Offshore sector

18 covered companies Β· rates: HE semi dayrate (fixtures) Β· 7th-gen drillship (fixtures) Β· 6th-gen drillship (fixtures) Β· Jackup dayrate (fixtures)

Companies
18
3 with a trailing yield
Median trailing yield
5.5%
twelve months declared, last close
Next dividend modelled
5
of 18 companies
With company bookings
0
booked rates published for the next quarter

Dividend yields and the next payout set your own rates β†’

CompanyYieldLast DPSTTM Next Β· our modelCompany said Fleet
ODL.OL Odfjell Drilling 8.4% $0.25/q $0.93/yr $0.25 2026Q3 low β€” 5 Semisub 5
BORR Borr Drilling 5.5% $0.10/q $0.25/yr $0.00 2026Q3 β€” 29 Jackup 29 trailing twelve months incomplete
PARATUS Paratus Energy Services 4.3% $0.22/q 2026-08-27 $0.22/yr $0.22 2026Q3 β€” 6 PLSV 6 trailing twelve months incomplete
COSH Constellation Oil Services β€” $0.2961/q no recurring dividend $0.8882 returned $0.30 2026Q3 β€” 7 Semisub 4 Β· Drillship 3 trailing twelve months incomplete
DDT Dolphin Drilling β€” pending β€” no forecast Β· payout behaviour β€” 3 Semisub 3
DOFG.OL DOF Group β€” $0.38/q β€” $0.33–0.42 2026Q3 low β€” 60 Csv 26 Β· AHTS 21 Β· PSV 6 Β· PLSV 6 Β· Cable Layer 1 trailing twelve months incomplete
EIOF.OL Eidesvik Offshore β€” NOK 0.20/q β€” no forecast Β· forward DPS β€” 9 PSV 6 Β· Subsea 3 trailing twelve months incomplete
GEOS.OL Golden Energy Offshore Services β€” pending β€” no forecast Β· cost stack / debt service β€” 4 PSV 4
HAVI.OL Havila Shipping β€” pending β€” $0.00 2026Q3 β€” 7 PSV 5 Β· Subsea 2
IWS.OL Integrated Wind Solutions β€” NOK 1.00/q β€” NOK 1.00 2026Q3 β€” 6 CSOV 6 trailing twelve months incomplete
RIG Transocean β€” pending β€” no forecast Β· payout behaviour β€” 27 Drillship 20 Β· Semisub 7
SDRL Seadrill β€” pending β€” $0.00 2026Q3 β€” 17 Drillship 12 Β· Semisub 5
SEA1.OL Sea1 Offshore β€” NOK 4.00/q β€” no forecast Β· forward DPS β€” 15 AHTS 6 Β· Crew Osrv 4 Β· Subsea 3 Β· PSV 2 trailing twelve months incomplete
SMHI SEACOR Marine β€” pending β€” $0.00 2026Q3 β€” 38 Fsv 20 Β· PSV 15 Β· Liftboat 3
TDW Tidewater β€” pending β€” $0.00 2026Q3 β€” 204 Osv 204
VAL Valaris β€” pending β€” $0.00 2026Q3 β€” 43 Jackup 29 Β· Drillship 13 Β· Semisub 1
VSSAB.ST Viking Supply Ships β€” pending β€” $0.00 2026Q3 β€” 8 AHTS 8
VTURA.OL Ventura Offshore Holding β€” pending β€” $0.00 2026Q3 β€” 3 Semisub 2 Β· Drillship 1

Ranked by trailing yield β€” the only figure comparable across companies, since a dividend in dollars depends on the share price behind it. Dividends declared in NOK or DKK are converted at the Norges Bank rate on the price date and chipped fx. Earnings bridges that do not reconcile to reported net income: ODL.OL (insufficient data for an earnings bridge), BORR (ok), PARATUS (insufficient data for an earnings bridge), COSH (insufficient data for an earnings bridge), DDT (ok), DOFG.OL (insufficient data for an earnings bridge), EIOF.OL (reported figure missing), GEOS.OL (insufficient data for an earnings bridge), HAVI.OL (insufficient data for an earnings bridge), IWS.OL (insufficient data for an earnings bridge), RIG (ok), SDRL (ok), SEA1.OL (insufficient data for an earnings bridge), SMHI (ok), TDW (ok), VAL (ok), VSSAB.ST (insufficient data for an earnings bridge), VTURA.OL (ok) β€” shown once here rather than on every row.

