10 Jan 2019substantial holder notice● Neutral
BlackRock, Inc reported a Transocean Ltd. shareholding of 46,560,579 shares (10.10% of votes) in a periodic institutional filing.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
31 Dec 2018director interest notice● Neutral
Transocean Ltd. EVP, CAO & CIO Howard E Davis sold 55,212 shares at $7.10.
20 Dec 2018director interest notice● Neutral
Transocean Ltd. EVP, CAO & CIO Howard E Davis sold 10,298 shares at $7.28.
12 Dec 2018director interest notice● Neutral
Transocean Ltd. director Vanessa C L Chang bought 2,000 shares on the open market at $7.56.
12 Dec 2018director interest notice● Neutral
Transocean Ltd. director Vanessa C L Chang bought 6,000 shares on the open market at $8.00.
13 Nov 2018director interest notice● Neutral
Transocean Ltd. EVP & General Counsel Brady K Long exercised stock options for 35,668 shares and disposed of 7,069 shares.
30 Oct 2018quarterly activities report▼ Bad
Transocean Ltd. reported quarterly revenue of $816.0 million and a net loss of $409.0 million for the period ended 2018-09-30.
29 Oct 2018quarterly activities report▼ Bad
Transocean Ltd. reported quarterly revenue of $816.0 million and a net loss of $409.0 million for the period ended 2018-09-30.
22 Oct 2018production update● Neutral
Transocean furnished its routine quarterly Fleet Status Report dated Oct 22, 2018, listing each rig's contract, customer, dayrate and location. The visible text shows the Petrobras 10000 now at $270,000/day from Sep-18 (previous $484,000) and the Transocean Norge Equinor contract at $283,000/day from Jul-19, consistent with the earlier Norge and Petrobras awards; the exhibit was truncated, so other changes are not visible.
22 Oct 2018quarterly activities report▼ Bad
Transocean Ltd. reported quarterly revenue of $816.0 million and a net loss of $409.0 million for the period ended 2018-09-30.
16 Oct 2018securities registration● Neutral
Transocean Ltd. filed the final prospectus for a registered offering.
10 Oct 2018director interest notice● Neutral
Transocean Ltd. SVP and Corporate Controller David A Tonnel sold 1,350 shares at $14.40.
9 Oct 2018business combination● Neutral
Transocean filed Amendment No. 1 to its Form S-4 for the Ocean Rig merger, still preliminary. The visible text repeats the earlier terms: 1.6128 Transocean shares plus $12.75 cash per Ocean Rig share, up to 147,700,195 new shares, about $1.17 billion cash, and Ocean Rig holders owning about 24% afterward. It adds that Ocean Rig holders of about 48% have signed voting agreements. The current share price and date are left blank, and the text was truncated, so any other changes are not visible.
28 Sept 2018contract award▲ GoodMajor
The drillship Petrobras 10000 got a 790-day extension with Petrobras offshore Brazil, running through October 2021, with a blend-and-extend change to the previous dayrate effective September 2018. Additional net backlog is about $185 million including cost escalations, and Transocean will also receive a 5% daily royalty (about $16 million estimated, Oct 2018 to Oct 2021) for use of its dual-activity technology on the rig. This extends a contract that the July fleet report showed ending Aug-19 at $454,000/day.
24 Sept 2018business combination● NeutralMajor
Transocean filed its registration statement (Form S-4, with the joint proxy statement/prospectus) for the Ocean Rig merger agreed on Sept 3, 2018. It registers up to 147,700,195 new Transocean shares (down from the 155,085,205 first cited) and expects to pay about $1.17 billion in cash. Ocean Rig holders would own about 24% of Transocean after the merger. Both shareholder groups must vote, Transocean's board recommends voting for, and Perestroika (about 7% of Transocean) has agreed to vote in favor. It also includes an unrelated proposal to delete special-purpose authorized share capital. At $12.63 on Sept 20, the deal was worth about $33.12 per Ocean Rig share. The filing is preliminary and not yet effective; the text was truncated, so further terms are not reflected.
21 Sept 2018contract award▲ Good
The new harsh environment semisub Transocean Norge won a six-well contract (about 300 days) with Equinor offshore Norway, starting July 2019 after the rig is delivered from the shipyard in early 2019. Backlog is about $89 million (excluding a bonus opportunity and other services), with four one-well options. Transocean will operate the rig and owns 33% of the joint venture that owns it; Hayfin Capital owns the other 67%. This is the first contract for the rig noted in the earlier fleet description (the one-third interest newbuild).
