Offshore sector
18 covered companies · rates: HE semi dayrate (fixtures) · 7th-gen drillship (fixtures) · 6th-gen drillship (fixtures) · Jackup dayrate (fixtures)
Dividend yields and the next payout set your own rates →
| Company | Yield | Last DPS | TTM | Next · our model | Company said | Fleet | |
|---|---|---|---|---|---|---|---|
| ODL.OL Odfjell Drilling | 8.4% | $0.25/q | $0.93/yr | $0.25 2026Q3 low | — | 5 Semisub 5 | |
| BORR Borr Drilling | 5.5% | $0.10/q | $0.25/yr | $0.00 2026Q3 | — | 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 | — | 6 PLSV 6 | trailing twelve months incomplete |
| COSH Constellation Oil Services | — | $0.2961/q | no recurring dividend $0.8882 returned | $0.30 2026Q3 | — | 7 Semisub 4 · Drillship 3 | trailing twelve months incomplete |
| DDT Dolphin Drilling | — | pending | — | no forecast · payout behaviour | — | 3 Semisub 3 | |
| DOFG.OL DOF Group | — | $0.38/q | — | $0.33–0.42 2026Q3 low | — | 60 Csv 26 · AHTS 21 · PSV 6 · PLSV 6 · Cable Layer 1 | trailing twelve months incomplete |
| EIOF.OL Eidesvik Offshore | — | NOK 0.20/q | — | no forecast · forward DPS | — | 9 PSV 6 · Subsea 3 | trailing twelve months incomplete |
| GEOS.OL Golden Energy Offshore Services | — | pending | — | no forecast · cost stack / debt service | — | 4 PSV 4 | |
| HAVI.OL Havila Shipping | — | pending | — | $0.00 2026Q3 | — | 7 PSV 5 · Subsea 2 | |
| IWS.OL Integrated Wind Solutions | — | NOK 1.00/q | — | NOK 1.00 2026Q3 | — | 6 CSOV 6 | trailing twelve months incomplete |
| RIG Transocean | — | pending | — | no forecast · payout behaviour | — | 27 Drillship 20 · Semisub 7 | |
| SDRL Seadrill | — | pending | — | $0.00 2026Q3 | — | 17 Drillship 12 · Semisub 5 | |
| SEA1.OL Sea1 Offshore | — | NOK 4.00/q | — | no forecast · forward DPS | — | 15 AHTS 6 · Crew Osrv 4 · Subsea 3 · PSV 2 | trailing twelve months incomplete |
| SMHI SEACOR Marine | — | pending | — | $0.00 2026Q3 | — | 38 Fsv 20 · PSV 15 · Liftboat 3 | |
| TDW Tidewater | — | pending | — | $0.00 2026Q3 | — | 204 Osv 204 | |
| VAL Valaris | — | pending | — | $0.00 2026Q3 | — | 43 Jackup 29 · Drillship 13 · Semisub 1 | |
| VSSAB.ST Viking Supply Ships | — | pending | — | $0.00 2026Q3 | — | 8 AHTS 8 | |
| VTURA.OL Ventura Offshore Holding | — | pending | — | $0.00 2026Q3 | — | 3 Semisub 2 · Drillship 1 |
Ranked by trailing yield — 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) — shown once here rather than on every row.
Fleet and cost base
| Company | Fleet | On order | Opex /day | G&A /day | Debt service /day | Cash break-even | Realized TCE | Margin |
|---|---|---|---|---|---|---|---|---|
| BORR | 29 | 6 | $65,630 | $5,060 | $21,364 | $92,054 derived | $134,000 2026Q2 | +$41,946 |
| COSH | 7 | — | $126,708 | $27,795 | $52,771 | $207,274 derived | $349,294 2026Q2 | +$142,020 |
| DDT | 3 | — | $85,145 | $18,841 | $12,681 | $116,667 derived | $126,007 2026Q2 | +$9,340 |
| DOFG.OL | 60 | — | — | — | — | not on file | $99,451 2026Q2 | — |
| EIOF.OL | 9 | — | $14,734 | $1,239 | $5,056 | $21,029 derived | $25,397 2026Q2 | +$4,368 |
| GEOS.OL | 4 | — | — | — | — | not on file | $14,279 2026Q2 | — |
| HAVI.OL | 7 | — | — | — | — | not on file | $23,301 2026Q2 | — |
| IWS.OL | 6 | — | — | — | — | not on file | $52,971 2026Q2 | — |
| ODL.OL | 5 | — | $203,043 | $5,652 | $89,022 | $297,717 derived | $485,714 2026Q2 | +$187,997 |
| PARATUS | 6 | — | $50,178 | $4,081 | $18,847 | $73,106 derived | $260,073 2026Q2 | +$186,967 |
| RIG | 27 | — | $244,766 | $22,544 | $86,654 | $353,965 derived | $393,162 2026Q2 | +$39,197 |
| SDRL | 17 | — | $137,468 | $18,542 | $10,230 | $166,240 derived | $229,476 2026Q2 | +$63,236 |
| SEA1.OL | 15 | — | — | — | — | not on file | $58,714 2026Q2 | — |
| SMHI | 38 | — | — | — | — | not on file | $13,672 2026Q2 | — |
| TDW | 204 | — | — | — | — | not on file | $18,301 2026Q2 | — |
| VAL | 43 | — | $93,973 | $6,719 | $5,929 | $106,621 derived | $125,450 2026Q2 | +$18,829 |
| VSSAB.ST | 8 | — | — | — | — | not on file | $62,501 2026Q2 | — |
| VTURA.OL | 3 | — | $113,514 | $17,029 | $18,399 | $148,942 derived | $204,081 2026Q2 | +$55,139 |
| Sector median | 8 n=18 | 6 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). “Not on file” means an input is missing — hover for which — 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
| Company | Class | Booked | At | Still open | Quarter | Said 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 — this quarter where it has spoken, else the quarter just closed. 17 of 18 companies have printed no booking for either.
