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Transocean Ltd

Transocean Ltd (RIG)

6.28
0.03
(0.48%)
Closed March 29 04:00PM
6.2897
0.0097
(0.15%)
After Hours: 07:59PM

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RIG News

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RIG Discussion

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Mother Lode Mother Lode 2 weeks ago
"Oil Could Rise More than Anyone Expects This Year"
https://oilprice.com/Energy/Oil-Prices/Oil-Could-Rise-More-than-Anyone-Expects-This-Year.html
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Mother Lode Mother Lode 3 weeks ago
2 large purchases this month
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benchman benchman 3 weeks ago
All above $5. Nice!
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Mother Lode Mother Lode 3 weeks ago
Brady K Long buys 355,147 shares
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Mother Lode Mother Lode 4 weeks ago
C/O PERESTROIKA AS, TURMSTRASSE 30: adds 1 million shares to increase total to 85,574,894
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Mother Lode Mother Lode 1 month ago
"14 Best Beaten Down Stocks To Buy Right Now"

https://finance.yahoo.com/news/14-best-beaten-down-stocks-120431736.html

#3 "Transocean Ltd. (NYSE:RIG) is a Switzerland based energy company that provides drilling services and other associated products. Its latest set of financial results kept up a trend of losses but also provided a respite as a loss per share of 9 cents beat analyst estimates of a 23 cent loss.

During 2023’s December quarter, 45 out of the 933 hedge funds profiled by Insider Monkey had held a stake in the firm. Transocean Ltd. (NYSE:RIG)’s largest hedge fund shareholder is Dmitry Balyasny’s Balyasny Asset Management due to its $44.9 million stake."
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benchman benchman 1 month ago
Yep
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eastunder eastunder 1 month ago
It's certainly in a downtrend!


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benchman benchman 1 month ago
Nice article, but it's taking a beating this morning
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eastunder eastunder 1 month ago
Transocean Navigates Rough Seas to Set Sail for Profitability Amidst Financial Turbulence

Transocean Ltd. reveals its Q4 2023 Fleet Status Report, highlighting resilience and growth in the offshore drilling sector. The company's commitment to operational excellence and its advanced fleet, including the Transocean Barents and Deepwater Skyros, set the stage for future success.

Ebenezer Mensah
19 Feb 2024 17:33 EST

https://bnnbreaking.com/finance-nav/transocean-navigates-rough-seas-to-set-sail-for-profitability-amidst-financial-turbulence

In a world where the echoes of industry resonate beneath the ocean's depths, Transocean Ltd. (NYSE: RIG) has emerged from the financial deep with its latest quarterly Fleet Status Report. Amidst the tumultuous waves of the global economy, the offshore drilling behemoth has charted a course through fiscal storms, revealing both challenges and triumphs in its journey. As of today, standing tall against the winds of adversity, Transocean's story is one of resilience, ambition, and the relentless pursuit of excellence in the unyielding frontier of offshore drilling.

Charting New Depths: Financial Highlights and Operational Achievements

Transocean's financial ledger for the fourth quarter of 2023 unveils a narrative of complexity and conquest. Despite an adjusted net loss of $74 million, or $0.09 per diluted share, the company's sails caught wind with contract drilling revenues swelling by $28 million to a robust $741 million. This financial upturn is credited to a series of operational refinements and a steadfast commitment to efficiency and excellence. However, the voyage was not without its squalls. A loss on impairment and diminished revenue from idle rigs cast shadows on the ledger, though not enough to eclipse the gains made through hard-fought operational improvements.

Maintenance and operational expenses surged to $569 million, a testament to the company's commitment to maintaining its fleet's readiness and operational integrity. This increase primarily reflects the costs associated with returning rigs to service and heightened maintenance demands. Yet, in the face of these escalations, Transocean charted a course towards financial stability, bolstered by a remarkable $145 million fair value adjustment in favor of its exchangeable bonds, and a significant uptick in cash flow from operations, which soared by $142 million to $98 million.

The Fleet's Vanguard: Transocean Barents and Deepwater Skyros

At the helm of Transocean's fleet, the Transocean Barents and Deepwater Skyros stand as beacons of innovation and capability. These rigs, embodying the pinnacle of offshore drilling technology, have secured new contracts that not only underscore Transocean's operational excellence but also signify the market's recognition of its high-specification fleet. The estimated fair value of Transocean at US$8.00, juxtaposed with its current share price of $5.17, reflects a market yet to fully align with the company's intrinsic value and potential.

The addition of $3.2 billion to the backlog, as highlighted by CEO Jeremy Thigpen, represents a tidal wave of opportunity. Thigpen's commendation of the company's outstanding safety results and a record 97.6% uptime performance echoes the ethos of Transocean's unwavering commitment to operational excellence and efficiency. With the market's tightness and the anticipation of a multi-year upcycle, Transocean's fleet, including 36 mobile offshore drilling units and one ultra-deepwater drillship under construction, is poised to navigate the high seas of demand in the offshore drilling sector.

A Look Beyond the Horizon: Future Endeavors and Market Outlook

The future for Transocean, much like the oceans it navigates, is vast with both promise and challenges. With a net loss of $954 million for the full year, the company's financial journey reflects the turbulent waters of the global economy and the inherent risks of the offshore drilling industry. Yet, amidst these trials, Transocean's strategic investments, such as the newbuild ultra-deepwater drillship Deepwater Aquila, and its unwavering focus on enhancing its fleet's capabilities, signal a clear vision for the future.

The optimism shared by Thigpen, buoyed by the market's potential for a robust upcycle, illuminates Transocean's path forward. In a world increasingly thirsty for energy and in an industry where depth, precision, and resilience are paramount, Transocean's journey is more than a tale of financial metrics and operational achievements. It's a saga of human ambition, technological triumph, and the indomitable spirit of exploration and discovery.

In conclusion, as Transocean sets its sights on uncharted waters, navigating through fiscal tempests and operational trials, its story is a testament to the enduring allure of the unknown depths. With its fleet at the ready and its course set towards profitability and operational supremacy, Transocean remains a formidable force in the quest to harness the world's offshore resources. The journey ahead, fraught with challenges and ripe with opportunities, is yet another chapter in Transocean's ongoing odyssey across the boundless seas of industry and innovation.
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eastunder eastunder 1 month ago
Transocean Ltd. Reports Fourth Quarter and Full Year 2023 Results
February 19, 2024 17:21 ET
| Source: Transocean Ltd.

https://www.globenewswire.com/news-release/2024/02/19/2831452/0/en/Transocean-Ltd-Reports-Fourth-Quarter-and-Full-Year-2023-Results.html

STEINHAUSEN, Switzerland, Feb. 19, 2024 (GLOBE NEWSWIRE) -- Transocean Ltd. (NYSE: RIG) today reported a net loss attributable to controlling interest of $104 million, $0.13 per diluted share, for the three months ended December 31, 2023.

