Transocean Stock Price, News & Analysis

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.

On August 1, 2022, Transocean Ltd. (NYSE: RIG) announced a significant contract for its ultra-deepwater drillship, Petrobras 10000, securing a 5.8-year engagement offshore Brazil with a national oil company. This contract is expected to contribute approximately $915 million to the company's backlog, starting in October 2023 and running through August 2029. The firm backlog does not account for potential additional income from the use of Transocean's patented dual-activity technology.

Transocean Ltd. (NYSE: RIG) reported total contract drilling revenues of $692 million for Q2 2022, up from $586 million in Q1 2022. Adjusted EBITDA reached $245 million, compared to $163 million in the prior quarter. Despite a net loss of $68 million ($0.10 per diluted share), this was an improvement from $175 million ($0.26 per diluted share) in Q1 2022. Contract backlog was $6.2 billion as of July 2022. The company’s revenue efficiency improved to 97.8%, attributed to the return of idle rigs and higher dayrates.

Transocean Ltd. (NYSE: RIG) released its quarterly Fleet Status Report detailing the current status and contracts for its offshore drilling fleet. Key updates include:

• Deepwater Skyros: Ten-well contract in Angola at $310,000/day.
• Deepwater Invictus: Two-well contract extension in the U.S. Gulf of Mexico at $375,000/day.
• Transocean Spitsbergen: Nine-well contract in Norway at $335,000/day.
• Total backlog stands at approximately $6.2 billion, with an incremental backlog from new contracts totaling around $650 million.

Transocean Ltd. (NYSE: RIG) will report its second-quarter earnings on August 1, 2022, after the NYSE trading closes. A teleconference to discuss the results is scheduled for August 2, 2022, at 9 a.m. EDT. Interested participants can dial +1 313-209-6672, using conference code 5258095. The results will be available on their website and via a replay after the call. Transocean specializes in offshore contract drilling services, operating a fleet of 37 mobile offshore drilling units, including ultra-deepwater and harsh environment floaters.

Transocean Ltd. (NYSE: RIG) has secured a contract extension from Equinor Energy AS encompassing nine additional wells plus two optional wells for its harsh environment semisubmersible, Transocean Spitsbergen, to operate offshore Norway. This extension, valued at an estimated backlog of $181 million, is slated to begin in October 2023 and finish by April 2025. The estimated backlog does not include potential revenue from performance incentives and additional services.

Transocean reported a net loss attributable to controlling interest of $175 million or $0.26 per diluted share for Q1 2022, an improvement from the $260 million loss in Q4 2021. Contract drilling revenues declined to $586 million from $621 million sequentially, primarily due to lower dayrates and fewer calendar days. Adjusted EBITDA dropped to $163 million. Operating costs decreased to $412 million. The contract backlog stands at $6.1 billion, bolstered by new contracts in Angola worth approximately $200 million. A net favorable tax item contributed to the results.

Transocean Ltd. (NYSE: RIG) announced its quarterly Fleet Status Report on April 25, 2022. The report revealed significant contract updates: Development Driller III secured a one-well contract in Colombia at $331,000 per day; Deepwater Inspiration had a one-well option exercised in the U.S. Gulf of Mexico at $300,000 per day; and Transocean Spitsbergen's one-well option in Norway was exercised at $305,000 per day. The total incremental backlog from these contracts is approximately $87.2 million, contributing to a total backlog of around $6.1 billion.