3 Mar 2020agm notice● Neutral
Transocean Ltd. shareholders approved the routine matters put to a vote at the company's annual meeting (director elections, auditor ratification, and the executive-pay advisory vote).
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
27 Feb 2020director interest notice● Neutral
Transocean Ltd. director Vanessa C L Chang bought 5,400 shares on the open market at $3.70.
27 Feb 2020director interest notice● Neutral
Transocean Ltd. director Chad C Deaton bought 35,000 shares on the open market at $3.55.
18 Feb 2020quarterly activities report▼ Bad
Transocean Ltd. reported quarterly revenue of $792.0 million and a net loss of $51.0 million for the period ended 2019-12-31.
14 Feb 2020production update● Neutral
Transocean filed its regular fleet status report dated February 14, 2020. It lists a new under-construction rig, Deepwater Atlas (no customer or dates given), alongside Deepwater Titan (Chevron, Q4 2021 to Q4 2026, $455,000). The Development Driller III shows a Trinidad contract (customer not disclosed) from April 2020 to April 2021 at $250,000, replacing its $192,000 ExxonMobil rate. Deepwater Asgard is shown with Beacon Offshore at $220,000 from January 2020 and $240,000 from July 2020, the Inspiration with Talos at $210,000 from April 2020, and the KG2 with Woodside in Myanmar at $250,000 from October 2020. Henry Goodrich is shown idle from February 2020. The report states 28 ultra-deepwater rigs.
12 Feb 2020substantial holder notice● Neutral
PRIMECAP Management Company reported a Transocean Ltd. shareholding of 50,622,010 shares (8.70% of votes) in a periodic institutional filing.
12 Feb 2020substantial holder notice● Neutral
The Vanguard Group reported a Transocean Ltd. shareholding of 53,335,293 shares (8.71% of votes) in a periodic institutional filing.
11 Feb 2020director interest notice● Neutral
Transocean Ltd. SVP and Corporate Controller David A Tonnel sold 10,000 shares at $4.68.
10 Feb 2020director interest notice● Neutral
Transocean Ltd. Executive Vice President & COO Keelan Adamson exercised stock options for 40,144 shares and disposed of 16,650 shares.
10 Feb 2020director interest notice● Neutral
Transocean Ltd. EVP & CFO Mark-anthony Lovell Mey exercised stock options for 80,887 shares and disposed of 32,531 shares.
10 Feb 2020substantial holder notice● Neutral
BlackRock, Inc reported a Transocean Ltd. shareholding of 55,848,379 shares (9.10% of votes) in a periodic institutional filing.
10 Feb 2020director interest notice● Neutral
Transocean Ltd. EVP & General Counsel Brady K Long exercised stock options for 59,916 shares and disposed of 19,683 shares.
10 Feb 2020director interest notice● Neutral
Transocean Ltd. EVP, CAO & CIO Howard E Davis exercised stock options for 64,410 shares and disposed of 16,579 shares.
10 Feb 2020director interest notice● Neutral
Transocean Ltd. SVP and Corporate Controller David A Tonnel exercised stock options for 40,144 shares and disposed of 16,797 shares.
10 Feb 2020director interest notice● Neutral
Transocean Ltd. President & CEO Jeremy D Thigpen exercised stock options for 187,238 shares and disposed of 74,161 shares.
17 Jan 2020debt financing▲ GoodMajor
On January 17, 2020, Transocean Inc. closed the $750 million offering of 8.00% senior unsecured notes due 2027 announced January 8 (Wells Fargo trustee; guaranteed by Transocean Ltd. and three Holdings subsidiaries). The same day it gave notice that it will redeem all of its 9.00% senior notes due 2023, issued in July 2016, on February 16, 2020, at 100% of principal plus accrued interest plus an applicable premium. The filing does not explicitly tie the new notes' proceeds to this redemption and does not state the amount outstanding; linking them would be an inference. This resolves the earlier open question of the unstated use of proceeds for these notes only in part, and it removes the 9.00% notes that had shaped the revolver's maturity terms.