Valuation
| Company | Price | Market cap | Net income, last 4Q | P/E | Earnings yield | Dividend yield |
|---|---|---|---|---|---|---|
| BORR | $4.54 2026-10-16 | $1,395m | −$243.6m to 2026Q2 | — | — | 5.5% |
| COSH | $14.25 2026-10-19 | — | — | — | — | — |
| DDT | $0.18 2026-10-19 | $73m | −$28.3m to 2026Q2 | — | — | — |
| DOFG.OL | $14.01 2026-10-19 | — | — | — | — | — |
| EIOF.OL | $1.83 2026-10-19 | $134m | $5.7m to 2026Q2 | 23.5× | 4.3% | — |
| GEOS.OL | $0.67 2026-10-19 | — | — | — | — | — |
| HAVI.OL | $0.12 2026-10-19 | — | — | — | — | — |
| IWS.OL | $6.64 2026-10-19 | — | — | — | — | — |
| ODL.OL | $11.10 2026-10-19 | — | $230.3m to 2026Q2 | — | — | 8.4% |
| PARATUS | $5.08 2026-10-19 | — | — | — | — | 4.3% |
| RIG | $5.62 2026-10-16 | $6,277m | −$1,657.0m to 2026Q2 | — | — | — |
| SDRL | $47.25 2026-10-16 | $2,955m | $1.0m to 2026Q2 | 2955.0× | — | — |
| SEA1.OL | $2.95 2026-10-19 | — | $77.7m to 2026Q2 | — | — | — |
| SMHI | $8.21 2026-10-16 | $223m | −$18.1m to 2026Q2 | — | — | — |
| TDW | $79.50 2026-10-16 | $3,956m | $246.9m to 2026Q2 | 16.0× | 6.2% | — |
| VAL | $85.32 2026-10-16 | $5,924m | $939.6m to 2026Q2 | 6.3× | 15.9% | — |
| VSSAB.ST | — | — | $11.4m to 2026Q1 | — | — | — |
| VTURA.OL | $3.57 2026-10-19 | — | $96.2m to 2026Q2 | — | — | — |
| Sector median | $2,175m n=8 | 19.8× n=4 | 5.5% 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 — 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.
Contracted dayrates per rig class from public fixture disclosures (event-driven prints with SEC/fleet-status provenance) — the rates rig owners earn between re-contracting. Classes: HE semi dayrate (fixtures) · 7th-gen drillship (fixtures) · 6th-gen drillship (fixtures) · Jackup dayrate (fixtures).
Realized vs benchmark
| Company | Realized fleet TCE | Benchmark (the row's own quarter) | Realization (4Q) | As of |
|---|---|---|---|---|
| BORR | 134,000 | — | — | 2026Q2 |
| COSH | 349,294 | — | — | 2026Q2 |
| DDT | 126,007 | — | — | 2026Q2 |
| DOFG.OL | 99,451 | — | — | 2026Q2 |
| EIOF.OL | 25,397 | — | — | 2026Q2 |
| GEOS.OL | 14,279 | — | — | 2026Q2 |
| HAVI.OL | 23,301 | — | — | 2026Q2 |
| IWS.OL | 52,971 | — | — | 2026Q2 |
| ODL.OL | 485,714 | — | — | 2026Q2 |
| PARATUS | 260,073 | — | — | 2026Q2 |
| RIG | 393,162 | 472,500 | — | 2026Q2 |
| SDRL | 229,476 | 360,000 | — | 2026Q2 |
| SEA1.OL | 58,714 | — | — | 2026Q2 |
| SMHI | 13,672 | — | — | 2026Q2 |
| TDW | 18,301 | — | — | 2026Q2 |
| VAL | 125,450 | 189,000 | — | 2026Q2 |
| VSSAB.ST | 62,501 | — | — | 2026Q2 |
| VTURA.OL | 204,081 | — | — | 2026Q2 |
Issuer-printed fleet TCE ÷ 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 >1.0×; spot players track the benchmark.