Transocean Stock Price, News & Analysis

Transocean Ltd. (NYSE: RIG) announced contracts for two harsh environment semisubmersibles, totaling approximately $382 million in firm contract backlog. The Transocean Enabler will provide drilling services for 19 firm wells for Equinor on the Johan Castberg field, commencing in April 2024 and contributing $217 million to backlog. The Transocean Encourage will drill nine firm wells in the Norwegian North Sea, starting December 2023, adding $165 million. Each rig will receive upgrades for improved safety and emissions reductions. This strategic collaboration highlights the companies' commitment to technology and sustainability.

Transocean Ltd. reported a net loss of $350 million, or $0.48 per diluted share, for Q4 2022, a significant decline from a $28 million loss in the same period last year. Total contract drilling revenues dropped to $606 million from $691 million year-over-year, primarily due to reduced activity among idle rigs. Operating expenses rose to $423 million, influenced by increased maintenance costs and operations of newbuild Deepwater Atlas. Though cash from operations decreased to $178 million, the company recorded a contract backlog of $8.5 billion. CEO Jeremy Thigpen highlighted significant backlog additions and ongoing improvements in operational efficiency amidst an industry upcycle.

Transocean Ltd. (NYSE: RIG) released its quarterly Fleet Status Report on February 9, 2023. Key updates include significant contract awards for its offshore drilling rigs in Brazil and the U.S. Gulf of Mexico.

The Deepwater Corcovado secured a four-year contract at $400,000 per day, while the Deepwater Orion and Dhirubhai Deepwater KG2 received three-year and 910-day contracts at rates of $417,000 and $439,000 per day, respectively. The total backlog is approximately $8.5 billion, with an incremental backlog of about $1.9 billion from these contracts.

Transocean Ltd. (NYSE: RIG) has announced an investment in Global Sea Mineral Resources NV (GSR), acquiring a non-controlling interest. As part of the agreement, Transocean will contribute the Ocean Rig Olympia for GSR's exploration activities and will provide engineering services. GSR focuses on deep-sea polymetallic nodules critical for renewable energy, with significant metals like cobalt and nickel essential for battery production. The Olympia is set for a system integration test in 2025 to validate nodule recovery feasibility. Transocean aims to enhance its offshore energy services portfolio by leveraging its deepwater expertise.

Transocean Ltd. (NYSE: RIG) has secured a 910-day contract for its ultra-deepwater drillship, Dhirubhai Deepwater KG2, with a national oil company for operations offshore Brazil. The contract, valued at an estimated backlog of $392 million, excludes a mobilization fee that is 90 times the contract dayrate. Work is set to begin in Q3 2023. Transocean is recognized for its advanced offshore drilling services, particularly in deepwater and harsh environments, operating a fleet of 38 mobile offshore drilling units, including 28 ultra-deepwater floaters.

Transocean Ltd. (NYSE: RIG) has announced plans to report its earnings for the fourth quarter and full year 2022 after the NYSE closes on February 21, 2023. A teleconference to discuss these results is scheduled for February 22, 2023, at 9 a.m. EST. Interested participants are advised to call +1 785-424-1226, using conference code 401741. The call will also be available for listen-only streaming on Transocean’s website, with a replay accessible post-event. Transocean specializes in offshore contract drilling, operating a sophisticated fleet that includes 38 mobile offshore drilling units.

Transocean Ltd. (NYSE: RIG) announced the pricing of $1.175 billion in senior secured notes due 2030. The notes will be guaranteed by Transocean Ltd. and certain subsidiaries. The offering aims to refinance existing secured notes by redeeming them upon closing, expected on January 31, 2023. The new notes will carry an interest rate of 8.75% per annum. The offering is contingent on market conditions, and the proceeds will primarily facilitate the redemption of the outstanding secured notes. This transaction is part of Transocean's strategy to manage its debt more effectively amid evolving market dynamics.

Transocean Ltd. (NYSE: RIG) announced a $1.175 billion offering of senior secured notes due 2030 by its subsidiary, Transocean Inc., to eligible purchasers under Rule 144A/Regulation S. The offering aims to refinance existing notes, specifically the Thalassa, Guardian, Proteus, and Pontus Notes, ensuring senior secured guarantees from subsidiaries. The Notes will be secured by a lien on specific drilling rigs and assets. Proceeds will primarily fund the redemption of outstanding secured notes, contingent on market conditions and offering completion. Redemptions are expected to close by February 16, 2023, pending conditions.

Transocean Ltd. (NYSE: RIG) announced that its subsidiary, Transocean Titan, has priced an offering of $525 million in senior secured notes due 2028. The 8.375% interest Notes will be guaranteed by Transocean Ltd. and are secured by the Deepwater Titan and related assets. The offering is expected to close on or about January 17, 2023. Proceeds are aimed at financing the Deepwater Titan's construction and initial debt service. The Notes will not be registered under the U.S. Securities Act and may not be publicly offered in Switzerland.