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 (NYSE: RIG) has released its quarterly Fleet Status Report on April 16, 2025, providing updates on the company's offshore drilling rig fleet status and contract information. The report reveals that Transocean's total contract backlog stands at $7.9 billion. The complete fleet status report is accessible through the company's website at www.deepwater.com.
Transocean (NYSE: RIG) has scheduled its first quarter 2025 earnings release for Monday, April 28, 2025. The company will host a teleconference to discuss the results on Tuesday, April 29, 2025, at 9 a.m. EDT (3 p.m. CEST).
Participants can join the call by dialing +1 785-424-1619 approximately 15 minutes before the start time, using conference code 119877. A listen-only simulcast will be available on www.deepwater.com in the Investors section. A replay will be accessible after 12 p.m. EDT on April 29, 2025, via phone at +1 402-220-7202 (passcode 119877) and on the company's website for approximately 30 days.
Transocean (NYSE: RIG) announced key leadership changes as part of its succession plan. Keelan Adamson, current President and Chief Operating Officer, will become President and CEO during Q2 2025, succeeding Jeremy Thigpen who has led the company since 2015.
Adamson, who has been with Transocean for three decades, will be nominated to join the Board of Directors at the 2025 annual meeting. Thigpen will transition to Executive Chair of the Board, while current Chair Chad Deaton will become Lead Independent Director.
Adamson has served various roles since joining in 1995, including Executive VP, Senior VP of Operations, and VP of Human Resources. He holds a bachelor's degree in Aeronautical Engineering and completed Harvard Business School's Advanced Management Program. His priorities as CEO will focus on optimizing operations, meeting customer objectives, and reducing debt to enhance shareholder value.
Transocean (NYSE: RIG) reported fourth quarter 2024 results with net income of $7 million ($0.11 loss per diluted share). Contract drilling revenues increased by $4 million to $952 million in Q4 2024. The company achieved an Adjusted EBITDA of $323 million with a 33.9% margin.
Operating and maintenance expense rose to $579 million from $563 million in the previous quarter. The company secured $2.4 billion in backlog during 2024, with total backlog standing at $8.3 billion as of February 2025. Cash provided by operating activities was $206 million in Q4, a $12 million increase from Q3.
For full-year 2024, Transocean reported a net loss of $512 million ($0.76 per diluted share), including $458 million in net unfavorable items, primarily due to asset impairment losses of $755 million.
Transocean (NYSE: RIG) has released its quarterly Fleet Status Report, announcing significant contract extensions for three offshore drilling rigs. The Dhirubhai Deepwater KG1 secured a four-well option in India at $410,000 per day, the Transocean Enabler obtained a three-well option in Norway at $428,000 per day, and the Transocean Endurance received a one-well option in Australia at $390,000 per day.
These new contracts have added approximately $175 million to the company's backlog. As of February 12, 2025, Transocean's total backlog stands at approximately $8.3 billion.
Transocean (NYSE: RIG) has scheduled its fourth quarter and full year 2024 earnings release for Monday, February 17, 2025. The company will host a teleconference to discuss the results on Tuesday, February 18, 2025, at 9 a.m. EST (3 p.m. CET).
Participants can join the call by dialing +1 785-424-1116 approximately 15 minutes before the start time, using conference code 540196. A listen-only simulcast will be available on www.deepwater.com in the Investors section.
A replay will be accessible after 12 p.m. EST on February 18, 2025, via phone at +1 402-220-1152 (passcode 540196) and on the company's website for approximately 30 days.
Transocean (NYSE: RIG) has secured a contract extension through a four-well option exercise for its Dhirubhai Deepwater KG1 drillship with Reliance Industries in India. The program, estimated to last 270 days, will commence immediately following the rig's current firm term with Reliance. The contract is valued at approximately $111 million in backlog, not including additional services.
Transocean (NYSE: RIG) reported Q3 2024 results with a net loss of $494 million ($0.58 per diluted share). Contract drilling revenues increased by $87 million to $948 million, driven by increased rig utilization, higher dayrates, and revenues from the newbuild Deepwater Aquila. The company booked nearly $1.3 billion in new backlog during Q3, maintaining a total backlog of $9.3 billion. Operating and maintenance expenses rose to $563 million, while generating $194 million in operating cash flow and achieving an Adjusted EBITDA of $342 million with a 36% margin.
Transocean (NYSE: RIG) has announced significant contract awards and extensions for its offshore drilling fleet. Notable awards include: Deepwater Atlas (365-day, $635,000/day), Deepwater Conqueror (365-day, $530,000/day), and Deepwater Invictus (1095-day, $485,000/day) in the U.S. Gulf of Mexico. Additional contracts were secured for vessels in India, Norway, and Australia. These new fixtures add approximately $1.3 billion to the company's backlog, bringing the total backlog to $9.3 billion as of October 24, 2024.
Transocean (NYSE: RIG) announced it will release its third quarter 2024 earnings on October 30, 2024. The company will hold a teleconference to discuss the results on October 31, 2024, at 9 a.m. EDT (2 p.m. CET). Participants can dial +1 785-424-1226 using conference code 827284 to join the call. The teleconference will also be simulcast live on the company’s website, www.deepwater.com, under the Investors, News, and Webcasts section. A replay will be available after 12 p.m. EDT (5 p.m. CET) on October 31, 2024, and can be accessed via +1 402-220-9184 with passcode 827284. The replay will also be archived on the company's website for approximately 30 days.