10 Jan 2023director interest notice● Neutral
Transocean Ltd. SVP - CHIEF ACCOUNTING OFFICER David A Tonnel sold 13,069 shares at $4.95.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
4 Jan 2023contract award▲ GoodMajor
Transocean announced awards and extensions for five rigs totalling about $488m of firm backlog: Invictus (three wells, about 100 days, $43m, US Gulf of Mexico), Barents (one well, about 110 days, $34m, UK North Sea, starting Q1 2023), Paul B. Loyd, Jr. (Harbour Energy option, 275 days, $48m, to Q3 2024), Transocean Norge (previously disclosed options with Wintershall DEA and OMV now in backlog, 773 days, $331m) and Development Driller III (one-well TotalEnergies option, 90 days, $32m, Suriname).
19 Dec 2022substantial holder notice● Neutral
Frederik W. Mohn, Perestroika AS reported a Transocean Ltd. shareholding of 82,831,418 shares (11.50% of votes) in a periodic institutional filing.
9 Dec 2022director interest notice● Neutral
Transocean Ltd. EVP, CAO & CIO Howard E Davis gifted 22,900 shares.
8 Dec 2022contract award▲ GoodMajor
Transocean announced two Brazil awards with a national oil company worth about $1.04 billion of firm backlog. Deepwater Corcovado gets a four-year contract (about $583m) starting in Q3 2023 straight after its current Petrobras contract, and Deepwater Orion, listed as idle since Oct-19, gets a three-year contract (about $456m) expected to start in Q4 2023. The Orion award is the first work shown for that rig in the fleet reports.
1 Dec 2022director interest notice● Neutral
Transocean Ltd. EVP, CAO & CIO Howard E Davis gifted 22,900 shares.
14 Nov 2022director interest notice● Neutral
Transocean Ltd. insider Chad C Deaton bought 50,000 shares on the open market at $4.07.
4 Nov 2022quarterly activities report▼ Bad
Transocean Ltd. reported quarterly revenue of $691.0 million and a net loss of $28.0 million for the period ended 2022-09-30.
2 Nov 2022quarterly activities report▼ Bad
Transocean Ltd. reported quarterly revenue of $691.0 million and a net loss of $28.0 million for the period ended 2022-09-30.
13 Oct 2022production update● Neutral
Transocean published its routine fleet status report dated October 13, 2022. It shows Deepwater Conqueror's new contract at $440,000 per day (Mar-23 to Feb-25), Asgard with Murphy Oil Nov-22 to Jan-23 at $395,000 then a further contract at $440,000 from Feb-23, and Deepwater Atlas still starting with Beacon in Oct-22. Deepwater Nautilus and Transocean Equinox are now listed as idle from Oct-22. Estimated average ultra-deepwater dayrates are $335,000 for Q4 2022 and $386,000 for Q3 2023, and harsh environment $357,000 and $333,000.
30 Sept 2022capital raising announcement● NeutralMajor
The September 13 bond and warrant deals closed on Sept 30, 2022. Transocean Inc. issued $300m of 4.625% exchangeable bonds due 2029, exchangeable at about $3.44 per share, plus 22,175,910 warrants exercisable at $3.71 per share until March 13, 2026. These were issued in exchange for $72,976,000 of 0.5% 2023 exchangeable bonds, $43,254,000 of 7.25% 2025 notes and $188,095,000 in cash. Shares could be issued if the bonds are exchanged or the warrants exercised, which would dilute existing holders.
23 Sept 2022director interest notice● Neutral
Transocean LTD. became a Transocean Ltd. company insider (initial ownership filing).
13 Sept 2022capital raising announcement● NeutralMajor
Transocean announced private deals with holders of its 0.50% exchangeable bonds due 2023 and its 7.25% notes due 2025. It will swap about $73.0m of the 2023 bonds and about $43.3m of the 2025 notes for new 4.625% exchangeable bonds due 2029 (about $73.0m and $38.9m), and sell about $188.1m more of the new bonds, each with share warrants. Proceeds go to repurchasing about $13.8m of the 2025 notes for about $11.7m and to general corporate purposes. The company says this adds about $175m of liquidity. Separately, 43,000,000 new shares were issued at par (CHF 4.3m) to a wholly-owned subsidiary on Sept 8, taking issued shares to 797,244,072. Warrants and exchangeable bonds could dilute shareholders if used. This continues the company's earlier bond exchanges, and the subsidiary share issues seen in 2021 and 2022.