Fleet and cost base

CompanyFleetOn order Opex /dayG&A /dayDebt service /day Cash break-evenRealized TCEMargin
BORR 29 6 $65,630$5,060$21,364 $92,054 derived $134,000 2026Q2 +$41,946
COSH 7 β€” $126,708$27,795$52,771 $207,274 derived $349,294 2026Q2 +$142,020
DDT 3 β€” $85,145$18,841$12,681 $116,667 derived $126,007 2026Q2 +$9,340
DOFG.OL 60 β€” β€”β€”β€” not on file $99,451 2026Q2 β€”
EIOF.OL 9 β€” $14,734$1,239$5,056 $21,029 derived $25,397 2026Q2 +$4,368
GEOS.OL 4 β€” β€”β€”β€” not on file $14,279 2026Q2 β€”
HAVI.OL 7 β€” β€”β€”β€” not on file $23,301 2026Q2 β€”
IWS.OL 6 β€” β€”β€”β€” not on file $52,971 2026Q2 β€”
ODL.OL 5 β€” $203,043$5,652$89,022 $297,717 derived $485,714 2026Q2 +$187,997
PARATUS 6 β€” $50,178$4,081$18,847 $73,106 derived $260,073 2026Q2 +$186,967
RIG 27 β€” $244,766$22,544$86,654 $353,965 derived $393,162 2026Q2 +$39,197
SDRL 17 β€” $137,468$18,542$10,230 $166,240 derived $229,476 2026Q2 +$63,236
SEA1.OL 15 β€” β€”β€”β€” not on file $58,714 2026Q2 β€”
SMHI 38 β€” β€”β€”β€” not on file $13,672 2026Q2 β€”
TDW 204 β€” β€”β€”β€” not on file $18,301 2026Q2 β€”
VAL 43 β€” $93,973$6,719$5,929 $106,621 derived $125,450 2026Q2 +$18,829
VSSAB.ST 8 β€” β€”β€”β€” not on file $62,501 2026Q2 β€”
VTURA.OL 3 β€” $113,514$17,029$18,399 $148,942 derived $204,081 2026Q2 +$55,139
Sector median8 n=186 n=1 $103,744 n=10$11,874 n=10$18,623 n=10 $132,804 n=10$112,450 n=18$48,542 n=10

Cash cost per vessel-day: operating cost, overhead, and interest plus scheduled debt repayment, each divided by the same quarter's vessel days (derived), or the figure the company prints itself (issuer). β€œNot on file” means an input is missing β€” hover for which β€” and the page will not assume it is zero. Margin is the latest realized TCE less the break-even. Fleet age, eco and scrubber share and loan-to-value are not shown: no source on file.

Booked coverage

CompanyClassBooked AtStill openQuarterSaid on
BORR Jackup 73% $134,000 27% 2026FY 2026-08-13

The share of days each company has already fixed and the rate it fixed them at, as it said itself β€” this quarter where it has spoken, else the quarter just closed. 17 of 18 companies have printed no booking for either.

