Transocean Ltd (RIG) Quote

International Oil Drilling Boosts SLB’s Net Profit in Q1"

https://oilprice.com/Latest-Energy-News/World-News/International-Oil-Drilling-Boosts-SLBs-Net-Profit-in-Q1.html

Transocean Ltd. Provides Quarterly Fleet Status Report

https://www.globenewswire.com/news-release/2024/04/17/2864996/0/en/Transocean-Ltd-Provides-Quarterly-Fleet-Status-Report.html

"Institutional Investors Double Down On Oil Despite Divestment Pledges"
https://oilprice.com/Energy/Crude-Oil/Institutional-Investors-Double-Down-On-Oil-Despite-Divestment-Pledges.html

"Transocean Ltd. Announces Pricing of Upsized Private Offering of Senior Notes Due 2029 and Senior Notes Due 2031"

https://www.globenewswire.com/news-release/2024/04/11/2861929/0/en/Transocean-Ltd-Announces-Pricing-of-Upsized-Private-Offering-of-Senior-Notes-Due-2029-and-Senior-Notes-Due-2031.html

Retiring Debt:

"Transocean Ltd. (NYSE: RIG) announced that Transocean Inc., its wholly-owned subsidiary (the “Company” and, together with Transocean Ltd., “Transocean”), has commenced an offer to purchase for cash (collectively, the “Offers” and each, an “Offer”) any and all of its outstanding 11.50% Senior Guaranteed Notes due 2027 (the “2027 Super Priority Guaranteed Notes”) and 7.25% Senior Notes due 2025 (the “2025 Priority Guaranteed Notes,” collectively with the 2027 Super Priority Guaranteed Notes, the “Notes”), in each case, from holders thereof (each, a “Holder” and collectively, the “Holders”). Each of the Notes specified in the table below are referred to as a “series” of Notes. The Offers are being made pursuant to an Offer to Purchase, dated April 11, 2024 (the “Offer to Purchase”)."

https://www.globenewswire.com/news-release/2024/04/11/2861511/0/en/Transocean-Ltd-Announces-Cash-Tender-Offers.html

"Traders Are Buying Oil At The Fastest Rate Since 2020"

https://oilprice.com/Energy/Crude-Oil/Traders-Are-Buying-Oil-At-The-Fastest-Rate-Since-2020.html

"North Sea Oil and Gas Firms Continue Drilling Despite Climate Goals"

https://oilprice.com/Energy/Crude-Oil/North-Sea-Oil-and-Gas-Firms-Continue-Drilling-Despite-Climate-Goals.html

"Brent Breaks Above $91 as Bullish Sentiment Builds"

https://oilprice.com/Energy/Energy-General/Brent-Breaks-Above-91-as-Bullish-Sentiment-Builds.html

Gregory Lewis at BTIG issues Buy Recommendation on 04/02/24 with a $12.00 price target.

"Brent Closes in on $90 as Geopolitical Risk Climbs"

https://oilprice.com/Energy/Energy-General/Brent-Closes-in-on-90-as-Geopolitical-Risk-Climbs.html

Transocean Ltd. Announces $195 Million Ultra-Deepwater Drillship Contract
April 01, 2024 16:24 ET
| Source: Transocean Ltd.

STEINHAUSEN, Switzerland, April 01, 2024 (GLOBE NEWSWIRE) -- Transocean Ltd. (NYSE: RIG) (“Transocean”) today announced a 365-day contract extension for the Deepwater Asgard with an independent operator in the U.S. Gulf of Mexico. The program is expected to commence in June 2024 in direct continuation of the rig’s current program and includes additional services. The total contract value of approximately $195 million includes a $10.9 million lump sum payment, which is not included in the estimated backlog of approximately $184 million.

About Transocean

Transocean is a leading international provider of offshore contract drilling services for oil and gas wells. Transocean specializes in technically demanding sectors of the global offshore drilling business with a particular focus on 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 36 mobile offshore drilling units, consisting of 28 ultra-deepwater floaters and eight harsh environment floaters. In addition, Transocean is constructing one ultra-deepwater drillship.

Gold up too. Bad situation and getting worse.

"Oil Prices Up as Iranian Embassy in Syria Leveled in Airstrike"
https://oilprice.com/Latest-Energy-News/World-News/Oil-Prices-Up-as-Iranian-Embassy-in-Syria-Leveled-in-Airstrike.html

"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

2 large purchases this month

All above $5. Nice!

Brady K Long buys 355,147 shares

C/O PERESTROIKA AS, TURMSTRASSE 30: adds 1 million shares to increase total to 85,574,894

"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."

Yep

It's certainly in a downtrend!

Nice article, but it's taking a beating this morning

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.

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.

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%

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.

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.

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

"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

"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

Yeah, for sure. Chart looks ready for something like that as well. RSI below 30 now.

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

I added more at 5. I feel this is way oversold. Hopefully, we do get a short squeeze. $RIG

Depending on the earnings numbers (2/19). Is this setting up for a short squeeze.

"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

"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

"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

"Norway To Boost Oil and Gas Exploration"

https://oilprice.com/Energy/Crude-Oil/Norway-To-Boost-Oil-and-Gas-Exploration.html

"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

"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

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)

I agree. Or at least I hope so. ;)

Thanks Hawk!

Yes, good LT support here for loading next swing...

Hawk

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.

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

Hawk

And what would that trade be?

Do you have specifics?

AS always...trade the trade here.
Hawk

AS always...trade the trade here.
Hawk

"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/