.93% for the MSCI ACWI, with underperformance driven by limited exposure to information technology and energy holdings. Moerus maintains its deep-value approach, viewing the gap between expensive AI-focused areas and neglected parts of the market as an opportunity.
Valaris Swings to Profit as Middle East Costs Linger
Valaris Limited reported second-quarter results that swung from a first-quarter loss to a profit, with revenue of $539 million, net income of $47 million, and adjusted EBITDA of $97 million, up from $67 million in the prior quarter. The improvement came as two idle drillships, VALARIS DS-12 and DS-10, returned to work, boosting floater segment revenue to $279 million from $193 million, while two more drillships are expected to start contracts before year-end. However, Middle East conflicts cut adjusted EBITDA by about $30 million in the quarter, up from $8 million in the first quarter, due to war-related insurance premiums and shipyard downtime for VALARIS 250 and 116. The company also sold two jackups for $74 million, added over $160 million in North Sea backlog, and continues to expect its pending combination with Transocean to close in the fourth quarter of 2026. Cash on hand fell to $541 million from $578 million, and short interest stands at 11.10% of the float, with shares trading at a forward price-to-earnings ratio of 29.07.
Transocean Beats Q2 Estimates, Shares Up 16.7% Since Report
Transocean reported second-quarter 2026 adjusted earnings of 3 cents per share, beating the Zacks Consensus Estimate of 1 cent, and its shares have risen 16.7% since the report, outperforming the S&P 500. Contract drilling revenues of $966 million surpassed the consensus estimate of $939 million, driven by strong performance from harsh environment floaters, though total revenues declined 2.2% year over year to $988 million. The company's ultra-deepwater floaters, which accounted for 64.5% of total contract drilling revenues, generated $623 million, down from $699 million a year ago, while harsh environment floaters contributed $343 million, up from $289 million. Adjusted EBITDA fell to $312 million from $344 million a year ago, but beat the model estimate of $260.9 million. As of August 5, 2026, Transocean's total backlog was approximately $6.7 billion, with five new fixtures adding nearly $292 million in incremental backlog. For the third quarter, the company expects contract drilling revenues between $920 million and $960 million, and for the full year, revenues are projected between $3.9 billion and $3.975 billion. Since the earnings release, the consensus estimate has shifted downward by 35.19%, and Transocean holds a Zacks Rank #3 (Hold).
Transocean Secures $300 Million Drillship Contract with ONGC
Transocean has secured a two-year, approximately US$300 million Letter of Award with Oil and Natural Gas Corporation Limited in India for the Dhirubhai Deepwater KG2 drillship. The contract news comes as the offshore drilling contractor's shares trade at US$5.92, with a 30-day return of 11.70% despite a 13.07% decline over 90 days. Transocean's industry-leading backlog of roughly $7 billion with major E&P clients provides revenue visibility and cash flow stability, supporting deleveraging efforts. Analysts and one intrinsic value estimate suggest the stock is undervalued, with a most-followed fair value estimate of $6.58 implying about 10% upside, while a discounted cash flow model points to $6.76. However, the company's heavy debt load and exposure to volatile offshore dayrates remain key risks to that valuation narrative.
RIG · Demand · Positive Secures $300 million two-year contract with ONGC for drillship, boosting backlog and revenue visibility.
Oil and Natural Gas Corporation · Demand · Positive Awarding contract to Transocean indicates ONGC's ongoing offshore drilling activity, but impact is indirect.
Sinopec Oilfield Service Releases 2026 Interim Report, Net Profit of 510 Million Yuan Up 3.51% Year-on-Year
Sinopec Oilfield Service released its 2026 interim report, with net profit attributable to the parent company of 510 million yuan, up 3.51% from the same period last year, marking four consecutive years of growth. The company's total operating revenue was 37.664 billion yuan, up 1.66% year-on-year, and net cash inflow from operating activities was 2.937 billion yuan, up 36.55% year-on-year. The company's latest asset-liability ratio was 87.08%, gross margin was 8.49%, and ROE was 5.09%.
