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全球两大顶尖海上钻井承包商Transocean与Valaris正式达成合并协议，由Transocean通过全股票交易方式收购Valaris，合并完成后，一家坐拥超70座海上钻 井平台、总价值近1200亿人民币的全球最大海上钻井船东横空出世。 据悉，本次收购为全股票交易模式，交易总价约58亿美元，折合人民币约400.69亿元。交易完成后，合并后新公司的企业总价值将达到约170亿美元，折 合人民币约1174.44亿元，股权结构方面，Transocean原股东将持有合并后公司约53%的股份，Valaris股东则持有剩余47%的股份。 陈洋 Chen Yang yangchen@xindemarine.com 本次合并的核心价值在于实现了两家企业优质海上资产的高度互补，构建起覆盖全场景、全水深的综合服务能力。据统计，合并后的新公司将拥有73座钻 井平台，跻身全球最大钻井平台船队之列，业务全面覆盖超深水、恶劣环境及浅水三大核心市场，形成了"深水+浅水""高毛利+稳现金"的完美业务组合。 具体来看，船队构成涵盖33艘超深水钻井船、9座半潜式钻井平台和31座现代自升式钻井平台，同时手握约100亿美元（折合人民币690.85 ...

据财报数据，公司当前市盈率（PE）为3.6倍（基于调整收盘价50.4美元），低于行业平均水平。投资 资本回报率（ROIC）为12.94%，表明资本配置效率良好。 全年经营活动现金流为5.46亿美元，自由现金流为2.03亿美元，流动性充足。全年稀释每股收益为13.99 美元，净资产收益率（ROE）达36.33%，资产回报率（ROA）为20.21%，均处于行业较高水平。截至 2025年末，公司资产负债率为40.21%，流动比率为1.77，财务结构健康。 公司基本面 第四季度单季营业收入为5.37亿美元，同比下降8.04%，但净利润同比增幅达436.65%，显示公司在收入 短期承压时通过成本优化实现利润弹性。全年营收微增背景下，净利润大幅增长，印证其盈利质量改 善。 公司估值 经济观察网 华仕伯（VAL.US）发布2025财年财报，全年净利润同比大幅增长163.20%，净利率提升至 41.49%。 业绩经营情况 2025财年全年营业收入为23.69亿美元，同比增长0.27%；净利润达9.83亿美元，同比大幅增长 163.20%，净利率提升至41.49%。第四季度单季净利润为7.18亿美元，净利率高达133.51%， ...

Core Viewpoint - Transocean Ltd. reported its financial results for the fourth quarter and full year of 2025, highlighting significant improvements in operational efficiency and financial restructuring, despite a substantial net loss attributable to controlling interest. Financial Performance Summary - Contract drilling revenues for 2025 reached $3.965 billion, a 13% increase from $3.524 billion in 2024 [7] - Adjusted EBITDA was $1.37 billion, up 19% from $1.148 billion in 2024, with an adjusted EBITDA margin of 34.6% [5][7] - Net loss attributable to controlling interest was $2.915 billion, translating to a basic and diluted loss per share of $3.04 [7][21] - Cash flows from operations were $749 million, an increase of 68% compared to the previous year [7] - Free cash flow improved to $626 million, up from $193 million in 2024 [7] Operational Highlights - The company achieved a revenue efficiency of 96.5%, up from 94.5% in 2024 [7] - The total principal amount of debt was reduced to $5.686 billion, down $1.258 billion or 18% [7] - The company added $839 million in contract backlog at a weighted average dayrate of $453,000 [7] Fourth Quarter Performance - In Q4 2025, contract drilling revenues were $1.043 billion, a 1.5% increase from the prior quarter [11] - Net income attributable to controlling interest for Q4 was $25 million, compared to a loss of $1.923 billion in Q3 [11] - Adjusted EBITDA for Q4 was $385 million, slightly down from $397 million in Q3 [11] Future Outlook - For Q1 2026, contract drilling revenues are expected to be between $1.020 billion and $1.050 billion, with full-year guidance set at $3.800 billion to $3.950 billion [10] - The company aims to maintain a revenue efficiency of 96.5% for the full year of 2026 [10] Strategic Initiatives - The company announced a definitive agreement to combine with Valaris, which is expected to enhance fleet capabilities and financial flexibility [5] - The primary objective for 2026 is to exceed customer expectations by delivering safe and efficient operations [4]

Transocean (NYSE:RIG), an offshore rig company, closed Tuesday at $6.14, down 6.12%. Today’s drop could be a result of profit-taking after last week’s 52-week high or a reassessment of its all-stock Valaris (NYSE:VAL) acquisition. Trading volume reached 80.8 million shares, about 98% above its three-month average of 40.9 million shares. Transocean IPO'd in 1993 and has fallen 61% since going public. How the markets moved today The S&P 500 (SNPINDEX:^GSPC) added 0.10% to finish Tuesday at 6,843, while th ...

What a difference one week is making in the life of offshore contract drilling services specialist Valaris Limited (NYSE: VAL). A mere eight days after announcing it was being acquired for a premium, the company's share price fell by more than 7% on Tuesday. Investors were disquieted by the delay in their company's latest earnings release, and were likely concerned about the acquirer's share price slide during that trading session. Post-acquisition adjustments Before market open that morning, Valaris an ...

