eastunder
4 days ago
Transocean Ltd. Announces Second Quarter 2024 Earnings Release Date
July 17, 2024 16:33 ET
STEINHAUSEN, Switzerland, July 17, 2024 (GLOBE NEWSWIRE) -- Transocean Ltd. (NYSE: RIG) announced today that it will report earnings for the second quarter 2024 on Wednesday, July 31, 2024.
The company will conduct a teleconference to discuss the results starting at 11 a.m. EDT, 5 p.m. CEST, on Thursday, August 1, 2024. Individuals who wish to participate should dial +1 785-424-1222 approximately 15 minutes prior to the scheduled start time and refer to conference code 119567.
The teleconference will be simulcast in a listen-only mode at: www.deepwater.com, by selecting Investors, News, and Webcasts. A replay of the conference call will be available after 2 p.m. EDT, 8 p.m. CEST, on August 1, 2024. The replay, which will be archived for approximately 30 days, can be accessed at +1 402-220-1119, passcode 119567. The replay also will be available on the company's website.
eastunder
5 days ago
3 Under-$10 Oil & Gas Stocks to Buy for 100% Returns in 2025
https://investorplace.com/2024/07/3-under-10-oil-gas-stocks-to-buy-for-100-returns-in-2025/
#3 ...
Transocean (RIG)
Transocean (NYSE:RIG) is another undervalued offshore drilling services provider. However, unlike Borr Drilling, the company is focused on harsh environments and ultradeep-water rigs. RIG stock has corrected sharply by almost 40% in the last 12 months, and I see this as a good buying opportunity.
The first point to note is that Transocean reported an order backlog of $8.9 billion as of April. The backlog is front-end loaded and provides clear revenue and cash flow visibility.
Further, Transocean is focused on deleveraging. In the next few years, credit metrics are likely to improve on a sustained basis. The offshore driller has guided for year-end liquidity of $1.4 billion.
With high financial flexibility, there is a case for fleet expansion to boost growth. The company already has a modern fleet with an average age of 12 years. Overall, Transocean is positioned for steady growth and deleveraging. As oil trends higher, the backlog is likely to swell further. RIG stock, therefore, seems undervalued after a deep correction.
On the date of publication, Faisal Humayun did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article.
Faisal Humayun is a senior research analyst with 12 years of industry experience in the field of credit research, equity research and financial modeling. Faisal has authored over 1,500 stock specific articles with focus on the technology, energy and commodities sector.
eastunder
1 week ago
The prospectus on that was filed 6/28
https://www.sec.gov/Archives/edgar/data/1451505/000145150524000088/tmb-20240628xs3asr.htm
On June 28, 2024, Transocean Ltd. and certain subsidiaries of Transocean Ltd. entered into a share purchase agreement (the “SPA”) with certain funds managed and/or advised by Hayfin Capital Management LLP and/or its affiliates (together, “Hayfin”), pursuant to which Transocean Ltd. agreed to cause to be issued (i) 55,513,043 shares, USD 0.10 par value each, of Transocean Ltd. (such shares, referred to as “registrable securities”) and (ii) $130 million aggregate principal amount of our 8.00% Senior Notes due 2027, as “Additional Securities” pursuant to our indenture dated January 17, 2020 (such notes, referred to as the “notes”), to Hayfin in exchange for the acquisition by Transocean of Hayfin’s 67.0% ownership interest in the joint venture (the “Joint Venture”) that owns the Transocean Norge. The transactions contemplated by the aforementioned share purchase agreement were consummated on June 28, 2024, including the issuance of the registrable securities and the notes to Hayfin, and we have agreed that we will file a registration statement registering the resale of all of the registrable securities (but not the notes). This registration statement is being filed to satisfy this obligation.
The registration rights described above will terminate when the selling securityholders no longer beneficially own any registrable securities or when all registrable securities owned by all of the selling securityholders may be freely resold pursuant to Rule 144 promulgated under the Securities Act without regard to any limitations thereunder.
This prospectus is not an offer to sell or a solicitation of an offer to buy the notes. The SPA and related transactions are further described in our current report on Form 8-K, filed with the SEC on June 28, 2024.
and on 7/9 a 13G was filed
https://www.sec.gov/Archives/edgar/data/1451505/000095015724000971/0000950157-24-000971-index.htm
Which doesn't appear to show any thing sold yet. I'm reading that wrong, aren't I?
Mother Lode
1 month ago
seems to be some consolidation in the offshore industry. Would indicate (to me) demand for those services
DO restructured itself via chapter 11 so it probably got rid of a lot of debt. Unlike RIG
"HOUSTON, April 26, 2021 /PRNewswire/ -- Diamond Offshore Drilling, Inc. ("Diamond" or the "Company") announced today that, on April 23, 2021, it and its debtor affiliates emerged from their chapter 11 process after successfully completing a financial reorganization pursuant to their joint plan of reorganization.
