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. (RIG) is a global leader in offshore contract drilling services, specializing in ultra-deepwater and harsh environment operations. This dedicated news hub provides investors and industry professionals with essential updates about the company's strategic developments, operational milestones, and market positioning.
Access real-time press releases and curated analysis covering RIG's contract awards, fleet deployments, and financial performance. Our repository includes updates on deepwater drilling innovations, safety initiatives, and partnership announcements that shape the energy sector.
Key news categories include quarterly earnings reports, new rig contracts, technological advancements in offshore drilling, and regulatory developments. Bookmark this page for immediate access to verified information about RIG's global operations and industry leadership.
For stakeholders tracking offshore drilling markets, this resource offers structured updates without promotional bias. Return regularly to stay informed about Transocean's role in meeting global energy demands through cutting-edge drilling solutions.
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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