Transocean Stock Price, News & Analysis

Transocean Ltd. (NYSE: RIG) reported a net loss of $28 million or $0.04 per diluted share for Q3 2022, down from $68 million or $0.10 per share a year earlier. Total contract drilling revenues were $691 million, flat compared to Q2 2022, with adjusted revenues at $730 million. Revenue efficiency decreased to 95%, while operating expenses dropped to $411 million from $433 million. Cash provided by operations rose significantly to $230 million from $41 million. Contract backlog increased by $1.6 billion, totaling $7.3 billion, reflecting strong demand for high-capability drilling assets.

Transocean Ltd. (NYSE: RIG) will report its third-quarter earnings on November 2, 2022, after NYSE trading hours. A teleconference is scheduled for November 3, 2022, at 9 a.m. EDT to discuss the results. Interested participants can join by dialing +1 785-424-1205 with conference code 260431. Transocean specializes in offshore contract drilling, operating a fleet of 37 mobile units, including 27 ultra-deepwater floaters. The company is constructing two ultra-deepwater drillships, enhancing its capabilities in the challenging offshore sector.

Transocean Ltd. (NYSE: RIG) released its quarterly Fleet Status Report on October 13, 2022, detailing the current status and contract information for its offshore drilling rigs. Key contracts include a two-year contract for the Deepwater Conqueror in the U.S. Gulf of Mexico at $440,000 per day and a 5.8-year contract for Petrobras 10000 in Brazil starting at $399,000 per day. The total backlog stands at approximately $7.3 billion, with an incremental backlog of about $1.6 billion from new contracts.

Salunda Limited has secured an exclusive license agreement with Transocean (NYSE: RIG) for the HaloGuard^® system, the offshore drilling industry's first safety system that integrates camera and sensor technology with drilling equipment. HaloGuard^® ensures personnel safety by pausing equipment when crew members are too close. This technology, developed by Nauticus Robotics (NASDAQ: KITT), enhances safety in offshore operations and positions Salunda as a leader in the energy sector. The system is operational on multiple rigs and leverages patented Hawk Network technology.

Transocean Ltd. (NYSE: RIG) announced a significant contract for its Transocean Norge semi-submersible rig. Awarded by Wintershall Dea Norge and OMV Norge, the contract covers drilling 17 wells from 2023 to 2027, assuming all approvals are secured. The total backlog from this contract is projected at $437 million, based on an average dayrate of $408,000, with a firm term of 208 days contributing $72 million to backlog. Transocean holds a 33% interest in the rig through a joint venture.

Transocean Ltd. (NYSE: RIG) announced a liquidity boost of $175 million through negotiated transactions of its bonds. This includes exchanging approximately $73 million of existing bonds for new 4.625% Senior Guaranteed Exchangeable Bonds due in 2029, along with warrants for 31.5% of underlying shares. Furthermore, the company plans to sell $188.1 million of additional new exchangeable bonds and warrants. The deal's expected closing date is September 30, 2022, enhancing the company's balance sheet flexibility.

Transocean Ltd. (NYSE: RIG) announced two new contract awards for its ultra-deepwater drillship, Deepwater Asgard, in the U.S. Gulf of Mexico, contributing approximately $181 million to its backlog over 14 months. The first contract, for one well with Murphy Oil Corporation, is valued at $395,000 per day and is expected to commence this fall. The second contract, a one-year deal with another operator, is for $440,000 per day plus optional services, starting in the first half of 2023. This strong contract portfolio enhances Transocean's market position.

Viasat has partnered with Transocean and Intelilift to form a joint venture named Inteliwell, aimed at enhancing well construction through AI-powered automation. The initiative seeks to lower drilling times, improve safety, and streamline the construction process. Key applications include InteliPlan, InteliAutomate, and InteliAssist, designed to optimize planning and execution. The venture capitalizes on advanced data analytics to reduce costs and increase efficiency in drilling operations. This collaboration is expected to create significant value in a rapidly evolving market.

Transocean Ltd. (NYSE: RIG) announced that its ultra-deepwater drillship, Deepwater Conqueror, has secured a two-year contract for work in the U.S. Gulf of Mexico. The contract is valued at $440,000 per day, with the potential for an additional $39,000 per day for supplementary services. This adds an estimated $321 million to the backlog, effective December 2022, continuing from the current contract. Transocean operates 37 offshore drilling units, focusing on deepwater and harsh environment drilling.