Fourth quarter results included net unfavorable items of $30 million, $0.04 per diluted share as follows:

$24 million, $0.03 per diluted share, loss on conversion of debt to equity;
$5 million, $0.01 per diluted share, loss on impairment of our investment in an unconsolidated affiliate; and
$3 million, discrete tax items, net.

These unfavorable items were partially offset by:

$1 million gain on early retirement of debt;
$1 million of other net favorable items.
After consideration of these net unfavorable items, fourth quarter 2023 adjusted net loss was $74 million, $0.09 per diluted share.

Contract drilling revenues for the three months ended December 31, 2023 increased sequentially by $28 million to $741 million due to increased average daily revenue and higher fleet revenue efficiency, as well as increased utilization on four rigs that were undergoing contract preparation and one rig that underwent a special periodic survey in the third quarter. This was partially offset by lower revenue generated by two rigs that were idle and two rigs that were undergoing contract preparation during the fourth quarter.

Contract intangible amortization represented a non-cash revenue reduction of $7 million, compared to $8 million in the prior quarter.

Operating and maintenance expense was $569 million, compared with $524 million in the prior quarter. The sequential increase was primarily due to rigs returning to work after undergoing contract preparation in the prior quarter and higher in-service maintenance costs across our fleet, partially offset by lower activity for two rigs that were idle in the fourth quarter.

After consideration of the fair value adjustment of the bifurcated exchange feature embedded in our 4.625% exchangeable bonds, which was favorable $145 million in the fourth quarter and unfavorable $93 million in the third quarter, interest expense net of amounts capitalized was $142 million, compared with $139 million in the prior period. Interest income was $10 million, compared with $12 million in the previous quarter.

The Effective Tax Rate(2) was (25.0)%, down from 16.3% in the prior quarter. The decrease was primarily due to reduced losses in the current quarter. The Effective Tax Rate excluding discrete items was (30.0)% compared to (8.7)% in the previous quarter.

Cash provided by operating activities was $98 million during the fourth quarter of 2023, representing an increase of $142 million compared to the prior quarter. The sequential increase was primarily due to timing of interest payments and increased collections from customers partially offset by decreased cash collected from, and increased payments to, our unconsolidated affiliates.

Fourth quarter 2023 capital expenditures of $220 million were primarily associated with the newbuild ultra-deepwater drillship Deepwater Aquila. This compares with $50 million in the prior quarter.

“We are very proud of our performance in 2023,” said Chief Executive Officer Jeremy Thigpen. “We added $3.2 billion of backlog in the calendar year, providing additional visibility to future cash flows. In addition to delivering standout personal and process safety results, we finished the year with a company-best 97.6% uptime performance. Notably, we generated these results in a year that included eight large-scale projects, including installation of the 20K BOP on the Deepwater Atlas, the industry’s first eighth-generation drillship, and the timely delivery and commissioning of the Deepwater Titan, our second eighth-generation drillship. Finally, we took delivery of our eighth 1,400 short ton drillship, the Deepwater Aquila.”

Thigpen concluded: “We remain encouraged by the continued tightness in the market and remain focused on delivering value to our shareholders as we progress through what we expect to be a multi-year upcycle.”

Full Year 2023

For the year ended December 31, 2023, net loss attributable to controlling interest totaled $954 million, $1.24 per diluted share. Full year results included $215 million, $0.28 per diluted share, net unfavorable items listed as follows:

$169 million, $0.22 per diluted share, loss on disposal of assets;
$57 million, $0.07 per diluted share, loss on impairment of assets;
$31 million, $0.04 per diluted share, loss on retirement of debt;
$27 million, $0.04 per diluted share, loss on conversion of debt to equity; and
$5 million, $0.01 per diluted share, loss on impairment of our investment in an unconsolidated affiliate; partially offset by,
$74 million, $0.10 per diluted share, related to favorable discrete tax items.
After consideration of these net unfavorable items, adjusted net loss for 2023 was $739 million, $0.96 per diluted share.
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Mother Lode Mother Lode 1 month ago
Ya, I saw all this, but I did not see any Utilization numbers. I thought that would be important.
Would like to see utilization over 60%
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eastunder eastunder 1 month ago
4Q and full year 2023 Earnings Monday 2-19 A

STEINHAUSEN, Switzerland, Feb. 06, 2024 (GLOBE NEWSWIRE) -- Transocean Ltd. (NYSE: RIG) announced today that it will report earnings for the fourth quarter and full year 2023 on Monday, February 19, 2024.

The company will conduct a teleconference to discuss the results starting at 9 a.m. EST, 3 p.m. CET, on Tuesday, February 20, 2024. Individuals who wish to participate should dial +1 785-424-1226 and refer to conference code 932678 approximately 15 minutes prior to the scheduled start time.

The teleconference will be simulcast in a listen-only mode at: www.deepwater.com, by selecting Investors, News, and Webcasts. A replay of the conference call will be available after 12 p.m. EST, 6 p.m. CET, on February 20, 2024. The replay, which will be archived for approximately 30 days, can be accessed at +1 402-220-2660, passcode 932678. The replay also will be available on the company's website.
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eastunder eastunder 1 month ago
Transocean Ltd. Provides Quarterly Fleet Status Report
February 14, 2024 16:20 ET
https://www.globenewswire.com/news-release/2024/02/14/2829478/0/en/Transocean-Ltd-Provides-Quarterly-Fleet-Status-Report.html

STEINHAUSEN, Switzerland, Feb. 14, 2024 (GLOBE NEWSWIRE) -- Transocean Ltd. (NYSE: RIG) today issued a quarterly Fleet Status Report that provides the current status of, and contract information for, the company’s fleet of offshore drilling rigs.

This quarter’s report includes the following updates:

Transocean Barents – Awarded a minimum 540-day contract in the Romanian Black Sea at a rate of $465,000.
Deepwater Skyros – Awarded a three-well extension in Angola at a rate of $400,000.
Deepwater Invictus – Awarded a 40-day contract in the U.S. Gulf of Mexico.
The aggregate incremental backlog associated with these fixtures is approximately $326 million. As of February 14, 2024, the company’s total backlog is approximately $9 billion.

