Oil States President and CEO, Cindy Taylor joined Jeremy Thigpen, CEO of Transocean, Robert Eifler, CEO of Noble Corporation, along with moderators Loren Singletary of Daniel Energy Partners, and Tony Kroschewsky of Merit Advisors, LLC at #THRIVE2024 on Wednesday, February 21st. The panel discussed the latest trends in offshore exploration and development, including geographic areas of opportunity and technologies which are extending the runway of future revenue opportunities for Oil States. 
 
Cindy discussed current hotspots such as Guyana, Brazil, the Middle East, Australia and West Africa that are expanding the opportunity set and are providing ongoing growth in the Oil States’ Offshore/Manufactured Products segment. She also highlighted its new technology offerings for drilling contractors like Noble and Transocean, including the recent successful offshore deployment of Oil States’ slimline Managed Pressure Drilling (MPD) System in Australia as well as the launch of an industry-first MPD-Ready System for Jackups, which enables access to more complex wells and unlocks previously inaccessible reservoirs.
 
Current high utilization rates for deepwater floating rigs coupled with low likelihood of new rig construction anytime soon according to the panel are expected to drive future long-term contracting of rigs and the potential need for further rig reactivations, which would require equipment upgrades and repairs. This upgrading and reactivation of capital drilling equipment would present further opportunities for Oil States’ capital drilling equipment repair and recertification business lines.
 
Overall, Cindy and her fellow panelists painted the picture of a robust offshore macro environment and the potential for a multi-year upcycle in offshore energy markets.
 
Oil States last week reported its Q4 2023 results, highlighting growth in its Offshore/Manufactured Products segment results and backlog year-over-year. Quarterly revenues for the segment rose to the highest level in eight years, reflective of a second straight full-year book-to-bill ratio of 1.1x.