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. reports developments in offshore contract drilling services for oil and gas wells. The company operates in technically demanding offshore markets, with a focus on ultra-deepwater drilling and harsh-environment semisubmersible operations. Its updates commonly address drillship and semisubmersible contracts, customer options, fleet status reports, operating uptime, dayrate trends, and contract backlog across regions such as Brazil, Norway and Australia.
Recurring news for Transocean also covers quarterly and annual financial results, cash flow, liquidity, debt retirement and other capital-structure actions tied to its offshore rig fleet and long-term drilling contracts.
Transocean Ltd. (NYSE: RIG) announced a private exchange agreement for its 0.5% Exchangeable Bonds due 2023, exchanging approximately $356 million for new 2.5% Senior Guaranteed Exchangeable Bonds due 2027. The new bonds will have an exchange rate of 162.1626 shares per $1,000, equating to an initial price of about $6.17 per share. Additionally, Transocean is undergoing internal reorganization and exploring further liability management strategies. Financial advisor Lazard Frères & Co. LLC has been retained to assist with strategic alternatives.
Transocean reported a net loss of $497 million, or $0.81 per diluted share, for Q2 2020, affected by $496 million in net unfavorable items. Total contract drilling revenues rose to $930 million, up from $759 million in Q1 2020, with adjusted revenues at $983 million.
Revenue efficiency improved to 97.2% from 94.4%. Operating expenses decreased to $525 million, while adjusted EBITDA increased to $418 million. Contract backlog remained strong at $8.9 billion. CEO Jeremy Thigpen highlighted progress on a significant contract for upgrading the Deepwater Atlas drillship.
Transocean Ltd. (NYSE: RIG) released its quarterly Fleet Status Report on July 15, 2020, revealing a total backlog of approximately $8.9 billion. Significant updates include the termination of a drilling contract for the Paul B. Loyd Jr. in the U.K. The report highlights Transocean's strong position in offshore contract drilling services, specializing in ultra-deepwater and harsh environment drilling with a versatile fleet of 39 units, including 27 ultra-deepwater floaters and 12 harsh environment floaters.
Transocean Ltd. (NYSE: RIG) will announce its Q2 2020 earnings on July 29, 2020, after market close. A teleconference to discuss the results is scheduled for July 30, 2020, at 9 a.m. EDT. Participants can join by calling +1 334-777-6978 and using conference code 9017399. The conference will also be available via www.deepwater.com. Transocean operates a fleet of 39 mobile offshore drilling units, including 27 ultra-deepwater floaters and 12 harsh environment floaters, focused on technically demanding offshore drilling.
Transocean Ltd. (NYSE: RIG) reported a net loss attributable to controlling interest of $392 million ($0.64 per diluted share) for Q1 2020, compared to a net loss of $51 million ($0.08 per diluted share) in Q1 2019. The adjusted net loss was $187 million ($0.30 per diluted share), reflecting $205 million of net unfavorable items. Contract drilling revenues decreased to $759 million, compared to $792 million in Q4 2019, with a revenue efficiency of 94.4%. Operating and maintenance expenses were reduced to $540 million. The company has a contract backlog of $9.6 billion as of April 2020, demonstrating a strong position despite ongoing challenges from COVID-19 and declining oil prices.