Sinopec Oilfield Service first-half 2026 net profit 510 million yuan, up 3.51% year on year
Sinopec Oilfield Service released its 2026 interim report. Net profit attributable to the parent company was 510 million yuan, up 3.51% from the same period last year, marking a fourth consecutive year of growth. Total operating revenue was 37.664 billion yuan, up 1.66% year on year, achieving a second straight year of growth. Net cash inflow from operating activities was 2.937 billion yuan, up 36.55% year on year. The company's latest asset-liability ratio was 87.08%, down 1.01 percentage points from a year earlier. Gross margin was 8.49%, rising for a fifth consecutive year. Diluted earnings per share were 0.03 yuan, up 3.85% year on year. The company had 183,700 shareholders, and the top ten shareholders held 16.355 billion shares, accounting for 86.27% of total share capital.
Sinopec Oilfield Service to acquire 50% stake in Mexico's DS and invest up to 212 million US dollars more
Sinopec Oilfield Service announced that its wholly owned subsidiary Sinopec International Petroleum Service Corporation and its Mexican subsidiary plan to acquire, for 4 million US dollars, the 50% stake in Mexico's DS held by DIAVAZ and the 0.01% interest in the EBANO project held by D&S. After the acquisition, Sinopec International Petroleum Service Corporation will hold 99% of Mexico's DS and indirectly obtain a 55% interest in the EBANO project through that company. At the same time, the company plans to invest up to 212 million US dollars more in the EBANO project. This transaction still needs to be submitted to the shareholders' meeting for approval and must satisfy multiple closing conditions.
600871.CG · Capital · Positive Sinopec Oilfield Service acquires 50% stake in Mexico's DS and invests up to $212M more in EBANO project, expanding its stake.
国工公司 (Sinopec Oilfield Service Mexico subsidiary) · Capital · Positive Sinopec's Mexican subsidiary indirectly gains 55% interest in EBANO project through acquisition.
Mexico DS Company (Diavaz Ebano JV) · Capital · Neutral Mexico's DS is the target of acquisition; impact depends on deal completion and future project performance.
Grupo Diavaz · Capital · Neutral Grupo Diavaz sells its 50% stake in Mexico's DS; impact depends on sale terms and future involvement.
Sinopec Oilfield Service first-half net profit attributable to parent at 510 million yuan, up 3.5% year on year
Sinopec Oilfield Service released its 2026 half-year report. First-half net profit attributable to the parent was 510 million yuan, up 3.5% year on year. Operating revenue was 37.66 billion yuan, up 1.7% year on year. Net profit attributable to the parent after deducting non-recurring items was 469 million yuan, up 10.7% year on year. Net operating cash flow was 2.937 billion yuan, up 36.6% year on year. Second-quarter net profit attributable to the parent was 305 million yuan, up 11.3% year on year. International business revenue rose 20.9% year on year, and engineering construction services achieved significant growth.
600871.CG · Capital · Positive First-half net profit attributable to parent rose 3.5% year on year, with operating revenue up 1.7% and net operating cash flow up 36.6%.
Beiken Energy swings to loss in 2026 interim report, net loss of 124 million yuan
Beiken Energy released its 2026 interim report, with net profit attributable to the parent company at negative 124 million yuan, swinging from profit to loss compared to the same period last year. The company's total operating revenue was 314 million yuan, down 32.41 percent year-on-year. Gross margin plunged from 21.42 percent in the same period last year to 0.46 percent, and return on equity fell to negative 20.61 percent. Net cash outflow from operating activities was 7.2352 million yuan, and the asset-liability ratio rose to 52.59 percent.
Helmerich & Payne Q3 revenue beats estimates but EPS misses
Helmerich & Payne reported fiscal third-quarter revenue of $1.03 billion, topping the Zacks Consensus Estimate of $988.44 million by 4.7%, while posting a loss of $0.11 per share that missed the consensus estimate of $0.11 by 200%. Revenue declined 0.6% year-over-year, and EPS swung from a profit of $0.22 a year ago. North America Solutions operating revenue came in at $562.9 million, down 5% from the prior year, while Offshore Solutions revenue rose 7.8% to $174.41 million and International Solutions revenue fell 5.9% to $250.12 million. The company's average active rig count in North America Solutions was 142, slightly above the 141 estimate, and International Solutions averaged 65 active rigs versus the 64 estimate.