The report can be accessed on the company’s website: www.deepwater.com.
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Mother Lode Mother Lode 2 months ago
Petrobras to Invest $100 Billion in Offshore Oil Production

https://oilprice.com/Latest-Energy-News/World-News/Petrobras-to-Invest-100-Billion-in-Offshore-Oil-Production.html
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Mother Lode Mother Lode 2 months ago
"Oil Market Needs $14 Trillion: OPEC Secretary General"

https://oilprice.com/Latest-Energy-News/World-News/Oil-Market-Needs-14-Trillion-OPEC-Secretary-General.html
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Mother Lode Mother Lode 2 months ago
"Buffett-Backed Occidental CEO Says Oil Shortage by 2025"

https://oilprice.com/Latest-Energy-News/World-News/Buffett-Backed-Occidental-CEO-Says-Oil-Shortage-by-2025.html
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benchman benchman 2 months ago
Yeah, for sure. Chart looks ready for something like that as well. RSI below 30 now.
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Mother Lode Mother Lode 2 months ago
Short is 17% of float
as of 1/15: 2 million short shares added
shorts are roughly 6 times average daily volume
Days to cover is expanding

you never know but things could happen depending on earnings or fleet status report
roughly 6 times average volume
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benchman benchman 2 months ago
I added more at 5. I feel this is way oversold. Hopefully, we do get a short squeeze. $RIG
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Mother Lode Mother Lode 2 months ago
Depending on the earnings numbers (2/19). Is this setting up for a short squeeze.
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Mother Lode Mother Lode 2 months ago
"US Oil, Gas Drillers Add 1 More Rig As Production Plummets"

"Meanwhile, U.S. crude oil production plummeted 1 million bpd to average just 12.3 million bpd in the week ending January 19—falling to the lowest point since June of last year thanks to the cold snap that took production offline throughout the nation."

https://oilprice.com/Energy/Energy-General/US-Oil-Gas-Drillers-Add-1-More-Rig-As-Production-Plummets.html
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Mother Lode Mother Lode 2 months ago
"12 Best Oil Stocks to Buy for 2024"
"12. Transocean LTD (NYSE:RIG)
Number of Hedge Fund Investors: 47

Headquartered in Switzerland, American drilling company Transocean LTD (NYSE:RIG) is one of the best oil stocks to buy for 2024 according to hedge fund investors.

A total of 47 hedge funds tracked by Insider Monkey were long Transocean LTD (NYSE:RIG) as of the end of the September quarter.

In November 2023, BofA published a list of stocks that had underperformed but the bank said these companies had the potential to gain value in the future. Transocean LTD (NYSE:RIG) was part of this list of stocks.

In addition to RIG, hedge funds also love Exxon Mobil Corp (NYSE:XOM), Occidental Petroleum Corp (NYSE:OXY) and Chevron Corporation (NYSE:CVX)."

https://finance.yahoo.com/news/12-best-oil-stocks-buy-103659823.html
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Mother Lode Mother Lode 2 months ago
"India to Become Single Most Important Driver of Oil Demand Growth"

https://oilprice.com/Energy/Crude-Oil/India-to-Become-Single-Most-Important-Driver-of-Oil-Demand-Growth.html
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Mother Lode Mother Lode 2 months ago
"Norway To Boost Oil and Gas Exploration"

https://oilprice.com/Energy/Crude-Oil/Norway-To-Boost-Oil-and-Gas-Exploration.html
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Mother Lode Mother Lode 2 months ago
"Offshore Oil Is Booming With Vessel Markets Near All-Time High"

https://oilprice.com/Energy/Energy-General/Offshore-Oil-Is-Booming-With-Vessel-Markets-Near-All-Time-High.html
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Mother Lode Mother Lode 3 months ago
"Traders Speculate on $110 Oil As Middle East Tensions Escalate"
https://oilprice.com/Energy/Crude-Oil/Traders-Speculate-on-110-Oil-As-Middle-East-Tensions-Escalate.html
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Mother Lode Mother Lode 3 months ago
not sure this will be true at day's end, but yesterday and today:
tnk up,
pxd up,
cvx up,
xom up,
shel up,
slb up,
sdrl up,
kmi up,
eqnr up,
rig up.
ccj up (just threw this one in)
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eastunder eastunder 3 months ago
I agree. Or at least I hope so. ;)

Thanks Hawk!
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Hawkeye_tt Hawkeye_tt 3 months ago
Yes, good LT support here for loading next swing...

Hawk
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eastunder eastunder 3 months ago
I thought you mean traded recently. As in Last week? I was curious what trade you did.

(forgive the shitty charts - zero options on IHub)



There have definitely been some swings available on this one, that's for sure.

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Hawkeye_tt Hawkeye_tt 3 months ago
For me, on charts this has been a Swing trade.
They never let it run....

Hawk
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eastunder eastunder 3 months ago
And what would that trade be?

Do you have specifics?

AS always...trade the trade here.
Hawk
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Hawkeye_tt Hawkeye_tt 3 months ago
AS always...trade the trade here.
Hawk
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Mother Lode Mother Lode 3 months ago
"Transocean Bags Rig Contract for Romania's Neptun Deep"

https://www.rigzone.com/news/transocean_bags_rig_contract_for_romanias_neptun_deep-14-dec-2023-175053-article/
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Mother Lode Mother Lode 4 months ago
Nice. Pretty upbeat
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eastunder eastunder 4 months ago
IADC Annual General Meeting: Drillers identify key issues of concern
https://worldoil.com/news/2023/11/13/iadc-annual-general-meeting-drillers-identify-key-issues-of-concern/

Kurt Abraham, Editor-in-Chief/Chief Forecaster, World Oil November 13, 2023

As the Annual General Meeting of the International Association of Drilling Contractors (IADC) continued Thursday afternoon in Austin, Texas, it featured wide-ranging commentary from three panelists on issues of concern during the “Drillers Outlook.” In addition, the afternoon included interesting assessment of the 2024 U.S. presidential election process underway from renowned analyst Dr. Richard Murray, professor at the University of Houston. Suffice it to say, both sessions gave the audience plenty to talk about for the balance of the day.

Drillers Outlook session. This grouping was geared to include industry leaders representing land and offshore with U.S. and global scope. They shared their view on key issues from both a personal and company perspective.


Citadel Drilling Ltd. CEO Dan Hoffarth
First up was Dan Hoffarth, CEO at Calgary, Alberta-based Citadel Drilling Ltd. He brings a thorough knowledge of the drilling sector, having come up through the ranks, starting his careers as a floorhand and working through all positions in a drilling contractor environment. In addition, he is a founding member of Citadel, with over 30 years of experience in the drilling and service sector of the industry. If anyone ought to know a few things, it’s Hoffarth.

And he certainly didn’t hold back anything. From his perspective, there are four key issues that drillers are having to battle, and which are weighing on the contracting sector. These include regional conflicts (as in Ukraine and Israel-Hamas); high costs (inflation is still felt in costs for equipment and goods); global demand (remains finicky and unpredictable); and difficulty in attracting capital (financial institutions avoiding lending money to oil and gas projects).