Company Overview - Valaris shares increased by 48.1% this week following the announcement of a merger with Transocean, creating the largest offshore oil rig company in public markets [1] - The merger agreement stipulates that each Valaris shareholder will receive 15.235 Transocean shares for each Valaris share owned, reflecting a 31.6% premium to Valaris' price prior to the announcement [3] Merger Details - The resulting company will be owned 53% by Transocean shareholders and 47% by Valaris shareholders, with Transocean's CEO retaining his position and nine out of eleven board seats [3] - The merger is expected to generate $200 million in cost synergies, in addition to Transocean's existing target of $250 million in expense reductions over 2025 and 2026 [4] Industry Context - The merger positions Transocean and Valaris as the largest offshore oil rig public company by backlog, which is anticipated to enhance profitability even in a low oil-price environment [5] - The offshore rig industry has faced challenges over the past decade due to the shift towards lower-carbon vehicles and hydraulic fracking technology, which have negatively impacted oil prices and rig operators' rates [5] - As the industry consolidates, fewer players are expected to become more profitable, making them appealing to investors looking to capitalize on rising oil prices [6]

Core Viewpoint - Transocean's stock is experiencing positive momentum due to its $5.8 billion acquisition of Valaris and new contract awards, which are expected to reshape its backlog, leverage, and long-term earnings potential [1][4]. Company Performance - Transocean closed at $6.03, up 0.50%, with trading volume reaching 102.9 million shares, approximately 159% above its three-month average of 39.8 million shares [1][2]. - The company has seen a 45% decline in stock price since its IPO in 1993 [2]. Market Context - The S&P 500 fell 1.57% and the Nasdaq Composite lost 2.03%, while Transocean outperformed other oil and gas drilling companies like Noble Plc and Seadrill, which saw declines of 3.36% and 4.37% respectively [3]. Strategic Developments - The acquisition of Valaris is expected to create one of the largest deepwater drilling fleets, enhancing pricing power and revenue visibility in a tightening offshore market [4]. - New contract awards have increased the backlog by approximately $184 million [4]. Analyst Sentiment - Analyst opinions are mixed; BTIG raised its price target due to scale benefits and contract momentum, while Fearnley Fonds downgraded the stock, citing valuation and balance-sheet risks associated with the larger fleet [5]. - The critical question for investors is whether Transocean can convert increased scale and backlog into sustained cash flow while managing leverage [5].

分组1 - Precision Drilling reported quarterly earnings of $1.37 per share, exceeding the Zacks Consensus Estimate of $1.11 per share, and showing a significant increase from $0.76 per share a year ago, resulting in an earnings surprise of +23.42% [1] - The company posted revenues of $343.25 million for the quarter ended December 2025, which was slightly below the Zacks Consensus Estimate by 1.02%, but an increase from $334.62 million year-over-year [2] - Precision Drilling shares have increased approximately 21.3% since the beginning of the year, outperforming the S&P 500's gain of 1.4% [3] 分组2 - The earnings outlook for Precision Drilling is crucial for investors, as it includes current consensus earnings expectations for upcoming quarters and any recent changes to these expectations [4] - The trend of estimate revisions for Precision Drilling was favorable ahead of the earnings release, resulting in a Zacks Rank 2 (Buy) for the stock, indicating expected outperformance in the near future [6] - The current consensus EPS estimate for the upcoming quarter is $1.83 on revenues of $370.44 million, and for the current fiscal year, it is $6.12 on revenues of $1.36 billion [7] 分组3 - The Oil and Gas - Drilling industry, to which Precision Drilling belongs, is currently ranked in the top 30% of over 250 Zacks industries, suggesting a positive outlook for stocks within this sector [8] - Valaris Limited, another company in the same industry, is expected to report a significant decline in earnings for the quarter ended December 2025, with a forecast of $0.40 per share, reflecting a year-over-year change of -78.7% [9]

Core Insights - Transocean Ltd. and Valaris Limited have entered into a definitive all-stock agreement valued at approximately $5.8 billion, creating a combined enterprise valued at an estimated $17 billion, establishing a global leader in offshore drilling [1][8] Group 1: Transaction Details - The merger has been unanimously approved by the boards of both companies and is expected to close in the second half of 2026, pending regulatory and shareholder approvals [2] - Valaris shareholders will receive 15.235 shares of Transocean for each Valaris common share held as part of the all-stock transaction [1] Group 2: Fleet and Operational Capabilities - The merger will create a diversified fleet of 73 rigs, including 33 ultra-deepwater drillships, nine semisubmersibles, and 31 modern jackups, allowing operations across all water depths and offshore environments [3] - The combined company will significantly expand access to attractive offshore basins, enhancing customer optionality and positioning to capture opportunities from an emerging multi-year offshore drilling upcycle [4] Group 3: Financial Synergies and Cash Flow - Management has identified over $200 million in incremental cost synergies, in addition to ongoing cost-reduction initiatives expected to save more than $250 million through 2026 [5] - The combined entity is projected to have an industry-leading backlog of approximately $10 billion, which is expected to improve cash flow visibility and strengthen financial flexibility [5][9] Group 4: Market Position and Leadership - The pro forma market capitalization of the combined company is expected to be about $12.3 billion, enhancing trading liquidity and broadening the investor base [6] - Transocean's senior management will lead the combined entity, with Keelan Adamson as CEO and Jeremy Thigpen as Executive Chairman, resulting in Transocean owning approximately 53% and Valaris about 47% of the combined company [7] Group 5: Strategic Timing and Growth Potential - The merger is strategically timed to leverage improving offshore fundamentals, with a best-in-class fleet and identified synergies aimed at creating a differentiated offshore drilling leader [8][9] - The combined entity is expected to command a leading position in the floater market, supporting more disciplined bidding and stronger pricing power over time [9]