Valaris Limited second-quarter profit drops to $50.4 million
Valaris Limited reported a decline in second-quarter profit, with earnings falling to $50.4 million, or $0.72 per share, from $115.1 million, or $1.61 per share, in the same period last year. Revenue for the quarter decreased 12.4% to $539.2 million from $615.2 million a year earlier.
Transocean reports $292 million in new contract fixtures and a $1 billion Equinor agreement
Transocean Ltd. issued its quarterly fleet status report, revealing approximately $292 million in aggregate incremental backlog from new contract fixtures. The fixtures include a two-well extension for the Deepwater Conqueror and a two-well contract with two one-well options for the Deepwater Proteus, both in the U.S. Gulf, a one-well extension for the Deepwater Skyros with Murphy in Ivory Coast, a five-well contract with three one-well options for the Transocean Norge with Harbour Energy in Norway, and a two-well contract with five one-well options for the Transocean Equinox with Santos in Australia. Additionally, Equinor executed a conditional agreement for three harsh environment semisubmersible rigs on the Norwegian shelf, with a total value of approximately $1.0 billion, covering a three-year program for the Transocean Enabler, a two-year program for the Transocean Encourage, and a two-year program for the Transocean Endurance after its return from Australia. As of August 5, 2026, Transocean's total backlog stands at approximately $6.7 billion, excluding the $1.0 billion Equinor backlog pending license partner approvals.
Patterson-UTI beats Q2 estimates on premium equipment demand and pricing recovery
Patterson-UTI reported second-quarter revenue of $1.23 billion, beating analyst estimates of $1.16 billion and flat year on year, while its adjusted earnings per share of $0 significantly exceeded the consensus estimate of a $0.04 loss. Adjusted EBITDA reached $231.9 million, above the $218.8 million forecast, and the operating margin improved to negative 0.6 percent from negative 2.4 percent a year earlier. CEO Andy Hendricks attributed the performance to accelerated rig deployments, longer contract durations, and higher pricing for high-specification equipment, with demand driven by private exploration and production companies and expectations of increased activity from public operators. The company is upgrading its fleet with natural gas-powered completion units and high-capacity rigs, and it plans to exit contract drilling in Colombia to focus on higher-return opportunities. Management expects tight supply of premium equipment and further pricing momentum to support margins into 2027, with international growth seen in the Middle East and Argentina.
PTEN · Demand · Positive Beats estimates on premium equipment demand and pricing recovery, with tight supply and pricing momentum expected to support margins.
Innovex International second-quarter profit climbs to $25.03 million
Innovex International reported a higher second-quarter profit. Net income rose to $25.03 million, or $0.36 per share, from $15.35 million, or $0.22 per share, in the same period last year. Revenue increased 9.2% to $244.90 million from $224.23 million a year earlier. The company issued next-quarter revenue guidance of $260 million to $270 million.
Beiken Energy plans change of control, controlling shareholder to become Jining Technology
Beiken Energy plans a change of control, and its shares will resume trading on August 3. Controlling shareholder and actual controller Chen Pinggui and his spouse Anhua Sun have signed a share transfer agreement with Jining Technology Shanghai Company Limited. Chen Pinggui intends to transfer 23.4107 million Beiken Energy shares to Jining Technology for a total consideration of 408 million yuan. After the lock-up period on her shares expires, Anhua Sun plans to transfer 3.0447 million shares to Jining Technology via block trades. Upon completion of this equity change, Jining Technology will hold 26.4554 million shares, representing 13.16 percent of the company's total share capital. The controlling shareholder will become Jining Technology, and the actual controller will become Pan Tao. Jichu Energy is the controlling shareholder of Jining Technology, and Pan Tao controls voting rights corresponding to 73.02 percent of Jining Technology's equity.
002828.CS · Capital · Positive Change of control with new controlling shareholder Jining Technology at 13.16% stake, likely to bring strategic direction.
