Welcome to our dedicated page for Transocean Ltd. news (Ticker: RIG), a resource for investors and traders seeking the latest updates and insights on Transocean Ltd. stock.
Transocean Ltd. (NYSE: RIG) is a global leader in the offshore contract drilling services industry, specifically for oil and gas wells. The company's core business involves deploying mobile offshore drilling rigs, related equipment, and work crews to drill oil and gas wells. Their expertise lies in ultra-deepwater and harsh environment drilling services, operating one of the most versatile and high-specification fleets in the world.
With over 50 years of experience, Transocean owns or has partial ownership interests in 36 mobile offshore drilling units, including 28 ultra-deepwater floaters and eight harsh environment floaters. They are also currently constructing a new ultra-deepwater drillship. The company is renowned for its safety standards and premier offshore drilling performance.
Recently, Transocean announced an offering of senior notes to optimize its financial condition by funding the cash purchase of its outstanding 2027 and 2025 Notes and the subsequent redemption of other notes. This strategic move aims to manage debt and improve liquidity.
As of Q1 2024, Transocean reported a net income of $98 million, translating to $0.11 per diluted share. Their contract drilling revenues increased to $763 million, mainly due to heightened rig activity and higher day rates. Operating and maintenance expenses saw a decrease, reflecting cost savings and reduced expenses for idle rigs.
Looking ahead, Transocean is optimistic about sustained demand for high-specification floaters and anticipates securing long-term contracts. Their recent debt refinancing and extension of revolving credit facilities further enhance their financial stability and flexibility.
For more information about Transocean, please visit: www.deepwater.com.
Transocean (NYSE: RIG) has released its quarterly Fleet Status Report, revealing significant contract awards and extensions for its offshore drilling rigs. Key highlights include:
- Deepwater Atlas secured two contracts in the U.S. Gulf of Mexico, with dayrates ranging from $505,000 to $650,000.
- Deepwater Asgard received a 365-day extension at $515,000 per day.
- Transocean Norge and Transocean Spitsbergen were awarded three-well extensions in Norway.
- Deepwater Mykonos got a 279-day option exercised in Brazil.
These new fixtures have added approximately $656 million to Transocean's backlog, bringing the total to about $8.8 billion as of July 24, 2024.
Transocean (NYSE: RIG) has announced the date for its second quarter 2024 earnings release. The company will report earnings on Wednesday, July 31, 2024, followed by a teleconference to discuss the results on Thursday, August 1, 2024, at 11 a.m. EDT (5 p.m. CEST). Interested participants can dial +1 785-424-1222 about 15 minutes before the start time, using conference code 119567. A listen-only simulcast will be available on Transocean's website. A replay of the call will be accessible after 2 p.m. EDT on August 1, 2024, via phone at +1 402-220-1119 (passcode 119567) and on the company's website for approximately 30 days.
Transocean (NYSE: RIG) has secured a 365-day contract extension valued at approximately $188 million for its ultra-deepwater drillship, Deepwater Asgard. The contract, with an independent operator in the U.S. Gulf of Mexico, will commence immediately after the current program ends. This extension includes additional services, significantly boosting Transocean's backlog.
Transocean (NYSE: RIG) has announced contract extensions and exercised options for three of its harsh environment semisubmersibles, securing approximately $161 million in firm contract backlog. The contracts include:
- Transocean Spitsbergen, awarded a three-well contract extension with Equinor in Norway, expected to start in Q4 2025, adding $72 million to the backlog.
- Transocean Norge, awarded a three-well contract extension with Wintershall Dea, starting in Q1 2028, contributing $71 million.
- Transocean Endurance in Australia, with Woodside exercising a 45-day well option, contributing $18 million.
According to CEO Jeremy Thigpen, these fixtures reflect strong market demand and customer confidence, with contracts being secured up to four years in advance.
Transocean announced a Consent Solicitation for its 8.375% Senior Secured Notes due 2028 to amend the indenture governing the Notes. The purpose is to defer the first measurement date of the Collateral Rig Leverage Ratio under the Indenture. The Consent Payment offered is $2.50 per $1,000 principal amount of Notes for valid consents. Holders can't revoke Consents after the Consent Time. The Company may terminate, extend, or amend the Consent Solicitation at any time. D.F. King & Co., Inc. and Morgan Stanley & Co. are involved in the solicitation process.
Transocean (NYSE: RIG) reported a net income of $98 million for the first quarter of 2024, with adjusted contract drilling revenues increasing by $19 million to $767 million. The company secured a 365-day extension on the Deepwater Asgard, completed a $1.8 billion debt refinancing transaction, and extended its revolving credit facility. Despite some positive milestones, Transocean experienced a sequential decrease in cash used in operating activities and a non-GAAP adjusted net loss of $22 million.
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