4 Sept 2018substantial holder notice● Neutral
Frederik W. Mohn, Perestroika AS reported a Transocean Ltd. shareholding of 67,740,289 shares (13.60% of votes) in a periodic institutional filing.
4 Sept 2018business combination● NeutralMajor
On September 3, 2018 Transocean agreed to acquire Ocean Rig UDW Inc. by merger, with each Ocean Rig share converted into 1.6128 new Transocean shares plus $12.75 in cash. Closing needs approval by both companies' shareholders, registration of an authorized capital increase (up to 155,085,205 new shares) and NYSE listing, with an end date of March 31, 2019 (extendable to Sept 3, 2019 for antitrust). Ocean Rig holders of about 47.9% of its shares signed voting agreements, and one Transocean shareholder (about 33.1 million shares, about 7.2%) signed a support agreement. Termination fees are $90 million payable by Ocean Rig, and $132.5 million payable by Transocean for failure to get antitrust clearance, plus $60 million of expense reimbursement if Transocean shareholders do not approve. This is a new deal and would dilute existing shareholders if it completes.
20 Aug 2018director interest notice● Neutral
Transocean Ltd. EVP, CAO & CIO Howard E Davis exercised stock options for 13,334 shares and disposed of 1,637 shares.
17 Aug 2018director interest notice● Neutral
Keelan Adamson became a Transocean Ltd. Executive Vice President & COO and company insider (initial ownership filing).
17 Aug 2018director interest notice● Neutral
Transocean Ltd. director Vincent J Intrieri bought 10,000 shares on the open market at $10.62.
7 Aug 2018substantial holder notice● Neutral
PRIMECAP Management Company disclosed a new substantial Transocean Ltd. shareholding (5.36% of votes).
31 July 2018contract award▲ Good
The harsh environment rig Henry Goodrich was awarded a one-year contract extension with Husky Oil Operations offshore Eastern Canada, with about $100 million of estimated backlog (excluding bonus opportunities), expected to start in the fourth quarter of 2018. This extends work for a rig whose Husky contract was shown running to Nov-18 in the fleet report.
31 July 2018quarterly activities report▼ Bad
Transocean Ltd. reported quarterly revenue of $790.0 million and a net loss of $1135.0 million for the period ended 2018-06-30.
30 July 2018quarterly activities report▼ Bad
Transocean Ltd. reported quarterly revenue of $790.0 million and a net loss of $1135.0 million for the period ended 2018-06-30.
24 July 2018debt financing● NeutralMajor
On July 20, 2018 Transocean Pontus Limited, a wholly owned indirect subsidiary, closed $600 million of 6.125% senior secured notes due 2025, secured on the Deepwater Pontus and related assets and guaranteed by Transocean Ltd., Transocean Inc. and Triton Gemini GmbH (Wells Fargo is trustee). This is another rig-secured bond after the Songa Enabler/Encourage notes of July 13; the filing does not say what the proceeds are used for.
23 July 2018production update● Neutral
Transocean filed its regular fleet status report dated July 23, 2018, listing each rig's customer, contract dates and dayrates. It shows Chevron contracts for GSF Development Driller I (Jan-19 to Aug-21 at $165,000/day) and Transocean 712 (ConocoPhillips, Mar-19 to Sep-20), matching the awards announced July 16-17. Songa Enabler, Encourage, Endurance and Equinox are listed with Equinor (the name now used for Statoil) contracts, and two JSPL drillships remain under construction with no contract shown. Several rigs are still shown as stacked or idle.
17 July 2018contract award▲ Good
Transocean won two new drilling contracts: the midwater rig Transocean 712 got a 13-well job (about 580 days) with ConocoPhillips in the U.K. North Sea from March 2019, with about $75 million of firm backlog and one option well. The GSF Development Driller I got an 11-well job (about 955 days) with Chevron Australia from the first half of 2019, with about $158 million of firm backlog (excluding integrated services) and four option wells. These add work to rigs whose earlier contracts end in 2018.
17 July 2018debt financing● NeutralMajor
On July 13, 2018 Transocean Guardian Limited, a Transocean subsidiary, closed $750 million of 5.875% senior secured notes due 2024, secured on the Songa Enabler and Songa Encourage and guaranteed by Transocean Ltd. and Transocean Inc. Proceeds plus cash on hand repaid the $885 million Songa Enabler/Encourage term loan (Swedbank as agent), releasing its security. The filing refers to Songa Offshore entities as the loan's guarantors, consistent with these rigs now sitting inside Transocean after the Songa acquisition (inference).
3 July 2018director interest notice● Neutral
Perestroika became a Transocean Ltd. director and company insider (initial ownership filing).