极宁科技（上海）有限公司 · Capital · Neutral Jining Technology becomes controlling shareholder, acquiring 13.16% stake, but impact on its own operations unclear.
极储能源（上海）有限公司 · Capital · Neutral Jichu Energy is controlling shareholder of Jining Technology, indirectly involved in the acquisition, but no direct impact stated.
Beiken Energy plans change of control; controlling shareholder to become Jining Technology
Beiken Energy plans a change of control, and its shares will resume trading on August 3. Controlling shareholder and actual controller Chen Pinggui and his spouse Anhua Sun have signed a share transfer agreement with Jining Technology Shanghai Company Limited. Chen Pinggui intends to transfer 23.4107 million shares, representing 11.65 percent of total share capital, to Jining Technology for a consideration of 408 million yuan. Anhua Sun plans to transfer 3.0447 million shares, representing 1.51 percent of total share capital, via block trades after the lock-up period expires. Upon completion of the equity change, Jining Technology will hold 26.4554 million shares, representing 13.16 percent of total share capital. The controlling shareholder will change to Jining Technology, and the actual controller will change to Pan Tao. Jichu Energy is the controlling shareholder of Jining Technology, and Pan Tao controls voting rights corresponding to 73.02 percent of Jining Technology's equity. Jining Technology stated it will actively participate in the governance of the listed company, enhance profitability, and improve operational and governance standards.
Nabors raises full-year EBITDA target to $920 million to $930 million and expects $20 million to $30 million in free cash flow for 2026
Nabors Industries has raised its full-year 2026 adjusted EBITDA guidance to a range of $920 million to $930 million and now expects to generate $20 million to $30 million in adjusted free cash flow. The company reported second-quarter adjusted EBITDA of $222 million on consolidated revenue of $815 million, with EBITDA margin expanding 107 basis points to 27.2 percent. International drilling revenue reached $432 million and EBITDA rose to $131 million, while U.S. Lower 48 drilling revenue increased to $207 million. Management highlighted that SANAD put its 16th newbuild rig into service in Saudi Arabia, where Nabors operates approximately 196 land rigs, and noted that 34 rigs remain to be delivered under the 50-rig newbuild program. The company also reaffirmed its commitment to reduce gross debt by at least $100 million during 2026 and revised its full-year capital expenditure forecast to between $710 million and $730 million.
Precision Drilling Q2 GAAP EPS misses by $0.51, revenue beats by $141.09M
Precision Drilling reported second-quarter GAAP earnings per share of negative $0.52, missing estimates by $0.51. Revenue came in at $452.8 million, an 11.4% increase year-over-year, beating expectations by $141.09 million. Adjusted EBITDA was $97 million, down 10% from $108 million in the same quarter of 2025. Cash provided by operations reached $146 million, enabling the company to reduce debt by $50 million and repurchase $12 million of common shares. Capital expenditures rose to $76 million from $53 million a year earlier, and the company stated it is well positioned to meet its long-term debt reduction target of $700 million between 2022 and 2027, having already reduced debt by $610 million since the beginning of 2022.
Precision Drilling reports 11% revenue rise but swings to net loss on higher depreciation
Precision Drilling Corporation announced its 2026 second quarter results, with revenue increasing 11% to $453 million from $407 million a year earlier, driven by stronger North American activity. Adjusted EBITDA fell 10% to $97 million, and the company posted a net loss attributable to shareholders of $1 million, or $0.09 per share, compared with net earnings of $16 million, or $1.21 per share, in the same period last year, largely due to an $11 million increase in depreciation expense from a change in useful life estimates. Cash provided by operations was $146 million, enabling Precision to reduce debt by $50 million and repurchase $12 million of common shares during the quarter. In Canada, the company averaged 61 active rigs, up 22% year over year, while U.S. activity averaged 35 rigs versus 33, and international operations had seven active rigs with a mix shift that lowered revenue per utilization day. Precision also disclosed that it received a Notice of Reassessment from the Canada Revenue Agency for the 2018 tax year denying certain deductions, which it intends to contest, and estimated a maximum potential tax liability of approximately $155 million if its position is not upheld.
