1 Nov 2017quarterly activities report▼ Bad
Transocean Ltd. reported quarterly revenue of $808.0 million and a net loss of $1417.0 million for the period ended 2017-09-30.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
26 Oct 2017production update● Neutral
Transocean's October 26, 2017 fleet status report shows Deepwater Pontus now working for Shell from Oct-17 to Oct-27 at $519,000/day, and Invictus with a further BHP contract Apr-18 to Apr-20 (rate not disclosed). Dhirubhai Deepwater KG1 (Petrobras, Dec-17 expiry) is shown at $433,000/day, down from $510,000. Asgard, KG2 and Development Driller III are listed as idle in October 2017. The two high-spec jackups (Siam Driller, Ao Thai) remain listed, with Chevron contracts to Mar-18 and Oct-18. Under construction are Poseidon (Shell, Q1 2018) and the two JSPL drillships, with a footnote saying delivery is expected in Q2 and Q4 2020 (the July report said Q1 and Q3 2020, so this is a later schedule).
17 Oct 2017contract award▲ Good
Deepwater Invictus won a two-year contract plus three one-year priced options with a BHP Billiton subsidiary, with about $106 million of backlog on the firm term and a start expected in Q2 2018. This follows the rig's existing BHP contract (Jan-17 to Nov-17) noted earlier; the new term picks up after it.
17 Oct 2017material agreement▲ GoodMajor
Transocean Inc. closed a $750 million offering of 7.50% senior unsecured notes due 2026, guaranteed by Transocean Ltd. and Holdings 1/2/3 (trustee Wells Fargo). The proceeds are meant to repay its 2.5% notes due October 15, 2017, redeem its 6.00% notes due March 2018 and 7.375% notes due April 2018 on November 16, 2017, repay the Eksportfinans loans due January 2018, and cover general corporate purposes. This pushes out near-term debt maturities; it is separate from the Songa deal. The release also describes the fleet as 38 units, four ultra-deepwater drillships under construction or contracted, and two jackups still operated under contracts after being sold.
4 Oct 2017quarterly activities report▼ Bad
Transocean Ltd. reported quarterly revenue of $808.0 million and a net loss of $1417.0 million for the period ended 2017-09-30.
15 Sept 2017material agreement● Neutral
Transocean, Transocean Inc. and Songa amended the August 2017 deal agreement, and the pre-acceptances, to push Transocean's deadline for finishing its due diligence on Songa from September 17 to September 27, 2017. The filing attributes the delay to employees displaced by Hurricane Harvey; the agreements otherwise remain in full force, so the Songa acquisition continues.
11 Sept 2017agm 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).
21 Aug 2017director interest notice● Neutral
Transocean Ltd. EVP, CAO & CIO Howard E Davis acquired 53,334 shares and disposed of 1,841 in a set of related equity transactions.
21 Aug 2017director interest notice● Neutral
Transocean Ltd. director Vanessa C L Chang bought 2,000 shares on the open market at $7.56.
15 Aug 2017material agreement● NeutralMajor
On August 13, 2017 Transocean agreed to make an exchange offer to buy all of Songa Offshore SE, valued at NOK 47.50 per Songa share, paid roughly half in new Transocean shares (valued at NOK 66.4815 each, based on a $8.39 NYSE close) and half in exchangeable bonds, with a cash option of up to NOK 125,000 per holder. It also offers to exchange Songa's SONG04 and SONG05 bonds (103.5% and 101% of principal) and a $50 million Perestroika AS loan, and Perestroika's Frederik Mohn would join Transocean's board. Holders of about 76.6% of Songa shares have pre-accepted; completion needs over 90% acceptance, regulatory approvals and Transocean shareholder approval of the share issuance, with a long stop date of January 31, 2018. For Transocean shareholders this means new shares will be issued and potential dilution, plus further debt from the exchangeable bonds.
2 Aug 2017quarterly activities report▼ Bad
Transocean Ltd. reported quarterly revenue of $751.0 million and a net loss of $1690.0 million for the period ended 2017-06-30.