7 Sept 2022contract award▲ GoodMajor
Transocean announced two awards for Deepwater Asgard totalling about $181 million of firm backlog. One is a one-well Murphy Oil contract at $395,000 per day (about $20 million) starting late fall 2022, with an option for a second well. The other is a one-year contract with another operator at $440,000 per day (about $161 million, plus up to $40,000 per day for extras) starting in the first half of 2023, with three one-year options at dayrates to be agreed. This follows Asgard's current contract with an undisclosed customer that ends in August 2022.
5 Aug 2022material agreement▼ BadMajor
On August 5, 2022 Transocean signed an Equity Distribution Agreement with Morgan Stanley to sell up to $435 million of new shares at market prices, with commission up to 2.0%. It includes the unsold remainder of the June 2021 Jefferies programme, so it replaces that programme. Proceeds are for general corporate purposes, which may include debt repayment or refinancing, rig acquisitions and working capital. Existing shareholders could be diluted if shares are sold; the filing does not say how much was sold under the earlier programme.
5 Aug 2022securities registration● Neutral
Transocean Ltd. filed a prospectus supplement for an offering off its existing shelf.
3 Aug 2022contract award▲ GoodMajor
Transocean announced two contract awards adding about $1.24 billion of backlog. Petrobras 10000 got a 5.8-year contract offshore Brazil with a national oil company (about $915 million, Oct 2023 to Aug 2029), and Deepwater Conqueror got a two-year US Gulf of Mexico contract with a major operator at $440,000 per day (about $321 million), starting December 2022 straight after its current contract. This extends work beyond the Conqueror's Dec-22 and Petrobras 10000's Oct-23 expiries shown in the fleet report.
3 Aug 2022quarterly activities report▼ Bad
Transocean Ltd. reported quarterly revenue of $692.0 million and a net loss of $68.0 million for the period ended 2022-06-30.
1 Aug 2022quarterly activities report▼ Bad
Transocean Ltd. reported quarterly revenue of $692.0 million and a net loss of $68.0 million for the period ended 2022-06-30.
1 Aug 2022debt financing● NeutralMajor
On July 27, 2022 Transocean Inc. amended its Citibank-led revolving credit facility (the one dated June 2018, due to mature June 2023). The maturity is extended to June 22, 2025 for the extended commitments, but borrowing capacity falls from $1.33 billion to $773.5 million until June 22, 2023 and then to $600 million. Borrowing is also now conditioned on at least $325 million of available cash (down from $500 million), and the company must prepay borrowings if cash exceeds $325 million. This resolves the earlier open question about the revolver's maturity, though the filing does not say whether the earlier cross-default talks are settled.
25 July 2022production update● Neutral
Transocean published its routine fleet status report dated July 25, 2022. It still lists 27 ultra-deepwater rigs, 10 harsh environment rigs and two ultra-deepwater drillships under construction. Deepwater Titan's Chevron contract now shows a Q2 2023 start (previously Q1 2023), and Deepwater Atlas's Beacon contract starts Oct-22 at $315,000. Deepwater Conqueror is at $367,000 with Chevron to Dec-22, and Deepwater Asgard moved to $395,000 for Jun-22 to Aug-22. Estimated average dayrates are $329,000 (ultra-deepwater) and $362,000 (harsh) for Q3 2022.
27 June 2022director interest notice● Neutral
Transocean Ltd. insider Vanessa C L Chang bought 12,300 shares on the open market at $3.21.
17 May 2022substantial holder notice● Neutral
Frederik W. Mohn, Perestroika AS reported a Transocean Ltd. shareholding of 82,831,418 shares (12.20% of votes) in a periodic institutional filing.
17 May 2022director interest notice● Neutral
Transocean Ltd. insider Chad C Deaton received a stock option grant for 55,990 shares.
17 May 2022director interest notice● Neutral
Transocean Ltd. insider Perestroika bought 2,000,000 shares on the open market at $3.75.
17 May 2022director interest notice● Neutral
Transocean Ltd. insider Saint Victor Diane De received a stock option grant for 54,688 shares.
17 May 2022director interest notice● Neutral
Transocean Ltd. insider Edward R Muller received a stock option grant for 54,688 shares.
17 May 2022director interest notice● Neutral
Transocean Ltd. insider Vincent J Intrieri received a stock option grant for 54,688 shares.
17 May 2022director interest notice● Neutral
Transocean Ltd. insider Samuel J. Merksamer received a stock option grant for 54,688 shares.
17 May 2022director interest notice● Neutral
Transocean Ltd. insider Glyn Anthony Barker received a stock option grant for 54,688 shares.