Past year: ▲ 40%(3.84 – 6.82 USD)
Each one in plain English, with the numbers worked through for a shareholder.
10 Sept 2024contract award▲ GoodMajor
Transocean announced a 365-day contract for Deepwater Atlas with bp in the U.S. Gulf of Mexico, plus a 365-day option, expected to start in Q2 2028 and add about $232m of backlog (excluding a mobilization fee). This extends Atlas's work well beyond the Beacon contract schedule. The press release now describes a fleet of 34 units, 26 ultra-deepwater and eight harsh environment, down from 36 (28 and eight) in the July release; the filing does not say why.
31 July 2024contract award▲ GoodMajor
Transocean announced a 1,095-day contract for Deepwater Invictus with bp in the U.S. Gulf of Mexico, expected to start in Q1 2025 and add about $531m of backlog (excluding extra services and a mobilization fee). This gives Invictus work in the Gulf; the Mexico contract that had earlier named Invictus now lists it among several candidate rigs, so Invictus is no longer the only option for it (inference: it may be used for bp instead).
24 July 2024production update● Neutral
Transocean published its regular July 24, 2024 fleet status report, listing each rig's contract, customer and dayrate. Changes from the April report include Deepwater Invictus now shown with a Jul-24 to Aug-24 job and a Mexico contract from Feb-26 to Jan-29 at $480,000 a day, with Invictus, Asgard, Conqueror, Proteus or Thalassa possible for it (to be designated by Feb 1, 2025). Deepwater Atlas has a Beacon schedule rising to $455,000 from Jul-24, with later firm stages at $505,000 and $580,000. Estimated average dayrates are $440,000 for ultra-deepwater in Q3 2024 and $387,000 for harsh environment. The Norge buyout from Hayfin is reflected in the Norge listing with Wintershall DEA/OMV.
28 June 2024capital raising announcement● NeutralMajor
Transocean completed the Hayfin buyout and now owns 100% of the joint venture that owns Transocean Norge, paying with 55,513,043 new shares (issued at par, $5,551,304.30) and $130m of 8.00% senior notes due 2027 (added to its existing January 2020 notes). Share capital rises to 940,828,901 shares (from 862,815,858 at Mar 1, 2024), so existing holders are diluted by these new shares; Hayfin also gets registration rights for them. This resolves the June 3 letter of intent, though the filing does not mention the Norwegian regulatory approval.
4 June 2024contract award▲ GoodMajor
Transocean announced about $161m of added backlog: a Spitsbergen extension with Equinor (~$72m, starting Q4 2025), a Norge extension with Wintershall Dea (~$71m, starting Q1 2028) and a Woodside option on Endurance (~$18m). It also signed a non-binding letter of intent with Hayfin, which owns 67.0% of the joint venture that owns Transocean Norge (Transocean holds 33.0%), to buy it out for a mix of shares and senior notes, subject to Norwegian regulatory approval. This is a new thread for the Norge ownership and, if completed, would bring in more shares.
8 May 2024material agreement● Neutral
Holders of about 99% of the Deepwater Titan 8.375% senior secured notes due 2028 consented to a change, and Transocean Titan Financing paid them $3.5m in total. The change means the rig-income leverage test is calculated on an annualized basis, with the first test date September 30, 2024. It is a technical amendment to the Titan debt terms, not new borrowing.
18 Apr 2024debt financing▲ GoodMajor
On April 18, 2024 Transocean Inc. closed $900m of 8.25% senior unsecured notes due 2029 and $900m of 8.50% due 2031 (total $1.8bn, larger than the $1.5bn first announced). Separately, the revolver was amended so $510m of commitments now run to June 2028, total commitments fall from $600m to $575m (the other $65m expire June 2025), and the minimum liquidity covenant drops from $500m to $200m. This completes the refinancing launched on April 11 and extends the revolver; the filing does not say how much of the tender offers was taken up.
17 Apr 2024production update● Neutral
Transocean filed its routine April 17, 2024 fleet status report, listing rig contracts, dayrates and idle rigs. Details include Deepwater Aquila (still listed under construction) set to start with Petrobras in Brazil in Jun-24 at $447,000 a day, Atlas rising to $455,000 from May-24, and Norge shown with Wintershall DEA/OMV through Oct-27. Estimated average ultra-deepwater dayrates are $429,000 for Q2 2024 and $441,000 for Q1 2025; harsh environment are $386,000 and $402,000.
