19 Apr 2023director interest notice● Neutral
Transocean Ltd. SVP - CHIEF ACCOUNTING OFFICER David A Tonnel sold 12,000 shares at $6.53.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
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.
21 Mar 2023agm notice● Neutral
Transocean Ltd. announced its upcoming annual shareholder meeting, covering the routine agenda (director elections, auditor ratification, executive-pay advisory vote).
21 Mar 2023agm 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).
6 Mar 2023director interest notice● Neutral
Transocean Ltd. insider Chad C Deaton bought 30,000 shares on the open market at $7.40.
3 Mar 2023director interest notice● Neutral
Transocean Ltd. SVP - CHIEF ACCOUNTING OFFICER David A Tonnel exercised stock options for 205,347 shares and disposed of 84,612 shares.
3 Mar 2023director interest notice● Neutral
Transocean Ltd. CEO Jeremy D Thigpen exercised stock options for 1,111,312 shares and disposed of 457,899 shares.
3 Mar 2023director interest notice● Neutral
Transocean Ltd. EVP, CAO & CIO Howard E Davis exercised stock options for 319,118 shares and disposed of 131,491 shares.
3 Mar 2023director interest notice● Neutral
Transocean Ltd. EVP & CFO Mark-anthony Lovell Mey exercised stock options for 400,751 shares and disposed of 165,125 shares.
3 Mar 2023director interest notice● Neutral
Transocean Ltd. PRESIDENT AND COO Keelan Adamson acquired 474,234 shares and disposed of 27,532 in a set of related equity transactions.
3 Mar 2023director interest notice● Neutral
Transocean Ltd. PRESIDENT AND COO Keelan Adamson exercised stock options for 353,868 shares and disposed of 213,554 shares.
3 Mar 2023director interest notice● Neutral
Transocean Ltd. EVP & GENERAL COUNSEL Brady K Long exercised stock options for 305,611 shares and disposed of 118,096 shares.
17 Feb 2023director interest notice● Neutral
Transocean Ltd. SVP - CHIEF ACCOUNTING OFFICER David A Tonnel sold 24,857 shares at $7.38.
13 Feb 2023director interest notice● Neutral
Transocean Ltd. EVP & CFO Mark-anthony Lovell Mey acquired 736,942 shares and disposed of 218,537 in a set of related equity transactions.
13 Feb 2023director interest notice● Neutral
Transocean Ltd. PRESIDENT AND COO Keelan Adamson acquired 623,977 shares and disposed of 199,305 in a set of related equity transactions.
13 Feb 2023director interest notice● Neutral
Transocean Ltd. SVP - CHIEF ACCOUNTING OFFICER David A Tonnel acquired 375,466 shares and disposed of 108,974 in a set of related equity transactions.
13 Feb 2023director interest notice● Neutral
Transocean Ltd. EVP, CAO & CIO Howard E Davis acquired 586,825 shares and disposed of 174,279 in a set of related equity transactions.
13 Feb 2023director interest notice● Neutral
Transocean Ltd. CEO Jeremy D Thigpen acquired 1,983,162 shares and disposed of 565,310 in a set of related equity transactions.
13 Feb 2023director interest notice● Neutral
Transocean Ltd. EVP & GENERAL COUNSEL Brady K Long acquired 559,078 shares and disposed of 141,329 in a set of related equity transactions.
9 Feb 2023substantial holder notice● Neutral
The Vanguard Group reported a Transocean Ltd. shareholding of 63,405,047 shares (8.78% of votes) in a periodic institutional filing.
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.
3 Feb 2023director interest notice● Neutral
Transocean Ltd. SVP - CHIEF ACCOUNTING OFFICER David A Tonnel sold 43,668 shares at $6.94.
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.
20 Jan 2023director interest notice● Neutral
Transocean Ltd. SVP - CHIEF ACCOUNTING OFFICER David A Tonnel sold 14,541 shares at $6.15.
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.
11 Jan 2023director interest notice● Neutral
Transocean Ltd. SVP - CHIEF ACCOUNTING OFFICER David A Tonnel sold 34,267 shares at $5.45.