Yet, despite these overarching issues, Hoffarth declared that “we have control over the way we conduct our business.” He said that the health of a drilling contractor can be compared to the base of a platform rig. “Each leg is a factor of the company,” explained the CEO. These factors include employee quality, leadership and culture, and shareholder value. “I look at these areas, and I feel like our industry is under attack,” said an exasperated Hoffarth. “We are no longer building new rigs. We no longer see start-up drilling companies. What do we need to do to survive?”

Answering his own question, Hoffarth said that industry companies need to adapt to a changing business environment that they operate in. And he believes that companies need to work together more than ever. “Our social license to operate is dependent on everyone in this room.”


Transocean Executive V.P., Marketing and Innovation, & Chief Commercial Officer Roddie Mackenzie

Next up was Roddie Mackenzie, Executive Vice President, Marketing and Innovation, & Chief Commercial Officer, Transocean. He said his firm’s strategy has been to deliver safe, reliable and efficient operations, deleverage the balance sheet, and innovate and introduce new technology.

Front and center since 2014 has been a significant fleet transformation, added Mackenzie. “We went from a larger number of rigs to a smaller number by scrapping older rigs,” he explained. “We scrapped 60+ rigs, but we’ve also added some new ones, as well.” According to Mackenzie, the technology of today that Transocean feels is important to the industry’s current status and future includes robotics and automation; remote operations; digitalization; safety and operational integrity; and low-carbon operations.

In addition, there are some market realities that he believes are still not understood, much less acknowledged, by the general public, mainstream media and certain government officials. “Let’s face it, all facets of energy are still growing, even coal, and even using EIA figures,” pointed out Mackenzie. “This business about peak demand is nonsense. Peak oil is nowhere near [us]. Investment in deep water makes sense. There is a strong growth outlook with low oil price sensitivity.”

He noted that the duration of floater fixtures is going up—“we’re now back on track for longer contracts.” Rig utilization on floaters remains high (95%) this year, and will be up to 100% in 2024, he said. Summing up the operating situation for offshore contractors, Mackenzie declared, “After eight years of winter [financially], cash flow is coming!”


Latshaw Drilling Company Founder & President Trent Latshaw

Finishing off the session was Trent Latshaw, Founder & President of Latshaw Drilling Company, and a World Oil editorial advisor. He prefaced his talk by noting that he hit a personal milestone last year, hitting 50 years of working in the industry. From that perspective and knowledge based, Latshaw said, “I think this industry has a great future, despite what all these left-wing [people] have to say.”

From that statement, Latshaw evolved to a discussion of what keeps him concerned the most lately. In other words, given the regional conflicts that have popped up in Ukraine and the Middle East (Israel-Hamas), could one of these expand into a greater war? And if something does expand into the equivalent of World War III, would the U.S. be prepared to win it, just as it won World War II in cooperation with a number of allies.

Latshaw said there were several main factors that helped the U.S. and its allies win World War II. These included the following:

Manufacturing might—an ability to quickly build thousands of vehicles, tanks, planes and ships
Oil production—"the U.S. provided 85% of the oil used by the Allies, as U.S. output actually rose from 3.7 MMbopd to 4.7 MMbopd during the war,” said Latshaw.
Righteous indignation.
Unfortunately, pointed out Latshaw, while the U.S. was the number-one steel producer globally during WWII, it now ranks fourth behind China, India and Japan. Furthermore, the U.S. was the biggest shipbuilder during WWII, but now it is not even in the top 15 countries for shipbuilding. In a related statistic, “the U.S. is also woefully short of requisite blue-collar labor that is required for these activities.”

However, there is one good bit of news, when it comes to war preparedness, he said. “The U.S. has a good oil production situation for fighting a war. Production in the last 10 years is up from a low of 5.3 MMbopd to 13.1 MMbopd this year.”


Dr. Richard Murray, Professor, University of Houston

Assessing the 2024 U.S. presidential election. After the stimulating presentations by the drilling executives, Dr. Richard Murray, professor at University of Houston (U. of H.), kept the crowd’s attention with a very informative, history-laden assessment of the U.S. presidential election process, as it stands today. During a 55-year teaching career, Murray founded the Hobby School of Public Affairs at U. of H. in 1981. He currently is Senior Research Fellow, as well as holder of the Bob Lanier Chair in Urban Public Policy, at the Hobby School of Public Affairs. As such, Murray has been a fixture on local television news in Houston, providing expert analysis of various elections. And during his long career, he has been a consistent rare commodity—a middle-of-the road, even-handed analyst, not tending to side with one political extreme or the other.

So, as Murray walked up to the podium on Thursday afternoon, he had now way of knowing that at that instant, news flashed on the cell phones of many in the audience (including this editor) that incumbent Senator Joe Manchin (D – W.V.) had just announced that he would not run for re-election. This is widely interpreted as potentially having an impact on the presidential race, so we will review Murray’s assessment with that in mind.

Nevetheless, “this election (2024) has a good chance of being one of those pivotal elections,” declared Murray. “{Former President Donald] Trump has transformed U.S. politics since coming down the escalator at Trump Tower on June 16, 2015. And while Trump could duplicate Grover Cleveland’s feat of non-consecutive terms, Trump is not Grover Cleveland. He is very unique; he has reshaped U.S. politics.”

He went on to say that the Democrat Party is much different today, reflecting that “a far different polarization” exists in the U.S. “Republicans used to win the wealthy districts in years gone by,” analyzed Murray. “Today, Republicans struggle to win in wealthy neighborhoods, yet they now pick up blue collar districts that they never won before. For instance, Minnesota District 8, which includes Duluth, was traditionally one of the most Democratic districts in the state. Today, it is the most Republican district.”

Murray acknowledged that there is a high chance of a Biden-Trump rematch in 2024, although it may not suit the taste of many in the electorate. “Biden vs. Trump is a match-up like we’ve never seen before,” he said. “A big factor is how many people in both parties don’t want either Biden or Trump. But absent some dramatic event, and health issues aside, Donald Trump is on track to win the Republican nomination. He may have it locked up by early March. And Biden, likewise, is on track to win. I think Trump is going to get every delegate in [the] California [Republican primary] on March 5. And he’s going to get every delegate in Texas.”

The professor said this situation is rooted in the complex way in which the parties award delegates. Asked if the Biden-Trump re-match would result in a lot of third-party voting, Murray said rather forcefully, “I don’t think so. However, this election may generate high voter turnout.”