Nabors Industries reported a second-quarter net loss that narrowed to $22.3 million, or $2.04 per share, from a loss of $30.9 million, or $2.71 per share, a year ago. Revenue decreased to $816.9 million from $838.9 million, while total costs and other deductions fell to $802.0 million from $818.0 million. Average total rigs working rose to 171.2 from 167.9 in the prior quarter, with gains in both the Lower 48 and International Drilling businesses. The company now expects full-year 2026 adjusted EBITDA of $920 million to $930 million and adjusted free cash flow of $20 million to $30 million.
Noble cuts 2026 guidance on Brazil rig suspension, sees $2.8B-$2.9B revenue
Noble Corporation lowered its full-year 2026 guidance, now projecting total revenue of $2.8 billion to $2.9 billion and adjusted EBITDA of $850 million to $925 million, down from prior ranges of $2.8 billion to $3 billion and $940 million to $1.02 billion respectively. The revision was driven primarily by a $43 million adverse impact from an operational suspension affecting both of the company's rigs in Brazil, as well as the Intrepid/Innovator swap and Viking options likely moving into 2027. Second-quarter adjusted EBITDA came in at $212 million on contract drilling services revenue of $679 million, with free cash flow negative $59 million. Noble secured two new contracts totaling approximately $200 million in backlog, bringing its total backlog to $6.8 billion, and maintained its quarterly dividend of $0.50 per share. Capital expenditure guidance for the year remains unchanged at $615 million to $665 million.
Noble cuts full-year revenue and EBITDA guidance after mixed second quarter
Noble Corporation reported mixed second-quarter results and lowered its full-year 2026 revenue and adjusted EBITDA guidance. Non-GAAP earnings per share came in at one cent, missing estimates by seventeen cents, while revenue of nearly seven hundred twenty million dollars, down fifteen point two percent year-over-year, beat expectations by about twelve million dollars. The company added roughly two hundred million dollars in new contract value since its April fleet status report, including a six-well contract for the Noble Viking and a three-well contract for the Noble Claus Bachmann, with total backlog standing at six point eight billion dollars. A fifty-cent per share cash dividend was declared for the third quarter. For the full year, revenue guidance was narrowed to two point eight to two point nine billion dollars from a prior range of two point eight to three billion dollars, and adjusted EBITDA guidance was reduced to eight hundred fifty to nine hundred twenty-five million dollars from nine hundred forty million to one point zero two billion dollars, while capital expenditure guidance was maintained at six hundred fifteen to six hundred sixty-five million dollars.
Noble Corporation to Report Earnings Monday After Market Close
Offshore drilling contractor Noble Corporation will report earnings Monday after market hours. Last quarter, the company beat revenue expectations with $785.7 million, down 10.2% year on year, and also exceeded EPS estimates. For this quarter, analysts expect revenue to decline 18.1% year on year, a reversal from the 22.5% growth in the same quarter last year. Peers in the oilfield services segment have already reported, with World Kinect posting 50.3% revenue growth and Oceaneering up 10%, both beating estimates. Noble Corporation shares are up 12.5% over the last month, heading into earnings with an average analyst price target of $48.73 compared to the current share price of $43.12.
Beiken Energy Plans Another Ownership Change, Proposes 13.16% Stake Transfer to New Energy Storage Sector
Beiken Energy is once again planning a change of control. Controlling shareholder Chen Pinggui intends to transfer 13.16 percent of the company's total share capital held by him and his spouse. The counterparty is in the new energy storage sector, and the deal may lead to a change in the company's controlling shareholder and actual controller. Trading in the company's shares has been suspended since July 27 and is expected to last no more than two trading days. Previously, the company had planned a management buyout through a private placement, but that was terminated on June 15. The company expects a net loss attributable to the parent company of 115 million to 125 million yuan for the first half of 2026, with performance remaining under pressure.
002828.CS · Capital · Negative Company expects net loss of 115-125 million yuan for H1 2026, performance under pressure, and previous MBO plan terminated.
