Transocean exercised a four-well option with Reliance Industries, adding $111 million to backlog, starting a 270-day program.
Quiver AI Summary
Transocean Ltd. has announced the exercise of a four-well option with Reliance Industries Limited for the Dhirubhai Deepwater KG1 in India, which is set to commence following the current program and is estimated to last 270 days, contributing roughly $111 million to the company's backlog. Transocean specializes in offshore contract drilling services, particularly in ultra-deepwater and harsh environments. The company operates a fleet of 34 mobile offshore drilling units, making it a leader in the industry. The announcement also includes forward-looking statements that highlight the risks and uncertainties associated with future performance, advising investors to rely on their own evaluations concerning the company's securities.
Potential Positives
- Transocean exercised a four-well option with Reliance Industries Limited, indicating strong customer demand and a positive business relationship.
- The contract is expected to contribute approximately $111 million in backlog, enhancing the company's financial stability.
- The 270-day program demonstrates Transocean's operational capacity and commitment to long-term projects in the offshore drilling sector.
Potential Negatives
- The reliance on forward-looking statements may raise concerns among investors regarding the unpredictability of the company's future performance and the associated risks.
- The potential for contract delays and fluctuating oil prices introduces uncertainty that could negatively impact financial projections and operational stability.
- The disclaimer that investors should rely on their own evaluations and not unduly rely on the press release may signal a lack of confidence in providing concrete future expectations.
FAQ
What recent contract has Transocean Ltd. announced?
Transocean announced the exercise of a four-well option with Reliance Industries Limited in India for the Dhirubhai Deepwater KG1.
What is the estimated duration of the Dhirubhai Deepwater KG1 program?
The estimated duration of the program is approximately 270 days.
How much backlog is expected from this new contract?
The new contract is expected to contribute approximately $111 million in backlog, excluding additional services.
What does Transocean specialize in?
Transocean specializes in offshore contract drilling services for oil and gas wells, focusing on ultra-deepwater and harsh environment drilling.
How many offshore drilling units does Transocean operate?
Transocean operates a fleet of 34 mobile offshore drilling units, including 26 ultra-deepwater floaters and 8 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 9 times in the past 6 months. Of those trades, 6 have been purchases and 3 have been sales.
Here’s a breakdown of recent trading of $RIG stock by insiders over the last 6 months:
- RODERICK JAMES MACKENZIE (EVP, Chief Commercial Officer) has traded it 3 times. They made 0 purchases and 3 sales, selling 79,261 shares.
- PERESTROIKA has traded it 2 times. They made 2 purchases, buying 3,500,000 shares and 0 sales.
- (CYPRUS) LTD PERESTROIKA has traded it 2 times. They made 2 purchases, buying 3,500,000 shares and 0 sales.
- FREDERIK WILHELM MOHN has traded it 2 times. They made 2 purchases, buying 3,500,000 shares and 0 sales.
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$RIG Hedge Fund Activity
We have seen 183 institutional investors add shares of $RIG stock to their portfolio, and 222 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
- SLATE PATH CAPITAL LP removed 8,983,995 shares (-29.0%) from their portfolio in Q3 2024
- NEUBERGER BERMAN GROUP LLC removed 6,475,414 shares (-52.0%) from their portfolio in Q3 2024
- BLACKROCK, INC. added 5,653,309 shares (+8.7%) to their portfolio in Q3 2024
- MORGAN STANLEY removed 5,377,654 shares (-22.7%) from their portfolio in Q3 2024
- BANK OF NEW YORK MELLON CORP removed 5,084,917 shares (-30.2%) from their portfolio in Q3 2024
- VANGUARD GROUP INC added 4,757,078 shares (+6.5%) to their portfolio in Q3 2024
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
STEINHAUSEN, Switzerland, Dec. 17, 2024 (GLOBE NEWSWIRE) -- Transocean Ltd. (NYSE: RIG) (“Transocean”) today announced that a four-well option was exercised for the
Dhirubhai Deepwater KG1
with Reliance Industries Limited in India. The estimated 270-day program is expected to commence in direct continuation of the rig’s firm term with Reliance and contribute approximately $111 million in backlog, excluding additional services.
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 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 in 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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