Looking at global conflicts and other factors, Murray noted that “what we decide to do presidentially has great ramifications worldwide. It’s a dangerous world out there, and it’s not getting better. The reality is (sounding a bit like Latshaw’s remarks), we can end the world quickly, given military technology advances.” But back to the election, he said with a shrug, “who will win? I don’t know.”

Asked by someone in the crowd about the new U.S. House Speaker, Mike Johnson, Murray drew some laughter from the audience when he said, “this is like one of those jobs running the city jail—why would you want it? You should include Mike Johnson in your prayers; he’s going to need them.”

As for other potential presidential candidates, Murray threw cold water on those thoughts. “Michelle Obama doesn’t want to be turned to. She is extraordinarily unlikely to seriously entertain this possibility. I also think it’s highly unlikely to have a viable third-party candidate, given the strong feelings on both sides.”
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Mother Lode Mother Lode 5 months ago
"Iran’s Proposed Embargo Could Cause Chaos In Oil Markets"

https://oilprice.com/Energy/Crude-Oil/Irans-Proposed-Embargo-Could-Cause-Chaos-In-Oil-Markets.html
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Hawkeye_tt Hawkeye_tt 5 months ago
Middle East driving the Bus now.....
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Mother Lode Mother Lode 5 months ago
"A Less Hawkish Fed Could Jumpstart The Oil Price Rally"

https://oilprice.com/Energy/Oil-Prices/A-Less-Hawkish-Fed-Could-Jumpstart-The-Oil-Price-Rally.html
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Mother Lode Mother Lode 5 months ago
"While Transocean endured another quarter of losses, the company doesn’t need to be haunted by ghosts of quarters past, as a robust market plus increasing rig counts and day rates point to a successful fourth quarter and 2024.

The company suffered from a loss in revenue in the third quarter, but Transocean argues that the company is not in the grave but in the early stages of a multi-year upcycle.

“With our fleet of the most capable high-specification ultra-deepwater drillships and harsh environment semisubmersibles, Transocean is uniquely positioned to capitalize on current and future opportunities,” CEO Jeremy Thigpen said in a press release."

https://finance.yahoo.com/news/despite-spooky-start-transocean-walking-170500331.html
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Mother Lode Mother Lode 5 months ago
Earnings Call transcript: Also Benchmark Co. issued a "Buy" target $12


"Contract with Petrobras was particularly important as it facilitated the acquisition of the outstanding interest in our joint venture Liquila Ventures Limited through which we assumed full ownership of the Deepwater Aquila. Transocean now owns and with the commencement of the Achilles, contract will operate eight of the 12 globally competitive 1400 short ton hook load dual activity, ultra-deepwater drillships in the world. The acquisition of the Achilles is consistent with our strategy of continuously hydrating our fleet. A strategy which has proven very effective, particularly over the last 18 to 24 months as we have secured market leading day rates with these high-specification assets.

As an example, since the fourth quarter of 2022, our ultra-deepwater fleet average day rate has increased by approximately 33% to $416,000 per day. By the third quarter of 2024. Based upon current firm backlog, we expect this average rate to increase to $437,000 per day. Based upon the status of discussions with customers, we expect that the Transocean bearings will be contracted for new work starting in mid to late 2024 until initially late 2026 and the Deepwater Skyros will be similarly committed until early to mid 2025.

Details of these prospects will be forthcoming assuming execution of fully binding customer commitments. Not only did we have significant backlog over the past several quarters, but we also substantially lengthened contracting term during this period. In April of 2022, 12 of our rigs were contracted for durations greater than 12 months. Six were contracted for greater than 24 months and only five were contracted for more than 36 months.

By comparison, today, 17 of our rigs are contracted for durations greater than 12 months, a 42% increase, 15 are contracted for greater than 24 months, a 150% increase, and 13 are contracted for more than 36 months, a 160% increase of our 2023 contracted backlog. Just over 80% now consists of programs of more than one year in duration. Another clear indication that our customers believe in the longevity of this upcycle and in the capability of Transocean. The significant increase in contract commitments is reflected in the size of our industry leading backlog from the beginning of 2022 to the present, we have added approximately $6.8 billion in backlog.

When building our backlog, maximizing EBITDA and associated margins remains our goal and these data points clearly demonstrate the effectiveness of our long-standing asset strategy and portfolio management approach to placing our assets on contracts of appropriate and meaningful value. We take decisions that make the most economic sense for the company and our shareholders. It means that at times we may seek the highest day rate possible for a specific asset or job, a consequence of which may be that we accept short periods of idle time on individual assets. In other instances, we may determine that maintaining high utilization has the optimal long term financial impact, meaning that we fix an asset at prevailing or otherwise acceptable market rates for a longer duration.

Securing high-quality backlog, meaningful EBITDA generation and longer-term visibility to future cash flows as reflected in their budget processes. Our customers continue to be disciplined in their allocation of capital. The result of this behavior is exhibited in the lumpiness of the timing of contract awards. We have observed over the last couple of years.

We expect this trend to continue. Our sizable backlog in portfolio approach to fixing our assets minimizes our exposure to this natural ebb and flow of customer activity while best ensuring we achieve the best margin possible. Notwithstanding the timing of announced contracting activity, our customers are securing rigs for longer and longer duration and for programs expected to commence well into the future. This is evidenced by the increase in average contract award lead times, which have increased significantly since 2021.

Drillship contracting lead times have increased by approximately 53% to 319 days and semi-submersible contracting lead times have increased approximately 38% to 284 days. The number of global floater opportunities continues to expand reflecting very strong demand and further encouraging our view of the longer-term sustainability of this cycle. Indeed, overall demand remains on the rise with 84 years of activity expected to be awarded for 77 discrete programs starting in 18 months. Looking closer at each region, the U.S.

Gulf of Mexico continues to be defined by direct negotiations with our customers with operators engaging contractors of choice for specific opportunities. We see a steady stream of demand for short-term programs with independent operators amid a solid market with a limited supply of high-specification and ultra-deepwater assets. Notably, we are engaged in discussions for follow on work for the Deepwater Atlas upon completion of its current contract and are already having conversations with numerous customers regarding additional 20 programs, many of which are not expected to start for up to three years. Once again, demonstrating our customers belief in a prolonged upcycle.

The Invictus is currently competing for multiple local campaigns, including one which we believe will require a high hook load, seventh-generation Drillship, the available supply of which is very limited. We are also actively marketing the inspiration in various jurisdictions around the world. As you well know, Brazil continues to be a source of strong demand and based upon open tenders, we expect the active rig count to continue to decline over the next 12 months from the 29 rigs operating today. Over the past year, there have been 27 awards made in Brazil, 18 rigs already in country, and nine that brought new rigs into the country.

