16 Feb 2021director interest notice● Neutral
Transocean Ltd. SVP and Corporate Controller David A Tonnel exercised stock options for 49,061 shares and disposed of 21,471 shares.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
16 Feb 2021director interest notice● Neutral
Transocean Ltd. Executive Vice President & COO Keelan Adamson exercised stock options for 49,061 shares and disposed of 21,250 shares.
16 Feb 2021director interest notice● Neutral
Transocean Ltd. EVP, CAO & CIO Howard E Davis had 17,078 shares withheld for taxes on vesting stock.
16 Feb 2021director interest notice● Neutral
Transocean Ltd. EVP & CFO Mark-anthony Lovell Mey exercised stock options for 98,854 shares and disposed of 41,255 shares.
16 Feb 2021director interest notice● Neutral
Transocean Ltd. SVP and Corporate Controller David A Tonnel had 17,303 shares withheld for taxes on vesting stock.
16 Feb 2021director interest notice● Neutral
Transocean Ltd. President & CEO Jeremy D Thigpen had 76,377 shares withheld for taxes on vesting stock.
16 Feb 2021director interest notice● Neutral
Transocean Ltd. EVP & CFO Mark-anthony Lovell Mey had 33,505 shares withheld for taxes on vesting stock.
16 Feb 2021director interest notice● Neutral
Transocean Ltd. Executive Vice President & COO Keelan Adamson had 17,150 shares withheld for taxes on vesting stock.
12 Feb 2021substantial holder notice● Neutral
PRIMECAP Management Company reported a Transocean Ltd. shareholding of 48,543,106 shares (7.89% of votes) in a periodic institutional filing.
12 Feb 2021production update● Neutral
Transocean furnished its routine February 12, 2021 fleet status report listing rig contracts and dayrates; the filing states no new financial results or transactions. Compared with the October report, it shows Deepwater Asgard idle from Jan-21, GSF Development Driller I stacked from Nov-20, Deepwater Nautilus idle from Dec-20, Transocean Barents with MOL Norge from May-21 to Dec-21 at $270,000, and Dhirubhai Deepwater KG1 now listed with Reliance through Nov-22. Deepwater Atlas still has no contract.
10 Feb 2021substantial holder notice● Neutral
The Vanguard Group reported a Transocean Ltd. shareholding of 55,618,830 shares (9.04% of votes) in a periodic institutional filing.
1 Feb 2021substantial holder notice● Neutral
BlackRock, Inc reported a Transocean Ltd. shareholding of 43,406,217 shares (7.10% of votes) in a periodic institutional filing.
4 Nov 2020quarterly activities report● Neutral
Transocean Ltd. reported quarterly revenue of $773.0 million and net income of $359.0 million for the period ended 2020-09-30.
2 Nov 2020quarterly activities report● Neutral
Transocean Ltd. reported quarterly revenue of $773.0 million and net income of $359.0 million for the period ended 2020-09-30.
19 Oct 2020listing compliance notice▼ BadMajor
On October 14, 2020 the NYSE told Transocean its shares no longer meet the rule requiring an average closing price of at least $1.00 over 30 trading days. It has six months to cure (or until the next annual meeting if shareholder approval is needed, e.g. for a transaction); the shares keep trading as RIG with a ".BC" tag, and Transocean says this does not cause a default under its material debt agreements. The filing says the NYSE may start delisting procedures if it is not cured, and that options may include transactions needing shareholder approval.
14 Oct 2020production update● Neutral
Transocean furnished its routine October 14, 2020 fleet status report listing rig contracts and dayrates; the filing states no new financial results or transactions. In this report Deepwater Titan (Chevron, H1 2022 to H1 2027, $455,000) still has a contract and Deepwater Atlas still has none, and the report lists Discoverer Inspiration as idle from Oct-20 and Discoverer India as stacked from Jul-20.
14 Oct 2020quarterly activities report● Neutral
Transocean Ltd. reported quarterly revenue of $773.0 million and net income of $359.0 million for the period ended 2020-09-30.
7 Oct 2020debt financing▼ BadMajor
On October 2, 2020 PIMCO, Whitebox and others holding about $211m of the 2025 notes sent a second default notice with the same claim about the Mid Holdings guarantees; about $543m of those notes remain outstanding. Transocean calls it meritless, has filed counterclaims in the Whitebox lawsuit seeking a ruling that no default exists, and is in talks with revolver lenders with no assurance of the outcome. This continues the dispute from September.
11 Sept 2020debt financing● NeutralMajor
The exchange offers closed on September 11, 2020: Transocean Inc. issued $687,343,000 of new 11.50% senior guaranteed notes due 2027 in exchange for $1,514,108,000 of existing notes across eleven series (the 2021 to 2041 maturities). That cuts the principal outstanding on those older notes, with the new notes carrying a higher 11.50% rate and guaranteed by Transocean Ltd. and the three Mid Holdings subsidiaries; this completes the exchange offers whose legal challenge was covered earlier.
8 Sept 2020debt financing▼ BadMajor
Holders including PIMCO and Whitebox (together 25.1% of the 8.00% notes due 2027) sent a notice of default, claiming the new Mid Holdings subsidiaries should have guaranteed those notes. Whitebox also sued, but a court denied its request for a temporary restraining order and injunction on September 3. Transocean calls the claims meritless and extended its debt exchange offers to September 9; if a default were upheld and notes accelerated, it could trigger a default under the $1.3bn revolver, which had no borrowings and $25m of letters of credit at June 30, 2020.
4 Sept 2020securities registration● Neutral
Transocean Ltd. filed an automatic shelf registration, effective immediately as a well-known seasoned issuer.
18 Aug 2020substantial holder notice● Neutral
Frederik W. Mohn, Perestroika AS reported a Transocean Ltd. shareholding of 67,740,354 shares (10.40% of votes) in a periodic institutional filing.
14 Aug 2020capital raising announcement● NeutralMajor
On August 14, 2020 Transocean Inc. issued $237,933,000 of new 2.5% exchangeable bonds due 2027 in exchange for $396,556,000 of the 0.5% exchangeable bonds due 2023, with no cash proceeds received. The new bonds are guaranteed by Transocean Ltd. and three new Mid Holdings subsidiaries and can convert into shares at 162.1626 shares per $1,000, so shareholders could be diluted if holders convert (inference on dilution); the principal amount owed on these bonds falls.
30 July 2020quarterly activities report▼ Bad
Transocean Ltd. reported quarterly revenue of $930.0 million and a net loss of $497.0 million for the period ended 2020-06-30.
29 July 2020quarterly activities report▼ Bad
Transocean Ltd. reported quarterly revenue of $930.0 million and a net loss of $497.0 million for the period ended 2020-06-30.
15 July 2020production update● Neutral
Transocean furnished its routine July 15, 2020 fleet status report listing rig contracts and dayrates. Deepwater Titan (Chevron, Q4 2021-Q4 2026, $455,000) still has a contract and Deepwater Atlas still has none; the filing states no new financial results or transactions.
10 July 2020substantial holder notice● Neutral
BlackRock, Inc reported a Transocean Ltd. shareholding of 69,886,567 shares (11.40% of votes) in a periodic institutional filing.
12 May 2020director interest notice● Neutral
Transocean Ltd. SVP and Corporate Controller David A Tonnel received a stock option grant for 208,831 shares.
12 May 2020director interest notice● Neutral
Transocean Ltd. director Frederico F. Curado received a stock option grant for 98,182 shares.
12 May 2020director interest notice● Neutral
Transocean Ltd. EVP & General Counsel Brady K Long received a stock option grant for 311,688 shares.