11 Apr 2024capital raising announcement● NeutralMajor
Transocean Inc. launched a $1.5bn private offering of senior unsecured notes due 2029 and 2031, and at the same time offered to buy back for cash any and all of its 11.50% 2027 and 7.25% 2025 priority guaranteed notes, with part of the proceeds funding the buybacks and a conditional redemption of any 2025 notes left, set for April 23, 2024. It also said it is in advanced talks with revolver lenders to extend commitments by three years from June 22, 2025, at a smaller total size. This continues the company's refinancing of its older, higher-cost debt; nothing was priced or completed in this filing.
6 Mar 2024capital raising announcement● Neutral
On Mar 1, 2024, Transocean amended its Articles of Association to reflect 19,100,582 new shares issued to a wholly owned subsidiary, mainly to meet share delivery obligations under its equity benefit plans. Share capital is now CHF 86,281,585.80, divided into 862,815,858 shares; the new shares are not sold to outside investors, but they increase the share count available for future delivery to employees (inference: potential dilution when delivered).
14 Feb 2024production update● Neutral
Transocean published its routine Feb 14, 2024 fleet status report. It reflects the previously announced Barents contract in Romania with OMV Petrom (Jan-25 to Jun-26 at $465,000). Other changes shown include Aquila's Petrobras contract at $449,000 (Jun-24 to Jun-27), Atlas moving to $455,000 from Mar-24 to Apr-25, and KG2 getting a 72-day contract preparation period in Mar-May 24 before its next Petrobras contract at $445,000 to Jul-26.
12 Dec 2023contract award▲ GoodMajor
Transocean announced a minimum 540-day contract for the harsh-environment Transocean Barents with OMV Petrom in the Romanian Black Sea at $465,000 per day, expected to start in Q1 2025 and worth about $251 million in backlog (excluding mobilization and demobilization compensation). Days beyond 540, including two option periods, would be paid at $480,000. This adds work for Barents after its current East Mediterranean job ending Jan-24.
18 Oct 2023production update● Neutral
Transocean published its routine Oct 18, 2023 fleet status report. It lists Deepwater Aquila as a rig under construction for Petrobras in Brazil (Jun-24 to Jun-27 at $448,000) and shows Barents moving to a Cyprus contract with ENI (TotalEnergies farmout) in Oct-23, KG1 with Reliance in India to Dec-23 then ONGC from Feb-24, and Conqueror now with Chevron at $440,000 to Mar-25. The report counts 28 ultra-deepwater rigs.
11 Oct 2023debt financing● NeutralMajor
On Oct 11, 2023, Transocean Aquila Limited, a wholly owned subsidiary, closed a $325 million offering of 8.000% senior secured notes due 2028, secured by the Deepwater Aquila and related assets and guaranteed by Transocean Ltd., Transocean Inc. and Transocean DWA Limited (Truist Bank is trustee). This is the debt financing the company said in September it was exploring for the Aquila, which it had just bought out of Liquila; the filing does not state how the proceeds will be used.
10 Oct 2023capital raising announcement● NeutralMajor
Transocean Inc. agreed (Oct 3-4, 2023) with bondholders to swap $60,000,000 of its 4.0% 2025 exchangeable bonds for 11,428,568 shares and $41,000,000 of its 4.625% 2029 exchangeable bonds for 11,917,130 shares, and to hand over a further 1,921,298 and 1,223,550 shares respectively as extra consideration. This continues the company's pattern of converting debt into shares: it cuts debt by $101 million of principal but issues more shares to existing holders, diluting them.
14 Sept 2023capital raising announcement▲ GoodMajor
Transocean agreed on Sept 9, 2023 to buy the outstanding equity of Liquila Ventures (owner of the newbuild drillship Deepwater Aquila) from its partners, including Perestroika and Lime Rock Partners, paying with 11,870,376 new shares (issued at par to a subsidiary, taking share capital to 843,715,276 shares). Alongside, Aquila won a three-year Brazil contract with a national oil company from Q3 2024, about $486 million in firm backlog excluding a mobilization fee of about 90 times the dayrate; delivery is expected October 2023. Transocean says it is exploring debt financing to partly fund taking the rig from the shipyard and preparing it for Brazil. This converts the previously managed Aquila into an owned rig and is dilutive for existing shareholders (inference).
19 July 2023production update● Neutral
Transocean published its routine July 19, 2023 fleet status report. It reflects earlier-announced items: the new Mexico contract for Invictus (Nov-25 to Nov-28 at $480,000, listed as Mexico), Equinox in Australia from Feb-24, and Deepwater Titan shown in service from May-23 for Chevron at $455,000. The ultra-deepwater count is shown as 28.
