Welcome to our dedicated page for Transocean news (Ticker: RIG), a resource for investors and traders seeking the latest updates and insights on Transocean stock.
Transocean Ltd. (NYSE: RIG) is an international offshore contract drilling company that focuses on ultra-deepwater and harsh environment projects for oil and gas wells. Its news flow frequently highlights contract awards, option exercises and updates to its fleet of 27 mobile offshore drilling units, which includes 20 ultra-deepwater floaters and seven harsh environment floaters.
Visitors to this RIG news page can review company announcements about new drilling campaigns and extensions for specific rigs such as Deepwater Atlas, Deepwater Mykonos, Deepwater Skyros, Transocean Enabler and Transocean Barents. Recent press releases have detailed multi-well contracts in regions including the U.S. Gulf, Brazil, Norway, Romania and Australia, along with the associated additions to Transocean’s firm contract backlog.
Beyond operational contracts, Transocean’s news also covers financial and capital structure developments. The company has reported private offerings of Senior Priority Guaranteed Notes due 2032, cash tender offers for outstanding senior notes, and underwritten public offerings of its shares, all documented through coordinated press releases and Form 8-K filings.
Investors can also find announcements related to quarterly earnings releases, teleconference schedules and the publication of the Fleet Status Report, which summarizes the status and contract details of the company’s offshore drilling rigs. This mix of operational, financial and fleet information makes the RIG news stream a key source for understanding how Transocean’s contracts, backlog and capital structure evolve over time.
For anyone tracking offshore drilling activity, contract visibility or Transocean’s role in ultra-deepwater and harsh environment markets, this page aggregates the company’s latest publicly released information in one place.
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.
Transocean Ltd. reported a net loss of $37 million ($0.06 per diluted share) for Q4 2020, compared to a profit of $359 million ($0.51 per diluted share) in Q4 2019. Total contract drilling revenues decreased to $690 million from $773 million year-over-year. Despite a revenue efficiency of 97.2%, adjusted net loss was $209 million, excluding favorable items of $172 million. The company maintained a strong contract backlog of $7.8 billion and generated over $1 billion in EBITDA for 2020. Operating cash flow rose to $278 million, supported by collections and reduced tax payments.
Transocean Ltd. (NYSE: RIG) announced the execution of private exchange agreements for approximately $252.8 million of its 0.5% Existing Exchangeable Bonds due 2023. In return, it will issue around $230.1 million of new 4.00% Senior Guaranteed Exchangeable Bonds due 2025 and pay about $8.9 million in cash. The new bonds, guaranteed by Transocean and subsidiaries, have an initial exchange rate of 190.4762 common shares per $1,000 principal, equating to an exchange price of around $5.25 per share. This exchange is subject to customary closing conditions.
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.
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