Transocean Ltd. reported contract updates for its drilling fleet, increasing backlog to approximately $8.3 billion.
Quiver AI Summary
Transocean Ltd. has released its quarterly Fleet Status Report, highlighting recent contract updates for its offshore drilling rigs. Notable developments include a four-well contract for the Dhirubhai Deepwater KG1 in India at a dayrate of $410,000, a three-well contract for the Transocean Enabler in Norway at $428,000 per day, and a one-well contract for the Transocean Endurance in Australia at $390,000. These contracts contribute approximately $175 million to Transocean's total backlog, which now stands at about $8.3 billion. The company specializes in offshore drilling services, focusing on deepwater and challenging environments, and operates a fleet of 34 drilling units. The report and additional details can be found on their website.
Potential Positives
- Customers have exercised multiple contract options for drilling services, generating significant revenue for the company with dayrates averaging approximately $409,000.
- The incremental backlog from these contracts adds approximately $175 million, contributing positively to the company’s financial outlook.
- The total backlog of approximately $8.3 billion indicates a strong demand for Transocean's services and a robust pipeline of future revenue.
- Transocean's focus on technically demanding sectors and its high-specification fleet positions it favorably within the competitive offshore drilling market.
Potential Negatives
- The press release heavily emphasizes the uncertainty of future results due to numerous risks and factors beyond the company's control, which could undermine investor confidence.
- Significant reliance on forward-looking statements may raise concerns for investors about the company's ability to meet its projected commitments, particularly in a volatile oil and gas market.
- The disclaimer regarding the lack of obligation to update forward-looking statements may lead to skepticism about the company's transparency and accountability for its projections.
FAQ
What is included in Transocean's quarterly Fleet Status Report?
The report includes the current status and contract information for the company's offshore drilling rigs.
What new contracts were announced in the latest Fleet Status Report?
The report highlighted new well options exercised for Dhirubhai Deepwater KG1, Transocean Enabler, and Transocean Endurance.
What is the total backlog for Transocean as of February 2025?
The total backlog for Transocean is approximately $8.3 billion as of February 12, 2025.
Where can I access the Fleet Status Report?
The Fleet Status Report can be accessed on Transocean's website at www.deepwater.com.
How many mobile offshore drilling units does Transocean operate?
Transocean operates a fleet of 34 mobile offshore drilling units, including ultra-deepwater and harsh environment floaters.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$RIG Insider Trading Activity
$RIG insiders have traded $RIG stock on the open market 7 times in the past 6 months. Of those trades, 3 have been purchases and 4 have been sales.
Here’s a breakdown of recent trading of $RIG stock by insiders over the last 6 months:
- PERESTROIKA purchased 1,500,000 shares for an estimated $6,195,000
- FREDERIK WILHELM MOHN purchased 1,500,000 shares for an estimated $6,195,000
- (CYPRUS) LTD PERESTROIKA purchased 1,500,000 shares for an estimated $6,195,000
- RODERICK JAMES MACKENZIE (EVP, Chief Commercial Officer) has made 0 purchases and 4 sales selling 101,261 shares for an estimated $425,003.
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$RIG Hedge Fund Activity
We have seen 188 institutional investors add shares of $RIG stock to their portfolio, and 211 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- PILGRIM GLOBAL ADVISORS LLC added 18,229,024 shares (+inf%) to their portfolio in Q3 2024, for an estimated $77,473,352
- SLATE PATH CAPITAL LP removed 8,983,995 shares (-29.0%) from their portfolio in Q3 2024, for an estimated $38,181,978
- AMERICAN CENTURY COMPANIES INC added 6,542,271 shares (+51.5%) to their portfolio in Q4 2024, for an estimated $24,533,516
- NEUBERGER BERMAN GROUP LLC removed 6,475,414 shares (-52.0%) from their portfolio in Q3 2024, for an estimated $27,520,509
- MORGAN STANLEY removed 5,377,654 shares (-22.7%) from their portfolio in Q3 2024, for an estimated $22,855,029
- BANK OF NEW YORK MELLON CORP removed 4,600,237 shares (-39.1%) from their portfolio in Q4 2024, for an estimated $17,250,888
- NORTHERN TRUST CORP added 4,391,662 shares (+171.6%) to their portfolio in Q3 2024, for an estimated $18,664,563
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
STEINHAUSEN, Switzerland, Feb. 12, 2025 (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:
Dhirubhai Deepwater KG1 –
Customer exercised a four-well option in India at a dayrate of $410,000.
Transocean Enabler –
Customer exercised a three-well option in Norway at a dayrate of $428,000.
Transocean Endurance –
Customer exercised a one-well option in Australia at a dayrate of $390,000.
The aggregate incremental backlog associated with these fixtures is approximately $175 million. As of February 12, 2025, the company’s total backlog is approximately $8.3 billion.
The report can be accessed on the company’s website:
www.deepwater.com
.
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 34 mobile offshore drilling units, consisting of 26 ultra-deepwater floaters and eight harsh environment floaters.
Forward-Looking Statements
The statements described herein that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements could contain words such as "possible," "intend," "will," "if," "expect," or other similar expressions. Forward-looking statements are based on management’s current expectations and assumptions, and are subject to inherent uncertainties, risks and changes in circumstances that are beyond our control, and many cases, cannot be predicted. As a result, actual results could differ materially from those indicated by these forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, estimated duration of customer contracts, contract dayrate amounts, future contract commencement dates and locations, planned shipyard projects and other out-of-service time, sales of drilling units, the cost and timing of mobilizations and reactivations, operating hazards and delays, risks associated with international operations, actions by customers and other third parties, the fluctuation of current and future prices of oil and gas, the global and regional supply and demand for oil and gas, the intention to scrap certain drilling rigs, the effects of the spread of and mitigation efforts by governments, businesses and individuals related to contagious illnesses, and other factors, including those and other risks discussed in the company's most recent Annual Report on Form 10-K for the year ended December 31, 2023, and in the company's other filings with the SEC, which are available free of charge on the SEC's website at: www.sec.gov. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated. All subsequent written and oral forward-looking statements attributable to us or to persons acting on our behalf are expressly qualified in their entirety by reference to these risks and uncertainties. You should not place undue reliance on forward-looking statements. Each forward-looking statement speaks only as of the date of the particular statement. We expressly disclaim any obligations or undertaking to release publicly any updates or revisions to any forward-looking statement to reflect any change in our expectations or beliefs with regard to the statement or any change in events, conditions or circumstances on which any forward-looking statement is based, except as required by law. All non-GAAP financial measure reconciliations to the most comparative GAAP measure are displayed in quantitative schedules on the company’s website at: www.deepwater.com.
This press release, or referenced documents, do not constitute an offer to sell, or a solicitation of an offer to buy, any securities, and do not constitute an offering prospectus within the meaning of the Swiss Financial Services Act (“FinSA”) or advertising within the meaning of the FinSA. Investors must rely on their own evaluation of Transocean and its securities, including the merits and risks involved. Nothing contained herein is, or shall be relied on as, a promise or representation as to the future performance of Transocean.
Analyst Contact:
Alison Johnson
+1 713-232-7214
Media Contact:
Pam Easton
+1 713-232-7647
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