The restructuring significantly delevers the Company's balance sheet and provides substantial liquidity for the Company, resulting in the equitization of approximately $2.1 billion in senior unsecured note obligations and providing the Company with over $625 million of new available capital."
eastunder
3 months ago
Transocean Ltd. Reports First Quarter 2024 Results
17:24:00 PM ET, 04/29/2024 - GlobeNewswire
Three months ended March 31, 2024 December 31,2023 Sequential change
(In millions, except per share amounts and backlog)
Contract drilling revenues $763 $741 $22
Adjusted contract drilling revenues $767 $748 $19
Revenue efficiency(1) 92.9% 97.0% (4.1)%
Operating and maintenance expense $523 $569 $(46)
Net income (loss) attrib. to con. int. $98 $(104) $202
Diluted earnings (loss) per share $0.11 $(0.13) $0.24
Adjusted EBITDA $199 $122 $77
Adjusted EBITDA margin 26.0 % 16.3% 9.7%
Adjusted net loss $(22) $(74) $52
Adjusted diluted loss per share $(0.03) $(0.09) $0.06
Backlog as of the April 2024 Fleet Status Report $ 8.9 billion
STEINHAUSEN, Switzerland, April 29, 2024 (GLOBE NEWSWIRE) -- Transocean Ltd. (NYSE: RIG) today reported a net income attributable to controlling interest of $98 million, $0.11 per diluted share, for the three months ended March 31, 2024.
First quarter results included net favorable items of $120 million, $0.14 per diluted share, primarily due to $121 million discrete tax items, net.
After consideration of these net favorable items, first quarter 2024 adjusted net loss was $22 million, $0.03 per diluted share.
Contract drilling revenues for the three months ended March 31, 2024, increased sequentially by $22 million to $763 million, primarily due to increased activity for rigs that returned to work or were fully active this quarter after undergoing contract preparation, higher dayrate and higher reimbursable revenue. This was partially offset by lower revenue efficiency across the fleet, particularly on Deepwater Titan which experienced significant unscheduled downtime related to its blowout preventer, and one less day in the quarter. Deepwater Titan has since resumed dayrate operations.
Contract intangible amortization represented a non-cash revenue reduction of $4 million, compared to $7 million in the prior quarter. The contract intangible assets are now fully amortized.
Operating and maintenance expense was $523 million, compared with $569 million in the prior quarter. The sequential decrease was primarily due to cost savings on rigs that were idle in the first quarter, reduced contract preparation expenses, and lower in-service maintenance cost on the operating fleet. This was partially offset by higher reimbursed expenses.
After consideration of the favorable adjustment of $10 million and $145 million in the first and fourth quarter, respectively, for the fair value of the bifurcated exchange feature related to the 4.625% exchangeable bonds, interest expense net of capitalized amounts was $127 million, compared to $142 million in the prior period. Interest income was $15 million, compared to $10 million in the previous quarter.
The Effective Tax Rate(2) was 206.0%, up from (25.0)% in the prior quarter. The increase was primarily due to changes in deferred taxes related to rig ownership changes, rig movement and contract expirations across multiple jurisdictions. The Effective Tax Rate excluding discrete items was 76.9% compared to (30.0)% in the previous quarter.
Cash used in operating activities was $86 million during the first quarter of 2024, representing a decrease of $184 million compared to cash provided by operations in the prior quarter. The sequential decrease was primarily due to increased payments that regularly occur in the first quarter of each year for payroll-related costs and interest expense.
First quarter 2024 capital expenditures of $83 million were primarily associated with the newbuild ultra-deepwater drillship Deepwater Aquila. This compares with $220 million in the prior quarter.
“Over the first months of 2024, Transocean has achieved some fairly significant milestones. First, we secured a 365-day extension on Deepwater Asgard at a rate of $505,000 per day, once again demonstrating the sustained tightness in the high-specification floater market as well as Transocean’s ability to command industry-leading dayrates,” said Chief Executive Officer Jeremy Thigpen. “Additionally, earlier this month we finalized a $1.8 billion debt refinancing transaction, enabling us to improve near-term liquidity and start the process of simplifying our balance sheet. We also completed the extension of our revolving credit facility to mid-2028, further enhancing our financial flexibility.”
Thigpen concluded, “Looking ahead, we remain encouraged by the demand outlook and expect to see numerous long-term contracts awarded over the next several months. As we work to secure those contracts, we will remain acutely focused on operational execution across our fleet, as we endeavor to maximize the conversion of our industry-leading backlog to cash.”