Transocean Stock Price, News & Analysis

Transocean Ltd. (NYSE: RIG) reported a net loss attributable to controlling interest of $103 million, or $0.17 per diluted share, for Q2 2021, slightly up from a loss of $99 million, or $0.16 per diluted share, in Q1 2021. Contract drilling revenues reached $656 million, a marginal increase from $653 million in the previous quarter. Adjusted EBITDA rose to $255 million, up from $245 million. Contract backlog stands at $7.3 billion. The company focused on improving liquidity by delaying newbuild drillship payments, deferring over $450 million in capex.

Transocean Ltd. (NYSE: RIG) announced the award of two contracts totaling approximately $55.5 million in backlog. The Deepwater Conqueror was contracted for approximately 85 days and $28.5 million for work in the U.S. Gulf of Mexico, while the Deepwater Asgard secured a contract valued at $27 million for 90 days, including $40,000 per day for managed pressure drilling services. Both contracts are set to begin in Q1 2022.

Transocean Ltd. (NYSE: RIG) is set to report its second-quarter 2021 earnings on August 2, 2021, following market close. A teleconference will be held on August 3, 2021, at 9 a.m. EDT to discuss the results. Participants can dial +1 313-209-6544 with code 1865445 for access. Transocean is a leader in offshore contract drilling, owning a fleet of 37 mobile offshore drilling units, including 27 ultra-deepwater floaters and 10 harsh environment floaters, and is in the process of constructing two ultra-deepwater drillships.

Transocean Ltd. (NYSE: RIG) released its quarterly Fleet Status Report, providing updates on offshore drilling contracts. Key highlights include:

• Deepwater Invictus secured a one-well option in the U.S. Gulf of Mexico.
• Deepwater Skyros received a 370-day option in Angola.
• Discoverer Inspiration awarded a nine-well contract in the U.S. Gulf.
• Dhirubhai Deepwater KG2 secured a one-well contract in Brunei.
• Total backlog is approximately $7.3 billion.

For more details, visit the company’s website.

Transocean Ltd. (NYSE: RIG) announced two significant contract awards in Norway. The Transocean Barents is set to commence a two-well contract in February 2022, lasting approximately 200 days, adding an estimated $60 million to the firm's backlog. Additionally, the Transocean Norge received a four-well contract, plus five optional wells, also commencing in March 2022, contributing about $56 million to the backlog. With a fleet of 37 mobile offshore drilling units, Transocean continues to focus on deepwater and harsh environment drilling.

Transocean Ltd. (NYSE: RIG) announced a delayed delivery agreement with Sembcorp Marine's Jurong Shipyard for two ultra-deepwater drillships, Deepwater Atlas and Deepwater Titan. Scheduled for December 2021 and May 2022 deliveries, respectively, both drillships are designed for high-capacity operations, featuring a unique 20,000 psi well control system. The company will finance payments over five years, improving liquidity by over $450 million. Drilling operations for the Shenandoah project are slated for Q3 2022, while the Deepwater Titan is expected to start operations in Q1 2023.

Transocean Ltd. (NYSE: RIG) reported a net loss of $99 million ($0.16 per diluted share) for Q1 2021, compared to a loss of $37 million in Q4 2020. Contract drilling revenues fell to $653 million from $690 million, attributed to the sale of a rig and fewer operational days. However, adjusted EBITDA increased to $245 million. Operating expenses decreased to $435 million. The contract backlog stands at $7.4 billion, with improved revenue efficiency of 97.4%. The CEO expressed optimism about increasing customer inquiries and favorable oil prices.

Transocean Ltd. (NYSE: RIG) released its quarterly Fleet Status Report on April 28, 2021, detailing the status of its offshore drilling rigs. Significant contracts include a three-well contract for Deepwater Asgard and multiple options exercised for Deepwater Invictus and Deepwater Nautilus. As of the report date, Transocean's total backlog amounts to approximately $7.4 billion. This report underscores the company's ongoing commitment to expanding its operations in the offshore drilling sector, focusing on high-demand ultra-deepwater services.

Transocean Ltd. (RIG) will report its first-quarter 2021 earnings on May 3, 2021, post-market close. A teleconference discussing the results is scheduled for May 4, 2021, at 9 a.m. EDT. Interested participants can join by calling +1 334-323-0501 with conference code 4181646. The call will also be available in a listen-only mode on their website. Transocean operates a fleet of 37 offshore drilling units, including 27 ultra-deepwater floaters and 10 harsh environment floaters, emphasizing its leadership in technically demanding offshore drilling services.