Transocean Executive Vice President and Chief Commercial Officer Roderick Mackenzie sold another tranche of shares in late October. Should investors follow suit?Roderick Mackenzie, Executive Vice President and Chief Commercial Officer at Transocean Ltd. (RIG +0.34%), executed an open-market sale of 53,769 shares on October 31, 2025, resulting in the complete divestiture of direct holdings. SEC Form 4 filingTransaction summaryMetricValueShares sold53,769Transaction value$207,548Post-transaction shares247,072 ...

Core Points - Transocean Ltd. has secured a six-well contract in Australia for the Deepwater Skyros, expected to start in Q1 2027, contributing approximately $130 million to the backlog [1] - The contract includes priced options that could extend the drillship's operations in Australia into early 2030 if fully exercised [1] Company Overview - Transocean is a leading international provider of offshore contract drilling services, focusing on ultra-deepwater and harsh environment drilling [2] - The company operates the highest specification floating offshore drilling fleet globally, consisting of 27 mobile offshore drilling units, including 20 ultra-deepwater floaters and seven harsh environment floaters [3]

Night Watch Investment Management, an investment management firm, released its third-quarter 2025 investor letter. A copy of the letter can be downloaded here. In the third quarter, the fund LP appreciated by 4.28% net of fees, and YTD, its performance stood at 25.88%. The portfolio continued its strong performance in the quarter. The market also experienced a strong recovery in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2025. In its third-quarter 2025 in ...

We came across a bullish thesis on Transocean Ltd. on TheOldEconomy Substack’s Substack by Mihail Stoyanov. In this article, we will summarize the bulls’ thesis on RIG. Transocean Ltd.'s share was trading at $4.4100 as of November 28th. RIG’s forward P/E was 18.15 according to Yahoo Finance. 5 World’s Most Water-Stressed Countries in 2040 Transocean Ltd., together with its subsidiaries, provides offshore contract drilling services for oil and gas wells in Switzerland and internationally. RIG presents a c ...

Core Insights - Noble has expanded its backlog to $7 billion, yet its stock performance remains weak, with a notable investor, Canyon Capital Advisors, reducing its stake by $2 million [1][2][6] Company Overview - Noble is a leading offshore drilling contractor with a global fleet designed for complex exploration and production activities, primarily generating revenue through long-term contracts with energy companies [5] - The company reported a total revenue of $3.4 billion and a net income of $226.7 million for the trailing twelve months (TTM), with a dividend yield of 6.5% [4] Recent Developments - Canyon Capital Advisors reduced its stake in Noble by 158,607 shares, leaving them with approximately 1.3 million shares valued at $36.9 million as of September 30 [2][7] - Despite a third-quarter net loss of $21 million, Noble generated strong free cash flow of $139 million and secured $740 million in new contract awards since August, contributing to the increased backlog [8] Market Performance - As of the latest market close, Noble shares were priced at $31.35, reflecting a 6% decline over the past year, significantly underperforming the S&P 500's 13% gain during the same period [3][4] Investor Sentiment - Canyon Capital's decision to trim its position in Noble suggests a more selective approach to deepwater exposure, despite the company's improving backlog and cash generation [6][8]

Core Insights - Goehring & Rozencwajg Associates, LLC acquired over $20 million worth of Noble stock, increasing its position significantly in the third quarter of 2025 [1][9] - Noble now represents 3.7% of the firm's 13F assets under management, with a total holding of 1,081,635 shares valued at $30.59 million as of September 30, 2025 [2][3] Company Overview - Noble is a leading offshore drilling contractor with a market capitalization of $4.64 billion and revenue of $3.45 billion for the trailing twelve months (TTM) [4][5] - The company reported a net income of $226.73 million and has a dividend yield of 6.7% [4] Performance Metrics - As of November 7, 2025, Noble shares were priced at $29.23, with a one-year return of -9.1%, underperforming the S&P 500 by 22.8 percentage points [3][10] - The firm's acquisition of nearly 700,000 shares during the third quarter more than tripled its position in Noble, making it the 11th-largest holding for the firm [9] Business Model - Noble provides offshore contract drilling services through a fleet of mobile offshore drilling units, generating revenue primarily from long-term contracts with oil and gas companies [8] - The company serves major integrated oil companies, national oil companies, and independent exploration and production firms globally [8]

