12 Aug 2024director interest notice● Neutral
Jason Pack became a Transocean Ltd. SVP, Chief Accounting Officer and company insider (initial ownership filing).
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
5 Aug 2024director interest notice● Neutral
Transocean Ltd. insider Perestroika (cyprus) LTD bought 2,000,000 shares on the open market at $5.23.
5 Aug 2024director interest notice● Neutral
Transocean Ltd. insider Frederik Wilhelm Mohn bought 2,000,000 shares on the open market at $5.23.
5 Aug 2024director interest notice● Neutral
Transocean Ltd. insider Perestroika bought 2,000,000 shares on the open market at $5.23.
1 Aug 2024quarterly activities report▼ Bad
Transocean Ltd. reported quarterly revenue of $861.0 million and a net loss of $123.0 million for the period ended 2024-06-30.
31 July 2024quarterly activities report▼ Bad
Transocean Ltd. reported quarterly revenue of $861.0 million and a net loss of $123.0 million for the period ended 2024-06-30.
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.
1 July 2024securities registration● Neutral
Transocean Ltd. filed an automatic shelf registration, effective immediately as a well-known seasoned issuer.
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.
28 June 2024securities registration● Neutral
Transocean Ltd. filed an automatic shelf registration, effective immediately as a well-known seasoned issuer.
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.
17 May 2024director interest notice● Neutral
Transocean Ltd. insider Chad C Deaton received a stock option grant for 37,005 shares.
17 May 2024director interest notice● Neutral
Transocean Ltd. insider Vincent J Intrieri received a stock option grant for 36,145 shares.
17 May 2024director interest notice● Neutral
Transocean Ltd. insider Glyn Anthony Barker received a stock option grant for 36,145 shares.
17 May 2024director interest notice● Neutral
Transocean Ltd. insider Samuel J. Merksamer received a stock option grant for 36,145 shares.
17 May 2024director interest notice● Neutral
Transocean Ltd. insider Vanessa C L Chang received a stock option grant for 36,145 shares.
17 May 2024director interest notice● Neutral
Transocean Ltd. EVP, Chief Financial Officer Robert Thaddeus Vayda received a stock option grant for 65,639 shares.
17 May 2024director interest notice● Neutral
Transocean Ltd. insider Perestroika bought 2,000,000 shares on the open market at $6.01.
17 May 2024director interest notice● Neutral
Transocean Ltd. insider Frederico F. Curado received a stock option grant for 36,145 shares.
17 May 2024director interest notice● Neutral
Transocean Ltd. insider Frederik Wilhelm Mohn received 36,145 shares as an equity award and bought 2,000,000 shares on the open market.
17 May 2024director interest notice● Neutral
Transocean Ltd. insider Margareth Oevrum received a stock option grant for 36,145 shares.
17 May 2024director interest notice● Neutral
Transocean Ltd. insider Perestroika (cyprus) LTD bought 2,000,000 shares on the open market at $6.01.
17 May 2024director interest notice● Neutral
Transocean Ltd. insider Domenic J Dell'osso Jr. received a stock option grant for 36,145 shares.
13 May 2024director interest notice● Neutral
Robert Thaddeus Vayda became a Transocean Ltd. EVP, Chief Financial Officer and company insider (initial ownership filing).
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.
30 Apr 2024quarterly activities report● Neutral
Transocean Ltd. reported quarterly revenue of $763.0 million and net income of $98.0 million for the period ended 2024-03-31.
30 Apr 2024quarterly activities report● Neutral
Transocean Ltd. reported quarterly revenue of $763.0 million and net income of $98.0 million for the period ended 2024-03-31.
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.