Beiken Energy Again Plans Control Change as Actual Controller Seeks Full Stake Exit
Beiken Energy announced that controlling shareholder and actual controller Chen Pinggui is planning to transfer all shares held by himself and his spouse, representing 13.16% of the company's total share capital, which may lead to a change in the controlling shareholder and actual controller. Trading in the company's shares will be suspended from the market open on July 27, 2026, with the suspension expected to last no more than two trading days. The counterparty in this transaction is in the new energy storage sector, and the parties are currently in discussions and negotiations, with no agreement signed yet. Chen Pinggui and his spouse together hold 13.16% of the listed company's shares, and this proposed transfer of their entire holdings constitutes a full exit. Previously, on June 15 this year, the company had just terminated its 2025 private share placement and control change plan, which originally intended to issue shares to Chairman Chen Dong to raise no more than 356 million yuan, after which Chen Dong would hold 21.18% of the shares and become the new actual controller. Beiken Energy achieved operating revenue of 978 million yuan in 2025, with net profit attributable to the parent company of 22.1054 million yuan, but for the first half of 2026, it expects a net loss attributable to the parent company of 115 million to 125 million yuan, turning from profit to loss year-on-year, mainly due to exchange losses at its Iranian subsidiary, impairment provisions for oil and gas assets, and revenue decline caused by delays in some work volumes. Over the past month or so, the company's share price has risen nearly 40% cumulatively, with the latest closing price at 12.43 yuan and a total market capitalization of 2.5 billion yuan.
002828.CS · Capital · Neutral Planned control change with new energy storage counterparty, but no agreement signed; previous plan terminated; full exit by current controller.
Patterson-UTI Energy to Report Q2 Earnings Amid Revenue Pressure
Patterson-UTI Energy is set to report second-quarter 2026 earnings on July 29. The Zacks Consensus Estimate pegs a loss of 3 cents per share on revenues of $1.15 billion, with the revenue figure marking a decline from the year-ago quarter's $1.22 billion. The company's bottom line may have been supported by lower costs, as direct operating costs are projected to fall 11.2% year over year to $825.6 million and depreciation expenses are estimated to drop 15.9% to $220.1 million. However, the Zacks model does not predict an earnings beat this time, with an Earnings ESP of negative 10.77% and a Zacks Rank of 2. In the prior quarter, Patterson-UTI reported an adjusted net loss of 6 cents per share, narrower than the consensus estimate of a 10-cent loss, on revenues of $1.1 billion that beat expectations by 3.1%.
Pansoft, XDC Industries, and Beken Energy Announce Control Change Plans on Same Day; Trading Halted from Next Monday
After the market close on July 24, three listed companies—Pansoft, XDC Industries, and Beken Energy—disclosed plans for a change in control on the same day and applied for trading halts. Trading in the shares of all three companies will be suspended from the market open on July 27, 2026, with the halt expected to last no more than two trading days. Pansoft's controlling shareholders and actual controllers, Lin Guoqiang and Wang Hu, are planning matters that may lead to a change in control, and the conversion of its convertible bonds, Pansoft Convertible Bond, will also be suspended. XDC Industries' actual controller, Shi Weiping, is planning matters that may lead to a change in control; the company expects a pre-loss of 36.8 million to 50.8 million yuan for the first half of 2026. Beken Energy's actual controller, Chen Pinggui, is planning to transfer 13.16% of the company's total share capital held by himself and his spouse to a counterparty in the new energy storage sector, a transaction that may lead to a change in control.
Noble Corporation Lands $136.2 Million Offshore Drilling Contract in Brunei
Noble Corporation plc has secured a contract for its Noble Viking drillship from an undisclosed client for work offshore Brunei. The contract is valued at approximately $136.2 million, excluding additional services and managed pressure drilling services, and covers a firm scope of six wells with drilling operations expected to start in early 2028. The estimated duration is 296 days, keeping the rig engaged through the fourth quarter of 2028. The deal also includes options for three additional priced wells. Noble stated that its contract backlog stood at $7.5 billion as of April 27, 2026.
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