Core Insights - Transocean Ltd. announced contract fixtures for one ultra-deepwater drillship and two harsh environment semisubmersibles, totaling approximately $89 million in firm contract backlog [1] - Petrobras exercised a 90-day option for the Deepwater Mykonos, contributing approximately $33 million to the backlog [1] - A two-well option was exercised for the Transocean Enabler in Norway at a dayrate of $453,000, while OMV Petrom exercised a one-well option for the Transocean Barents in Romania at a dayrate of $480,000 [2] Company Overview - Transocean is a leading international provider of offshore contract drilling services, focusing on technically demanding sectors, particularly ultra-deepwater and harsh environment drilling [3] - The company operates the highest specification floating offshore drilling fleet globally, consisting of 27 mobile offshore drilling units, including 20 ultra-deepwater floaters and seven harsh environment floaters [4]

Core Insights - Seadrill Limited (NYSE:SDRL) experienced a significant share price decline of 10.58% from November 3 to November 10, 2025, ranking among the energy stocks that lost the most during that week [1][2] Financial Performance - In Q3 2025, Seadrill reported an adjusted EPS of -$0.14, which was $0.48 below forecasts, indicating weaker-than-expected earnings performance [3] - The company generated $363 million in revenue for the quarter, exceeding expectations by over $19 million, showcasing strong revenue generation despite the loss [3] - Seadrill reported a net loss of $11 million, attributed mainly to a higher number of idle rigs than anticipated [3] Contract Awards and Market Position - Seadrill secured $300 million in new contract awards across five rigs, including a significant joint venture in Angola, reinforcing its status as a leading operator in the region [4] - Following the Q3 results, Barclays adjusted its price target for Seadrill from $33 to $32 while maintaining an 'Equal Weight' rating on the shares [4]

Core Insights - Transocean Ltd. reported a net loss attributable to controlling interest of $1.92 billion, or $2.00 per diluted share, for the three months ended September 30, 2025, reflecting significant unfavorable items impacting financial performance [1][2][3]. Financial Performance - Contract drilling revenues increased sequentially by $40 million to $1.03 billion, driven by improved rig utilization, revenue efficiency, and an increase in dayrate for one rig, despite lower revenues from an idle rig [3][4]. - Operating and maintenance expenses decreased to $584 million from $599 million in the prior quarter, primarily due to lower expenses on a rig that completed a special periodic survey [4]. - Adjusted EBITDA for the quarter was $397 million, with an adjusted EBITDA margin of 38.7%, up from 34.9% in the previous quarter [1][8]. Loss and Adjustments - The third quarter included net unfavorable items totaling $1.985 billion, leading to an adjusted net income of $62 million, or $0.06 earnings per diluted share [2][8]. - The effective tax rate was (1.4)%, a decrease from 14.2% in the prior quarter, mainly due to losses on rig impairments [6][7]. Cash Flow and Debt Management - Cash provided by operating activities was $246 million, an increase of $118 million compared to the prior quarter, attributed to a reduction in working capital [7]. - The company took steps to reduce total debt by approximately $1.2 billion by the end of 2025, which is expected to lower annual interest expense by about $83 million [8]. Fleet and Operational Statistics - As of September 30, 2025, Transocean's backlog stood at $6.7 billion, indicating a strong pipeline of future work [1]. - The average daily revenue for ultra-deepwater floaters was $460,200, while for harsh environment floaters it was $467,100, contributing to a total fleet average daily revenue of $462,300 [28]. Summary of Financial Metrics - For the nine months ended September 30, 2025, contract drilling revenues totaled $2.92 billion, compared to $2.57 billion for the same period in 2024 [21]. - The company reported a net loss of $2.94 billion for the nine months ended September 30, 2025, compared to a loss of $519 million for the same period in 2024 [26].

Core Viewpoint - Transocean Ltd. has announced an increase in its cash tender offer for certain senior notes, raising the maximum purchase price from $50 million to $100 million, reflecting strong interest from noteholders [2][10]. Group 1: Tender Offer Details - The tender offer is aimed at purchasing up to an aggregate principal amount of the outstanding 7.35% Senior Notes due December 2041 and 7.00% Notes due June 2028 [1][2]. - As of the Early Tender Date, approximately $88.998 million (50.21%) of the 2041 Notes and $120.628 million (46.18%) of the 2028 Notes were validly tendered [3]. - The company accepted all validly tendered 2041 Notes and will accept 2028 Notes on a pro rata basis, with a proration factor of approximately 13.17% [3][10]. Group 2: Financial Terms - The Total Tender Offer Consideration for the 2041 Notes is $950.00 per $1,000 principal amount, while for the 2028 Notes, it is $980.00 per $1,000 principal amount [5][8]. - The company expects to pay the Total Tender Offer Consideration on all validly tendered notes with proceeds from a New Notes Offering [12]. Group 3: Timeline and Conditions - The tender offer will expire on October 29, 2025, unless extended or terminated earlier [10]. - Holders of notes who tendered before the Early Tender Date may no longer withdraw their notes, except under limited circumstances [11].