Between the open tenders including [Inaudible], [Inaudible], and BM-C-33, They're expected to be another eight rig awards which should require two incremental rigs from outside of Brazil. This brings the addition of non-Brazilian rigs to 11 since the cycle began. Furthermore, it's widely expected that more tenders in 2024 will keep all of the incumbent rigs busy, and pending exploration success could demand a further call on the global market to add yet more rigs to Brazil. Clearly, Brazil is set to remain a pivotal long-term consumer of ultra-deepwater rigs with active rig count expected to reach at least 36 in, 2024, 2025.

Just by fulfilling today's known tenders across the Atlantic, we see an excess of 20 opportunities scattered throughout Africa and the Mediterranean. Commencing in the next 18 months. For the first time in nearly a decade, Nigeria following its national election is showing significant signs of revival. We expect between two and four long-term programs to be tendered over the next six months including three from international oil companies in Angola, Chevron, Exxon, and other large operators have a mixture of short and multi-year opportunities currently expected to commence in 2024.

Additionally, Namibia may require more rigs as TotalEnergies has confirmed future development. While Chevron Shell have programs expected to be awarded in 2024, The Namibian Ministry of Mines and Energy recently confirmed that projects requiring as many as five rigs are set to commence in 2024. And finally, in Mozambique, we expect tenders for both TotalEnergies [Inaudible]in the coming months. In Australia, regulatory requirements continue to drive demand for plug-in abandonment work.

Additionally, several operators have indicated interest in securing rigs for additional multi-year programs. At this point, we anticipate formal tenders will be released in 2024 and expect our two rigs currently active in the region to be competitive for these tenders following their existing programs. As such, we expect both the Transocean Endurance and Transmission to remain in country for the foreseeable future. There have also been promising developments elsewhere in the Eastern Hemisphere.

We anticipate that will soon require a rig for follow on development for its recent discovery in the Thai basin. In Indonesia, I also has an open tender for approximately 18 months of work in multiple countries in the region and in Malaysia. We expect PTTEP and Petronas will come to market in the near future for an ultra-deepwater drillship with a commencement in 2024. Finally, we expect the high-specification harsh environment market to remain tight as active supply in Norway is now fully utilized in large part due to the departure of numerous rigs to other markets.

As witnessed recently in a couple of public announcements, many incremental programs will require operators in Norway to mobilize rigs from other regions. And since many, if not all, of the recently departed rigs, will likely continue their active utilization outside of the Norwegian market. We expect this region to remain tight for the foreseeable future. In addition to the fact that our customers are fixing contracts with start date two years in the future, the broader fundamentals also support our views of a sustained industry recovery beyond the 18-month time horizon.

Rystad recently reported that oil inventories in developed countries are approximately 115 million barrels below their five-year average, while the International Energy Agency reported global crude stocks have also fallen to their lowest level since 2017. Meanwhile, the IEA forecasts increasing oil demand through 2028, while OPEC projects a steady increase through at least 2045. These predictions are supported by population and GDP growth projections, particularly for developing nations where renewable infrastructure is in its infancy. We continue to believe that much of new hydrocarbon development will come from deep water basins as these have consistently shown to yield superior investment returns and produce some of the lowest carbon intensity barrels available today.

Reliable third-party analysis suggests upstream offshore capex will increase materially over the next several years, crossing $200 billion next year and reaching 234 billion by the end of 2027. In summary, our outlook for a prolonged offshore deepwater drilling recovery remains firm and we will continue to manage our rig portfolio to maximize value. As always, we will continue to place paramount importance on the safe and flawless execution of our operations to minimize the conversion to maximize the conversion. In this regard, our performance is truly a team effort and I extend a sincere thank you to the entire transition team for their commitment every day to provide safe, reliable, and efficient operations."
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eastunder eastunder 5 months ago
Backlog boost for sixth quarter in a row stokes Transocean’s multi-year upcycle hopes
BUSINESS & FINANCE

https://www.offshore-energy.biz/backlog-boost-for-sixth-quarter-in-a-row-stokes-transoceans-multi-year-upcycle-hopes/

October 31, 2023, by Melisa Cavcic

Offshore drilling contractor Transocean has enlarged its contract backlog for the sixth consecutive quarter, expanding it to $9.4 billion at the end of the third quarter of 2023 with several new assignments in the bag. As a result of the ongoing surge in demand within the offshore drilling market, higher day rates are spurring a rise in fleet utilization, which has led the rig owner to conclude that these improvements underpin the early days of a longed-for multi-year upcycle, thus, a further market boom is on the cards down the road.

The outlook for the offshore drilling market appears to be bullish, as confirmed by a report from Fortune Business Insights, which noted that the global offshore drilling market size was valued at $33.22 billion in 2022. The report claims that the offshore drilling market is projected to grow from $36.52 billion in 2023 to $65.63 billion by 2030. This certainly supports rig owners’ expectations of a further uptick in day rates and fleet utilization. As the Ukraine crisis drags on, energy players are dishing out much larger sums on drilling activities to reverse the previous decline in spending on hydrocarbon projects.

As countries around the globe up their capital expenditure ante to ensure future energy demand will be met, operators are expected to invest further in unexploited hydrocarbon reserves, opening the doors for more drilling activities, especially offshore. With this at the forefront, Fortune Business Insights believes that offshore oil and gas production will grow this decade, propelled by investment boost and demand growth. However, the ever-increasing environmental concerns are expected to hamper the forecasted growth to varying degrees depending on the region. Despite this, the growth will not be stifled fully in any region, just constrained more in some than in others.

Looking at this growth based on the rig type, drillships are positioned to take the lion’s share, as the deepwater segment is expected to dominate the offshore drilling market due to significant untapped and existing hydrocarbon potential. Asia Pacific is expected to be among the regions spearheading this upcycle due to considerable offshore oil and gas reserves and the region’s rising energy demand. Drilling activities in Latin America are also anticipated to be on the rise, led by projects in Brazil and Mexico. In addition, Africa and the Middle East are in the running as well, as new discoveries have prompted a dash for natural gas and oil, which will continue to bolster the global oil and gas supply and stoke the offshore drilling flames.

Transocean unveils high hopes for future drilling opportunities

Transocean’s latest fleet status report from October 2023 confirms that the rig owner got its hands on an aggregate incremental backlog associated with new deals and extensions of around $745 million while the company’s total backlog jumped to approximately $9.4 billion. While the rig owner revealed more work for a drillship and semi-submersible rigs in its previous fleet status report, the latest one comes with drillship assignments.

