STEINHAUSEN, Switzerland, Sept. 10, 2024 (GLOBE NEWSWIRE) -- Transocean Ltd. (NYSE: RIG) (“Transocean”) today announced a 365-day contract for the Deepwater Atlas with bp in the U.S. Gulf of Mexico. The contract also provides for a 365-day option. The program is expected to commence in the second quarter of 2028 and contribute approximately $232 million in backlog, excluding a mobilization fee. There are no additional services provided under the contract. About Transocean Transocean is a leading internation ...

The sliding price of oil was a huge headwind for energy stocks.The biggest news of the week in energy was that Brent crude oil prices fell by 7% to $71.32 per barrel, which sent most energy stocks into a tailspin. The price drop was largely driven by the release of relatively weak U.S. economic data. The ISM manufacturing reading was just 47.2%, indicating a contraction in manufacturing orders. On Friday, we learned just 142,000 jobs were added in the U.S. in August, well below the 161,000 expected, and rev ...

NEW YORK, Sept. 6, 2024 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of Transocean Ltd. ("Transocean" or "the Company") (NYSE: RIG). Investors who purchased Transocean securities are encouraged to obtain additional information and assist the investigation by visiting the firm's site: bgandg.com/RIG.Investigation DetailsOn September 3, 2024, Transocean announced that it had it agreed to sell the Development Driller III dr ...

NEW YORK, Sept. 05, 2024 (GLOBE NEWSWIRE) -- Attorney Advertising--Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of Transocean Ltd. (“Transocean” or “the Company”) (NYSE: RIG). Investors who purchased Transocean securities are encouraged to obtain additional information and assist the investigation by visiting the firm’s site: bgandg.com/RIG. Investigation Details On September 3, 2024, Transocean announced that it had it agreed to sell the Development Driller I ...

Transocean Ltd. (RIG) , the world’s largest offshore drilling contractor and a leading provider of drilling management services, headquartered in Switzerland, has secured a significant contract from Reliance Industries Limited, a multinational conglomerate in India, headquartered in Mumbai. Reliance has granted RIG a binding Letter of Award for the Dhirubhai Deepwater KG1 project offshore India. RIG’s Contract Overview and TimelineUnder the terms of the contract, RIG will provide a drilling rig to support t ...

Core Viewpoint - Transocean Ltd. is selling Development Driller III and Discoverer Inspiration, valued at $195 million and $147 million respectively, as part of a strategy to streamline its portfolio and focus on core operations, totaling $342 million in asset disposals [1][4][9] Asset Details - Development Driller III is a fifth-generation ultra-deepwater drilling rig capable of operating in water depths up to 7,500 feet and drilling depths of 35,000 feet, yet it has been deemed non-strategic [2] - Discoverer Inspiration, while reliable, is less advanced than Development Driller III and is also being sold to optimize RIG's asset portfolio [3] Financial Implications - The sale will incur an estimated non-cash charge of $630 million to $645 million in Q3 2024 due to asset impairment [4] - Proceeds from the sale, amounting to $342 million, will be used to reduce RIG's long-term debt of $6.78 billion, enhancing financial flexibility [4] Strategic Rationale - The asset sales are aimed at focusing on core operations and optimizing the asset portfolio, allowing RIG to concentrate on high-performing assets for better returns [5] - This strategy is essential for maintaining competitiveness in the offshore drilling industry, where operational efficiency and technological advancements are crucial [5] Market Impact - RIG's asset disposal reflects broader trends in the offshore drilling industry, where companies are increasingly focusing on financial stability and portfolio optimization [6][7] - The market's reaction to RIG's proactive approach to debt reduction and portfolio optimization will be closely monitored by investors [8] Conclusion - The sale of Development Driller III and Discoverer Inspiration is a strategic move to enhance financial stability and focus on core operations, with significant implications for RIG's long-term debt reduction and competitiveness in the offshore drilling sector [9]

STEINHAUSEN, Switzerland, Sept. 04, 2024 (GLOBE NEWSWIRE) -- Transocean Ltd. (NYSE: RIG) (“Transocean”) today announced that Reliance Industries Limited awarded a binding Letter of Award for the Dhirubhai Deepwater KG1 for six wells offshore India. The estimated 300-day program is expected to commence in the second quarter of 2026 and is estimated to contribute approximately $123 million in backlog, excluding additional services and a mobilization fee. The award also includes multiple options. If all option ...

Transocean Ltd. (RIG) reported second-quarter 2024 adjusted net loss of 15 cents per share, wider than the Zacks Consensus Estimate of a loss of 8 cents. However, the bottom line remained flat year over year.Switzerland-based offshore drilling powerhouse’s total adjusted revenues of $861 million missed the Zacks Consensus Estimate of $866 million. This was due to lower-than-expected revenues from Ultra-deepwater floaters. The metric totaled $606 million, which missed the consensus mark of $617 million. Howe ...

Jeremy Poland On Wednesday, July 31, 2024, offshore drilling rig owner Transocean Ltd. (NYSE:RIG) announced its second-quarter 2024 earnings results. At first glance, these results were very disappointing, as the company missed the expectations of its analysts on both a top-line revenue and a bottom-line earnings basis: Seeking Alpha The company's revenues did come in stronger than last year, though, which makes this look a bit better. The company's adjusted EBITDA was likewise stronger than what was seen i ...

MarkusBeck A lot has happened since my last coverage of Transocean (NYSE:RIG). RIG stock surged by about 10% following the publication of the fleet status report. Later on July 31st, a contract worth $531 million at a daily rate of about $485,000 was announced. The company's dayrates surged to record highs, much like the management predicted. The company has just reported its earnings, and more positive announcements are yet to come, it seems. Offshore drillers' earnings are among the most predictable o ...