2 Aug 2017quarterly activities report▼ Bad
Transocean Ltd. reported quarterly revenue of $751.0 million and a net loss of $1690.0 million for the period ended 2017-06-30.
25 July 2017production update● Neutral
Transocean's July 25, 2017 fleet status report shows the rig-under-construction list down to 4 (Pontus, Poseidon and the two JSPL drillships, the latter expected to be delivered in Q1 and Q3 2020). A footnote says a jackup was contracted when it was sold on May 31, 2017 and Transocean will keep operating it until the contract ends or is novated; the report lists only two high-spec jackups (Siam Driller, Ao Thai), so the five jackup newbuilds and other jackups no longer appear. Deepwater Asgard now has a Deep Gulf Energy contract (Jun-17 to Aug-17), Development Driller III has a Jul-17 to Sep-17 contract, Barents' Suncor contract now starts Aug-17 (Aug-17 to Oct-18, $260,000/day) with reactivation costs of about $40 million, and Discoverer India remains idled since Dec 2016 with a $27 million upgrade estimated in 2017. The report does not say which rigs were sold or at what price.
31 May 2017director interest notice● Neutral
Transocean Ltd. EVP & CFO Mark-anthony Lovell Mey exercised stock options for 147,240 shares and disposed of 31,110 shares.
15 May 2017director interest notice● Neutral
Transocean Ltd. director Ek Kia Tan received a stock option grant for 19,301 shares.
15 May 2017director interest notice● Neutral
Transocean Ltd. director Frederico F. Curado received a stock option grant for 19,301 shares.
15 May 2017director interest notice● Neutral
Transocean Ltd. director Edward R Muller received a stock option grant for 19,301 shares.
15 May 2017director interest notice● Neutral
Transocean Ltd. director Samuel J. Merksamer received a stock option grant for 19,301 shares.
15 May 2017director interest notice● Neutral
Transocean Ltd. director Vanessa C L Chang received a stock option grant for 19,301 shares.
15 May 2017director interest notice● Neutral
Transocean Ltd. director Merrill A Miller Jr. received a stock option grant for 29,871 shares.
15 May 2017director interest notice● Neutral
Transocean Ltd. director Vincent J Intrieri received a stock option grant for 19,301 shares.
15 May 2017director interest notice● Neutral
Transocean Ltd. director Martin B Mcnamara received a stock option grant for 19,301 shares.
15 May 2017director interest notice● Neutral
Transocean Ltd. director Glyn Anthony Barker received a stock option grant for 19,301 shares.
15 May 2017director interest notice● Neutral
Transocean Ltd. director Chad C Deaton received a stock option grant for 19,301 shares.
3 May 2017quarterly activities report● Neutral
Transocean Ltd. reported quarterly revenue of $785.0 million and net income of $91.0 million for the period ended 2017-03-31.
3 May 2017quarterly activities report● Neutral
Transocean Ltd. reported quarterly revenue of $785.0 million and net income of $91.0 million for the period ended 2017-03-31.
1 May 2017director interest notice● Neutral
Transocean Ltd. SVP and Corporate Controller David A Tonnel sold 9,450 shares.
25 Apr 2017director interest notice● Neutral
Transocean Ltd. President & CEO Jeremy D Thigpen exercised stock options for 227,568 shares and disposed of 48,062 shares.
24 Apr 2017production update● Neutral
Transocean published its routine April 24, 2017 fleet status report listing rig contracts, dayrates and stacked rigs. It shows 9 rigs under construction, 27 stacked and 4 idle (Transocean Barents, Development Driller III, Discoverer India, Deepwater Asgard), unchanged in count from the February report. Barents is still shown starting its Suncor contract in Jul-17 (Jul-17 to Sep-18, $260,000/day), and Discoverer India is still idle.
20 Apr 2017agm notice● Neutral
Transocean Ltd. announced its upcoming annual shareholder meeting, covering the routine agenda (director elections, auditor ratification, executive-pay advisory vote).