8 Jan 2020contract award● NeutralMajor
On January 8, 2020, Transocean Inc. started offering $750 million of senior unsecured notes due 2027, guaranteed by Transocean Ltd. and certain subsidiaries. Proceeds are meant to refinance, repurchase and/or redeem existing debt and/or for general corporate purposes. The company also said it had about $3.0 billion of liquidity at December 31, 2019 (including $1.3 billion available under its undrawn secured revolver) and had added $352.9 million of contract backlog since October 2019, including the Development Driller III Trinidad contract (customer undisclosed) announced in December.
12 Dec 2019contract award▲ Good
Transocean announced on December 12, 2019 that the semisubmersible Development Driller III won a one-year contract off Trinidad and Tobago, expected to start in Q2 2020 and add about $91 million of backlog, excluding mobilization reimbursement. This follows the rig's current ExxonMobil contract in Equatorial Guinea, which the October fleet report showed running to February 2020. The release puts the fleet at 45 units (28 ultra-deepwater, 14 harsh environment, three midwater) plus two drillships under construction; the customer is not named in the filing.
29 Oct 2019quarterly activities report▼ Bad
Transocean Ltd. reported quarterly revenue of $784.0 million and a net loss of $825.0 million for the period ended 2019-09-30.
28 Oct 2019quarterly activities report▼ Bad
Transocean Ltd. reported quarterly revenue of $784.0 million and a net loss of $825.0 million for the period ended 2019-09-30.
17 Oct 2019production update● Neutral
Transocean filed its regular fleet status report dated October 17, 2019. It lists 28 ultra-deepwater rigs and shows only one rig under construction (JSPL TBN 1) besides Deepwater Titan, so Ocean Rig Crete and Santorini no longer appear as newbuilds. Several Ocean Rig vessels are renamed with a Deepwater prefix, and Deepwater Orion is shown idle from October 2019. Discoverer India's Burullus rate rises to $170,000 from December 2019.
15 Aug 2019director interest notice● Neutral
Transocean Ltd. director Vanessa C L Chang bought 4,000 shares on the open market at $4.00.
14 Aug 2019director interest notice● Neutral
Transocean Ltd. director Vanessa C L Chang bought 3,500 shares on the open market at $4.19.
5 Aug 2019director interest notice● Neutral
Transocean Ltd. director Chad C Deaton bought 25,000 shares on the open market.
30 July 2019quarterly activities report▼ Bad
Transocean Ltd. reported quarterly revenue of $758.0 million and a net loss of $208.0 million for the period ended 2019-06-30.
29 July 2019quarterly activities report▼ Bad
Transocean Ltd. reported quarterly revenue of $758.0 million and a net loss of $208.0 million for the period ended 2019-06-30.
29 July 2019debt financing▲ GoodMajor
On July 29, 2019, Transocean Inc. guaranteed the 7% notes due 2028 issued by its subsidiary Global Marine, and a lawsuit the trustee had brought against Global Marine over these notes was dismissed with prejudice the same day. The holder of a majority of the notes also waived any default tied to the lawsuit's claims, so this earlier dispute is resolved. The filing gives no dollar amount for the notes.
25 July 2019production update● Neutral
Transocean filed its regular quarterly fleet status report dated July 25, 2019, listing each rig's customer, contract dates and dayrate. It shows Deepwater Titan (the former JSPL TBN 2) with Chevron from Q4 2021 to Q4 2026 at $455,000, Transocean Norge on Equinor at $277,000 from July 2019 rising to $287,000 from November 2019, and Discoverer Clear Leader stacked in June 2019. Ocean Rig Crete and Santorini are still listed as under construction.
15 July 2019debt financing● Neutral
On July 15, 2019, Transocean Inc. amended its June 2018 revolving credit facility with Citibank as agent, adding a lender and raising total commitments from $1.36 billion to $1.37 billion. The facility's accordion feature allows commitments to reach up to $1.5 billion. The filing refers to an earlier May 13, 2019 amendment; the original facility was $1.0 billion, so commitments have grown since then.
10 June 2019director interest notice● Neutral
Transocean Ltd. director Vanessa C L Chang bought 4,300 shares on the open market at $5.92.