18 July 2023contract award▲ GoodMajor
An independent operator awarded Transocean a 1,080-day contract for an ultra-deepwater drillship in the Gulf of Mexico offshore Mexico, worth about $518 million in backlog (excluding mobilization and demobilization revenue), starting between Q4 2025 and Q2 2026. Transocean will pick one of Deepwater Invictus, Thalassa or Proteus no later than a year before the earliest start date; the dayrate is subject to a semi-annual cost adjustment from a July 1, 2023 baseline. Thalassa and Proteus currently have Shell contracts running to 2026 per the earlier fleet data, so which rig is used is undecided.
10 May 2023contract award▲ GoodMajor
Transocean Equinox, listed as idle since October 2022, won a five-well contract in Australia with a major operator worth about $137 million in firm backlog (excluding full mobilization payment and a demobilization fee). The roughly 300-day job is expected to start in Q1 2024, with a one-well option that could keep the rig there through Q1 2025. This puts one of the idle rigs flagged earlier back to work, from 2024.
18 Apr 2023production update● Neutral
Transocean published its routine April 18, 2023 fleet status report, listing each rig's contract, customer, dayrate and dates. The filing is a rig-by-rig table update with no new transaction or announcement in the text shown; the report is truncated, and the context's earlier contracts (e.g. Titan with Chevron from Q2 2023 at $455,000, Atlas, KG2) continue to appear in it.
10 Apr 2023capital raising announcement● NeutralMajor
A subsidiary agreed with a holder of $213,367,000 of the 2.5% exchangeable bonds due 2027 that the holder will exchange them all for company shares for nominal cash, and Transocean expects to issue 34,600,147 shares. The company describes this as part of its ongoing efforts to reduce debt. It issued those shares at par to a wholly-owned subsidiary, lifting share capital to CHF 83,184,490.00 (831,844,900 shares). This is the first conversion of the 2027 bonds noted in the filings and is dilutive for existing shareholders (inference), continuing the earlier pattern of share issuances to a subsidiary.
29 Mar 2023contract award▲ GoodMajor
Transocean announced four harsh environment contract fixtures worth about $495 million in firm backlog ($382m + $113m). Enabler (about $217m, 570 days from April 2024, Barents Sea) and Encourage (about $165m, 460 days from December 2023, Norwegian North Sea) won Equinor work, with a strategic collaboration agreement with Equinor. Endurance won a 240-day plug and abandonment contract in Australia (about $91m, from January 2024), and Wintershall DEA exercised a one-well option on Norge (about $22m, from May 2023). The Norge option adds to the earlier Norge options already in backlog.
9 Feb 2023production update● Neutral
Transocean published its routine fleet status report dated February 9, 2023. It shows Dhirubhai Deepwater KG2 with a Brazil contract from Aug-23 to Mar-26 at $439,000 per day, Orion at $417,000 from Nov-23 to Nov-26, and Atlas's BOP installation now running Jun-23 to Sep-23. Estimated average ultra-deepwater dayrates are $340,000 for Q1 2023 rising to $429,000 for Q4 2023, and harsh environment $358,000 falling to $327,000.
31 Jan 2023debt financing● NeutralMajor
Transocean Inc. closed a $1.175 billion offering of 8.75% senior secured notes due 2030. All net proceeds are to fund redemption of four existing secured series (Thalassa 7.75% 2024, Guardian 5.875% 2024, Proteus 6.25% 2024 and Pontus 6.125% 2025), with redemption expected on February 16, 2023, subject to conditions. The new notes are secured on Thalassa, Proteus, Enabler, Encourage and Pontus, with secured guarantee caps of $247m, $320m, $256m and $352m. This extends maturities on that debt but at a higher stated interest rate; the higher rate and the extension follow from the stated coupons and dates.
31 Jan 2023contract award▲ GoodMajor
Dhirubhai Deepwater KG2, listed as stacked in earlier fleet reports, has won a 910-day contract with a national oil company offshore Brazil, expected to start in Q3 2023. Estimated backlog is $392 million, excluding a mobilization fee of 90 times the dayrate. This puts to work one of the idle rigs in the fleet.
30 Jan 2023listing compliance notice● NeutralMajor
Transocean Ltd.'s exchange filed to remove a class of its securities from listing.
17 Jan 2023debt financing● NeutralMajor
Transocean closed a $525 million offering of 8.375% senior secured notes due 2028, issued by its subsidiary Transocean Titan Financing Limited and secured by a lien on the Deepwater Titan newbuild and related assets. Ltd., Transocean Inc. and Triton Titan GmbH guarantee the notes. The filing does not say what the proceeds will be used for.
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).
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.
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.