The drilling giant’s results for the third quarter of 2023 show a net loss attributable to controlling interest of $220 million for the three months ended on September 30, 2023, compared to $165 million in the second quarter of 2023. The results for 3Q 2023 entailed net favorable items of $60 million, including $65 million discrete tax items; and a $5 million loss on impairment of assets. After consideration of these net favorable items, the third quarter of 2023 adjusted net loss was $280 million, compared to the second quarter of 2023 adjusted net loss of $110 million.

The firm’s adjusted EBITDA was $162 million in 3Q 2023, compared to $237 million in the prior quarter. In addition, the capital expenditures of $50 million in 3Q 2023 decreased from $76 million in 2Q 2023, primarily due to reduced spending for our newbuild rigs under construction. The rig owner’s total contract drilling revenues were $713 million in 3Q 2023, compared to $729 million in the second quarter of 2023 while the total adjusted contract drilling revenues were $721 million in 3Q 2023, compared to $748 million in 2Q 2023.

This points to a sequential decrease of $16 million to $713 million, primarily due to idle time on three ultra-deepwater floaters and lower revenue generated by four rigs that were undergoing contract preparation and mobilization activities during the quarter. The company explains that lower fleet revenue efficiency in the third quarter also contributed to the decrease, which was partially offset by increased average daily revenues for three rigs and a full quarter of revenues from the newbuild ultra-deepwater drillship Deepwater Titan and the harsh environment semi-submersible floater Transocean Norge.

Furthermore, the drilling contractor’s total fleet average revenue efficiency was 95.4% in 3Q 2023, compared to 97.2% in the prior quarter. The ultra-deepwater floaters’ revenue efficiency for 3Q 2023 was 94.3%, compared to 97.3% in 2Q 2023 and 93.5% in 3Q 2022. On the other hand, the company’s harsh environment floaters recorded revenue efficiency for 3Q 2023 of 98.1%, compared to 96.8% during the previous quarter and 97.5% during 3Q 2022.

Transocean’s total fleet utilization in 3Q 2023 was 49.4%, compared to 54.7% in the second quarter of 2023 and 59.4% in 3Q 2022. While the ultra-deepwater floaters’ utilization for 3Q 2023 was 45%, compared to 53.7% in 2Q 2023 and 53.1 % in 3Q 2022, the harsh environment floaters’ utilization for 3Q 2023 was 63%, compared to 57.7% during the previous quarter and 75.7% during 3Q 2022.

Jeremy Thigpen, Transocean’s Chief Executive Officer, commented: “For the sixth consecutive quarter Transocean increased its backlog, ending the third quarter at $9.4 billion dollars. Not only is the size of our backlog industry-leading, but it also contains many of the industry’s highest day rate fixtures. In particular, we are pleased to have secured a three-year contract for Deepwater Aquila in Brazil, as it facilitated the acquisition of the outstanding interest in Liquila Ventures Ltd.

“The addition of the Aquila further reinforces Transocean’s leadership position in the high-specification, ultra-deepwater drilling market, as she is our eighth 1400 short ton, dual activity, seventh generation drillship, of which, there are only 12 in the global competitive fleet.”

Based on Transocean’s results, the contract intangible amortization represented a non-cash revenue reduction of $8 million in 3Q 2023, compared with $19 million in the prior period while the operating and maintenance expense was $524 million, compared to $484 million in 2Q 2023. The sequential increase was primarily due to higher shipyard costs and contract preparation for seven rigs and a full quarter of operations from Deepwater Titan and Transocean Norge.

According to Transocean, the cash used in operating activities was $44 million during the third quarter of 2023, representing a decrease of $201 million compared to the prior quarter. The sequential decrease is primarily due to increased cash disbursements for preparing and mobilizing seven rigs for contracts and timing of interest payments.

The effective tax rate is 16.3%, up from 8.8% in the prior quarter, primarily due to settlements and expirations of uncertain tax positions and releases of valuation allowances. The company owns or has partial ownership interests in and operates a fleet of 37 mobile offshore drilling units, encompassing 28 ultra-deepwater floaters and nine harsh environment floaters.

“Based on our ongoing conversations with customers, we firmly believe that we remain in the early stages of a multi-year upcycle. With our fleet of the most capable high-specification ultra-deepwater drillships and harsh environment semisubmersibles, Transocean is uniquely positioned to capitalize on current and future opportunities,” underscored Thigpen.
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Mother Lode Mother Lode 5 months ago
looks like Utilization rates was the culprit here:


Here is how Transocean performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

Utilization - Total fleet average rig utilization: 49.4% versus the three-analyst average estimate of 58%.

Utilization - Ultra-Deepwater Floaters: 45% compared to the 55% average estimate based on three analysts.

Average Daily Revenue - Harsh Environment Floaters: $357.4 thousand versus the three-analyst average estimate of $290.05 thousand.

Average Daily Revenue - Total fleet average daily revenue: $391.3 thousand versus the three-analyst average estimate of $345.79 thousand.

Average Daily Revenue - Ultra Deepwater Floaters: $406.5 thousand compared to the $372.73 thousand average estimate based on three analysts.

Utilization - Harsh Environment Floaters: 63% versus the three-analyst average estimate of 65.1%.

Contract drilling revenues- Ultra-Deepwater Floaters: $516 million compared to the $519.87 million average estimate based on three analysts. The reported number represents a change of +19.2% year over year.

Contract drilling revenues- Harsh Environment Floaters: $197 million compared to the $195.72 million average estimate based on three analysts. The reported number represents a change of -23.6% year over year.
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Mother Lode Mother Lode 5 months ago
Less than impressive. (unfortunately)
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eastunder eastunder 5 months ago
Transocean Ltd. Reports Third Quarter 2023 Results
October 30, 2023 17:38 ET
Source: Transocean Ltd.

https://www.globenewswire.com/news-release/2023/10/30/2769753/0/en/Transocean-Ltd-Reports-Third-Quarter-2023-Results.html


Total contract drilling revenues were $713 million, compared to $729 million in the second quarter of 2023 (total adjusted contract drilling revenues of $721 million, compared to $748 million in the second quarter of 2023);

Revenue efficiency(1) was 95.4%, compared to 97.2% in the prior quarter;
Operating and maintenance expense was $524 million, compared to $484 million in the prior quarter;

Net loss attributable to controlling interest was $220 million, $0.28 per diluted share, compared to $165 million, $0.22 per diluted share, in the second quarter of 2023;

Adjusted EBITDA was $162 million, compared to $237 million in the prior quarter; and
Contract backlog was $9.4 billion as of the October 2023 Fleet Status Report.

STEINHAUSEN, Switzerland, Oct. 30, 2023 (GLOBE NEWSWIRE) -- Transocean Ltd. (NYSE: RIG) today reported a net loss attributable to controlling interest of $220 million, $0.28 per diluted share, for the three months ended September 30, 2023.

