16 Nov 2016director interest notice● Neutral
Transocean Ltd. EVP, CAO & CIO Howard E Davis exercised stock options for 13,332 shares and disposed of 1,838 shares.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
14 Nov 2016director interest notice● Neutral
Transocean Ltd. SVP & General Counsel Brady K Long exercised stock options for 35,666 shares and disposed of 4,946 shares.
2 Nov 2016quarterly activities report● Neutral
Transocean Ltd. reported quarterly revenue of $906.0 million and net income of $218.0 million for the period ended 2016-09-30.
2 Nov 2016quarterly activities report● Neutral
Transocean Ltd. reported quarterly revenue of $906.0 million and net income of $218.0 million for the period ended 2016-09-30.
24 Oct 2016production update● Neutral
Transocean published its fleet status report dated October 24, 2016. It shows the Transocean Barents with the new Suncor Energy contract (Canada, July 2017 to September 2018, $260,000/day) and the Discoverer India's Reliance contract ending in December 2016. Deepwater Conqueror's Chevron start is now listed as Q1 2017 (the earlier context showed Q4 2016), and the report still lists 10 rigs under construction.
20 Oct 2016material agreement● NeutralMajor
Transocean closed a $600 million offering of 7.75% senior secured notes due 2024, issued by subsidiary Transocean Phoenix 2 Limited and guaranteed by Transocean Ltd., Transocean Inc. and the Deepwater Thalassa's owner. The notes are secured by a lien on the Deepwater Thalassa and related assets, and the roughly $584 million net proceeds are meant mainly to partly finance building that rig. This adds new rig-secured debt alongside the 9.00% notes issued in July.
6 Oct 2016securities registration● Neutral
Transocean Ltd. filed the final prospectus for a registered offering.
3 Oct 2016contract award● NeutralMajor
Transocean announced two contract news items on October 3, 2016. The Transocean Barents, which the July fleet report showed as its only idle rig, won a 15-month Suncor Energy contract offshore Canada at $260,000/day (about $119 million backlog excluding mobilization), starting in Q3 2017. Separately, Reliance Industries is ending the Discoverer India drillship contract in December 2016, well before its January 2021 expiry, and will pay Transocean a lump sum of about $160 million for the early termination.
30 Sept 2016business combination● Neutral
Transocean filed Amendment No. 3 to the S-4, which sets the Transocean Partners unitholder meeting for 3:00 p.m. on November 11, 2016 in London. Deal terms are unchanged (1.1427 Transocean shares per public unit, 9,830,327 additional units needed for approval). The excerpt does not say the registration statement has become effective, so the vote date moves the merger forward but approval is still pending.
28 Sept 2016substantial holder notice● Neutral
High River Limited Partnership, Hopper Investments LLC, Barberry Corp, Icahn Partners Master Fund LP, Icahn Offshore LP, Icahn Partners LP, Icahn Onshore LP, Icahn Capital LP, IPH GP LLC, Icahn Enterprises Holdings L.P, Icahn Enterprises G.P. Inc, Beckton Corp, Carl C. Icahn reported a Transocean Ltd. shareholding of 5,477,900 shares (1.50% of votes) in a periodic institutional filing.
22 Sept 2016business combination● Neutral
Transocean filed Amendment No. 2 to the S-4 for the Transocean Partners merger, which now fills in the vote numbers: 31,084,637 of 40,914,962 common units are needed to approve, Transocean's unit-holding subsidiary owns 21,254,310 and will vote for it, so 9,830,327 more units are required. The exchange ratio and share count are unchanged, and the meeting date was still blank.
14 Sept 2016business combination● Neutral
Transocean filed Amendment No. 1 to the S-4 for the Transocean Partners merger. The excerpt shows the same terms as the original (1.1427 shares per unit, up to 22,696,505 shares, $25,362 fee already paid) with the meeting date and vote counts still blank, so no change in the deal terms is visible in the text provided. The filing is still preliminary and not yet effective.
