Transocean Stock Price, News & Analysis

Transocean Ltd. (NYSE: RIG) released its quarterly Fleet Status Report on February 12, 2021, indicating a total backlog of approximately $7.8 billion. Notable updates include contract extensions and awards for various drilling rigs in locations like Brazil, Trinidad, and Norway. The Deepwater Nautilus saw a contract termination, while the Leiv Eiriksson rig has been retired and is classified as held for sale. The report reflects Transocean's ongoing commitment to offshore drilling services.

Transocean Ltd. (NYSE: RIG) has successfully deployed HaloGuard℠, the offshore drilling industry's first safety system that combines a wearable locating device with drill floor equipment controls. This system tracks personnel and machinery to prevent accidents, stopping equipment when crew members are too close. HaloGuard℠ aims to enhance safety on drilling rigs, with the system now operational on the Deepwater Conqueror in the Gulf of Mexico. Additionally, Transocean plans to deploy this technology on six more rigs by the end of 2021, showcasing its commitment to safety innovation.

Transocean Ltd. (NYSE: RIG) will report its fourth quarter and full year 2020 earnings on February 22, 2021, after NYSE trading closes. The company will host a teleconference on February 23, 2021, at 9 a.m. EST to discuss the results. Participants can join by dialing +1 323-794-2588 and using conference code 3168985. The call will also be available in listen-only mode on the company’s website. Transocean is a leading provider of offshore contract drilling services, operating a fleet of 38 mobile offshore drilling units, including ultra-deepwater and harsh environment floaters.

Transocean Ltd. (NYSE: RIG) announced that the U.S. District Court for the Southern District of New York ruled in favor of Transocean regarding a motion for summary judgment against allegations of default related to its 8.00% Senior Notes due 2027. The Court found that prior restructuring efforts did not breach the indenture governing the notes and confirmed no actual default occurred. This ruling also applies to similar claims concerning the 7.25% Senior Notes due 2025, validating Transocean's position and protecting its interests.

Transocean Ltd. (NYSE: RIG) announced key amendments to its financing documents aimed at resolving previous allegations of default related to its 7.25% Senior Notes due 2025 and 8.00% Senior Notes due 2027. These transactions eliminate prior claims regarding asset transfers and ensure continuity in their financial structure. The company asserts that these changes do not affect the seniority of its existing debt and maintains $1.3 billion in borrowing capacity under its Revolving Credit Facility. The company continues to contest what it considers meritless allegations from debtholders.

Transocean Ltd. (NYSE: RIG) has announced that Petrobras has exercised options for two of its rigs, the Deepwater Corcovado and Deepwater Mykonos. This decision adds approximately $297 million to Transocean's backlog, reinforcing its position in the offshore drilling market. Both rigs will operate in Brazil and will be subject to annual indexed dayrate escalations.

Transocean is recognized for its expertise in offshore contract drilling services, particularly in deepwater and harsh environments.

Transocean Ltd. (NYSE: RIG) reported a net income of $359 million for Q3 2020, translating to $0.51 per diluted share, reversing a net loss from the previous year. Total contract drilling revenues were $773 million, down from $930 million in Q2 2020. Adjusted net loss was $69 million, excluding net favorable items of $428 million. Operating expenses decreased to $470 million from $525 million, aided by reduced activity costs linked to COVID-19. Contract backlog remains strong at $8.2 billion.

Transocean Ltd. (NYSE: RIG) announced updates on its recently launched tender offers to repurchase certain series of senior notes. As of October 26, 2020, approximately $347.6 million of notes had been tendered, including 2020, 2021, 2022, 2023, and 2025 series. The total consideration for validly tendered notes will not exceed $200 million. The company intends to accept all valid offers and will finalize payments shortly. The offers are part of a strategic financial management effort to optimize its debt structure.

Transocean Ltd. (NYSE: RIG) has received a formal notice from the NYSE regarding non-compliance with continued listing standards due to its share price falling below $1.00 for 30 consecutive trading days. The company plans to regain compliance within a six-month period, requiring the share price to exceed $1.00 on the last trading day of any month. During this time, shares will continue to trade on the NYSE with the designation '.BC'. Failure to rectify this may lead to delisting, though this notification does not affect ongoing operations or debt agreements.