Third quarter results included net favorable items of $60 million, or $0.08 per diluted share as follows:

$65 million, $0.09 per diluted share, discrete tax items, net; and
$5 million, $0.01 per diluted share, loss on impairment of assets.
After consideration of these net favorable items, third quarter 2023 adjusted net loss was $280 million, or $0.36 per diluted share.

Contract drilling revenues for the three months ended September 30, 2023 decreased sequentially by $16 million to $713 million, primarily due to idle time on three ultra-deepwater floaters and lower revenue generated by four rigs that were undergoing contract preparation and mobilization activities during the quarter. Lower fleet revenue efficiency in the third quarter also contributed to the decrease. This was partially offset by increased average daily revenues for three rigs and a full quarter of revenues from the newbuild ultra-deepwater drillship Deepwater Titan and the harsh environment semisubmersible floater Transocean Norge.

Contract intangible amortization represented a non-cash revenue reduction of $8 million, compared to $19 million in the prior quarter.

Operating and maintenance expense was $524 million, compared with $484 million in the prior quarter. The sequential increase was primarily due to higher shipyard costs and contract preparation for seven rigs and a full quarter of operations from Deepwater Titan and Transocean Norge.

Interest expense, net of amounts capitalized, was $232 million, compared with $168 million in the prior quarter. Interest expense included a non-cash loss of $93 million, compared with $46 million in the prior quarter, associated with the fair value adjustment of the bifurcated exchange feature embedded in our exchangeable bonds issued in September of 2022. Interest income was $12 million, compared with $11 million in the previous quarter.

The Effective Tax Rate(2) was 16.3%, up from 8.8% in the prior quarter. The increase was primarily due to settlements and expirations of uncertain tax positions and releases of valuation allowances. The Effective Tax Rate excluding discrete items was (8.7)% compared to 11.7% in the previous quarter.

Cash used in operating activities was $44 million during the third quarter of 2023, representing a decrease of $201 million compared to the prior quarter. The sequential decrease is primarily due to increased cash disbursements for preparing and mobilizing seven rigs for contracts and timing of interest payments.

Third quarter 2023 capital expenditures of $50 million decreased primarily due to reduced spending for our newbuild rigs under construction. This compares with $76 million in the prior quarter.

“For the sixth consecutive quarter Transocean increased its backlog, ending the third quarter at $9.4 billion dollars. Not only is the size of our backlog industry-leading, but it also contains many of the industry’s highest dayrate fixtures,” said Chief Executive Officer, Jeremy Thigpen. “In particular, we are pleased to have secured a three-year contract for Deepwater Aquila in Brazil, as it facilitated the acquisition of the outstanding interest in Liquila Ventures Ltd. The addition of the Aquila further reinforces Transocean’s leadership position in the high-specification, ultra-deepwater drilling market, as she is our eighth 1400 short ton, dual activity, seventh generation drillship, of which, there are only 12 in the global competitive fleet.”

Thigpen continued “Based on our ongoing conversations with customers, we firmly believe that we remain in the early stages of a multi-year upcycle. With our fleet of the most capable high-specification ultra-deepwater drillships and harsh environment semisubmersibles, Transocean is uniquely positioned to capitalize on current and future opportunities.”

Non-GAAP Financial Measures

We present our operating results in accordance with accounting principles generally accepted in the U.S. (“U.S. GAAP”). We believe certain financial measures, such as Adjusted Contract Drilling Revenues, EBITDA, Adjusted EBITDA and Adjusted Net Income, which are non-GAAP measures, provide users of our financial statements with supplemental information that may be useful in evaluating our operating performance. We believe that such non-GAAP measures, when read in conjunction with our operating results presented under U.S. GAAP, can be used to better assess our performance from period to period and relative to performance of other companies in our industry, without regard to financing methods, historical cost basis or capital structure. Such non-GAAP measures should be considered as a supplement to, and not as a substitute for, financial measures prepared in accordance with U.S. GAAP.

All non-GAAP measure reconciliations to the most comparative U.S. GAAP measures are displayed in quantitative schedules on the company’s website at: www.deepwater.com.

About Transocean

Transocean is a leading international provider of offshore contract drilling services for oil and gas wells. The company specializes in technically demanding sectors of the global offshore drilling business with a particular focus on ultra-deepwater and harsh environment drilling services, and operates the highest specification floating offshore drilling fleet in the world.

Transocean owns or has partial ownership interests in and operates a fleet of 37 mobile offshore drilling units, consisting of 28 ultra-deepwater floaters and nine harsh environment floaters. In addition, Transocean is constructing one ultra-deepwater drillship.

For more information about Transocean, please visit: www.deepwater.com.

Conference Call Information

Transocean will conduct a teleconference starting at 9 a.m. EDT, 2 p.m. CEST, on Tuesday, October 31, 2023, to discuss the results. To participate, dial +1 785-424-1226 and refer to conference code 403372 approximately 15 minutes prior to the scheduled start time.

The teleconference will be simulcast in a listen-only mode at: www.deepwater.com, by selecting Investors, News, and Webcasts. Supplemental materials that may be referenced during the teleconference will be available at: www.deepwater.com, by selecting Investors, Financial Reports.

A replay of the conference call will be available after 12 p.m. EDT, 5 p.m. CEST, on Tuesday, October 31, 2023. The replay, which will be archived for approximately 30 days, can be accessed at +1 402-220-7358, passcode 403372. The replay will also be available on the company’s website.
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Mother Lode Mother Lode 5 months ago
"American Oil Giants Boost Domestic Footprint As Geopolitical Tensions Mount"

https://oilprice.com/Energy/Crude-Oil/American-Oil-Giants-Boost-Domestic-Footprint-As-Geopolitical-Tensions-Mount.html
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eastunder eastunder 5 months ago
Reminder: Earnings on Tap: MONDAY 10-30 After hours

Transocean Ltd. (NYSE: RIG) announced today that it will report earnings for the third quarter 2023 after the close of trading on the NYSE on Monday, October 30, 2023.
The company will conduct a teleconference to discuss the results starting at 9 a.m. EDT, 2 p.m. CEST, on Tuesday, October 31, 2023. Individuals who wish to participate should dial +1 785-424-1226 and refer to conference code 403372 approximately 15 minutes prior to the scheduled start time.
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eastunder eastunder 5 months ago
Interesting. Thanks
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Mother Lode Mother Lode 5 months ago
thought you might find this interesting:
"Toyota’s Solid-State Battery Boasts 745 Miles On A 10 Minute Charge

https://oilprice.com/Energy/Energy-General/Toyotas-Solid-State-Battery-Boasts-745-Miles-On-A-10-Minute-Charge.html
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