15 Aug 2016business combination● NeutralMajor
Transocean filed the registration statement (Form S-4) for the Transocean Partners merger it agreed on July 31, 2016, registering up to 22,696,505 new shares at 1.1427 shares per public unit. Public Partners unitholders would hold about 5.8% of Transocean shares after the merger, and approval needs an extra 9,830,327 common units (about 50.1% of those not held by Transocean). This continues the pending merger; the meeting date and record date were still blank and the filing is a preliminary draft.
3 Aug 2016quarterly activities report● Neutral
Transocean Ltd. reported quarterly revenue of $940.0 million and net income of $82.0 million for the period ended 2016-06-30.
3 Aug 2016quarterly activities report● Neutral
Transocean Ltd. reported quarterly revenue of $940.0 million and net income of $82.0 million for the period ended 2016-06-30.
1 Aug 2016business combination● NeutralMajor
Transocean agreed on July 31, 2016 to acquire Transocean Partners, the listed partnership in which it already holds about 21.3 million common units, by swapping each outstanding public unit for 1.1427 Transocean shares. It expects to issue about 22.7 million shares (about 6.1% of the 370,967,382 outstanding), so existing shareholders would be diluted by that amount. Closing needs approval from roughly 9.9 million of the 19.7 million units not held by Transocean, an effective S-4 registration statement and NYSE listing, and either side can terminate if it is not completed by January 31, 2017.
22 July 2016material agreement● NeutralMajor
Transocean Inc., a subsidiary, closed its $1.25 billion offering of 9.00% senior notes due 2023, guaranteed by Transocean Ltd. and other subsidiaries. $854,932,378.21 of the net proceeds went to fund tender offers to buy back up to $1.0 billion of its 6.500% notes due 2020, 6.375% notes due 2021 and 3.800% notes due 2022; the rest is meant to refinance existing debt and for general corporate purposes.
21 July 2016production update● Neutral
Transocean published its updated fleet status report dated July 21, 2016. Compared with April, the stacked rig list grew from 22 to 28 and idle rigs fell from 6 to 1; Deepwater Proteus and Deepwater Thalassa now show Shell contracts running to 2026, and the under-construction count is down to 10.
1 June 2016director interest notice● Neutral
Transocean Ltd. EVP & CFO Mark-anthony Lovell Mey exercised stock options for 147,238 shares and disposed of 31,763 shares.
13 May 2016director interest notice● Neutral
Transocean Ltd. director Glyn Anthony Barker received a stock option grant for 20,173 shares.
13 May 2016director interest notice● Neutral
Transocean Ltd. director Frederico F. Curado received a stock option grant for 20,173 shares.
13 May 2016director interest notice● Neutral
Transocean Ltd. director Martin B Mcnamara received a stock option grant for 20,173 shares.
13 May 2016director interest notice● Neutral
Transocean Ltd. director Vanessa C L Chang received a stock option grant for 20,173 shares.
13 May 2016director interest notice● Neutral
Transocean Ltd. director Edward R Muller received a stock option grant for 20,173 shares.
13 May 2016director interest notice● Neutral
Transocean Ltd. director Chad C Deaton received a stock option grant for 20,173 shares.
13 May 2016director interest notice● Neutral
Transocean Ltd. director Ek Kia Tan received a stock option grant for 20,173 shares.
13 May 2016director interest notice● Neutral
Transocean Ltd. director Merrill A Miller Jr. received a stock option grant for 31,220 shares.
13 May 2016director interest notice● Neutral
Transocean Ltd. director Samuel J. Merksamer received a stock option grant for 20,173 shares.
13 May 2016director interest notice● Neutral
Transocean Ltd. director Vincent J Intrieri received a stock option grant for 20,173 shares.
12 May 2016director interest notice● Neutral
Transocean Ltd. director Edward R Muller received a stock option grant for 19,905 shares.