Valuation

CompanyPriceMarket cap Net income, last 4QP/EEarnings yieldDividend yield
BORR $4.54 2026-10-16 $1,395m βˆ’$243.6m to 2026Q2 β€” β€” 5.5%
COSH $14.25 2026-10-19 β€” β€” β€” β€” β€”
DDT $0.18 2026-10-19 $73m βˆ’$28.3m to 2026Q2 β€” β€” β€”
DOFG.OL $14.01 2026-10-19 β€” β€” β€” β€” β€”
EIOF.OL $1.83 2026-10-19 $134m $5.7m to 2026Q2 23.5Γ— 4.3% β€”
GEOS.OL $0.67 2026-10-19 β€” β€” β€” β€” β€”
HAVI.OL $0.12 2026-10-19 β€” β€” β€” β€” β€”
IWS.OL $6.64 2026-10-19 β€” β€” β€” β€” β€”
ODL.OL $11.10 2026-10-19 β€” $230.3m to 2026Q2 β€” β€” 8.4%
PARATUS $5.08 2026-10-19 β€” β€” β€” β€” 4.3%
RIG $5.62 2026-10-16 $6,277m βˆ’$1,657.0m to 2026Q2 β€” β€” β€”
SDRL $47.25 2026-10-16 $2,955m $1.0m to 2026Q2 2955.0Γ— β€” β€”
SEA1.OL $2.95 2026-10-19 β€” $77.7m to 2026Q2 β€” β€” β€”
SMHI $8.21 2026-10-16 $223m βˆ’$18.1m to 2026Q2 β€” β€” β€”
TDW $79.50 2026-10-16 $3,956m $246.9m to 2026Q2 16.0Γ— 6.2% β€”
VAL $85.32 2026-10-16 $5,924m $939.6m to 2026Q2 6.3Γ— 15.9% β€”
VSSAB.ST β€” β€” $11.4m to 2026Q1 β€” β€” β€”
VTURA.OL $3.57 2026-10-19 β€” $96.2m to 2026Q2 β€” β€” β€”
Sector median$2,175m n=8 19.8Γ— n=45.5% n=3

Market cap is the latest USD close times the latest filed share count. P/E is trailing: the four most recent consecutive reported quarters, shown only when all four are on file and in USD. Price-to-NAV and EV/EBITDA are not shown β€” vessel values and net debt are not on file, and broker vessel values are licensed.

Rate context

Offshore benchmark rates: 9 points, 2025-08-05 to 2026-04-26; HE semi dayrate (fixtures) latest 450,000.00; 7th-gen drillship (fixtures) latest 309,500.00; 6th-gen drillship (fixtures) latest 300,000.00; Jackup dayrate (fixtures) latest 150,000.00.

image/svg+xml Sep Nov 2026 Mar 150,000 200,000 250,000 300,000 350,000 400,000 450,000 450,000 309,500 300,000 150,000 HE semi dayrate (fixtures) 7th-gen drillship (fixtures) 6th-gen drillship (fixtures) Jackup dayrate (fixtures) USD/day

Contracted dayrates per rig class from public fixture disclosures (event-driven prints with SEC/fleet-status provenance) β€” the rates rig owners earn between re-contracting. Classes: HE semi dayrate (fixtures) Β· 7th-gen drillship (fixtures) Β· 6th-gen drillship (fixtures) Β· Jackup dayrate (fixtures).

Realized vs benchmark

CompanyRealized fleet TCEBenchmark (the row's own quarter)Realization (4Q)As of
BORR 134,000 β€” β€” 2026Q2
COSH 349,294 β€” β€” 2026Q2
DDT 126,007 β€” β€” 2026Q2
DOFG.OL 99,451 β€” β€” 2026Q2
EIOF.OL 25,397 β€” β€” 2026Q2
GEOS.OL 14,279 β€” β€” 2026Q2
HAVI.OL 23,301 β€” β€” 2026Q2
IWS.OL 52,971 β€” β€” 2026Q2
ODL.OL 485,714 β€” β€” 2026Q2
PARATUS 260,073 β€” β€” 2026Q2
RIG 393,162 472,500 β€” 2026Q2
SDRL 229,476 360,000 β€” 2026Q2
SEA1.OL 58,714 β€” β€” 2026Q2
SMHI 13,672 β€” β€” 2026Q2
TDW 18,301 β€” β€” 2026Q2
VAL 125,450 189,000 β€” 2026Q2
VSSAB.ST 62,501 β€” β€” 2026Q2
VTURA.OL 204,081 β€” β€” 2026Q2

Issuer-printed fleet TCE Γ· benchmark over trailing four quarters. Benchmarks are the printed peer figure where one exists, else derived from Gibson class rates weighted by the company's fleet mix, priced for the same quarter the realized figure covers (5.10: the column no longer reads this month's rate beside a 2026Q2 realized TCE). Index-linked players target >1.0Γ—; spot players track the benchmark.

Fleet evolution since 2025

image/svg+xml 2025 2025 2025 2025 2026 2026 2026 0 25 50 75 100 125 150 175 200 BORR COSH DDT DOFG.OL EIOF.OL GEOS.OL HAVI.OL IWS.OL ODL.OL PARATUS RIG SDRL SEA1.OL SMHI TDW VAL VSSAB.ST VTURA.OL