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Transocean Ltd (RIG.N)

RIG.N on New York Stock Exchange

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Latest Key Developments (Source: Significant Developments)

Transocean to buy Songa Offshore
Tuesday, 15 Aug 2017 02:39am EDT 

Aug 15 (Reuters) - Songa Offshore Se :Agreement to combine with transocean through a recommended voluntary exchange offer.Announces an agreement with transocean ltd. ("transocean", nyse: "rig") whereby parties have agreed to seek to complete a business combination.Offer will be made for an offer price of nok 47.50 per songa offshore share.To be settled in shares, convertible bonds and cash.Consideration implies an equity value of songa offshore on a fully diluted basis of approximately nok 9.1 billion.Enterprise value of approximately nok 26 billion.Offer price represents a 39.7% premium to songa offshore's closing share price on 14 august 2017 and a 47.1% premium to three-month volume weighted average stock price on 14 august 2017.Terms of combination imply an exchange ratio between songa offshore and transocean of 0.7145.Intention is for combined company to establish a harsh environment center of excellence in norway.In addition to contributing approximately usd4.1 billion in backlog, transaction is expected to be immediately accretive to transocean's earnings.Combined company will have a fleet of 53 rigs, comprised of ultra-deepwater drillships, harsh environment semis and deep- and mid-water semisubmersibles, combined with 9000 employees.Perestroika as, songa offshore's largest shareholders, will through offer become transocean's largest shareholder, with a holding of shares and rights to shares equal to approximately 12%.  Full Article

Transocean Ltd Q2 loss per share $4.32
Wednesday, 2 Aug 2017 04:18pm EDT 

Aug 2 (Reuters) - Transocean Ltd :Transocean ltd. reports second quarter 2017 results.Q2 revenue $751 million versus $785 million.Q2 loss per share $4.32.Transocean Ltd - qtrly ‍net loss attributable to controlling interest was $4.32 per diluted share​.Transocean Ltd - ‍contract backlog was $10.2 billion as of july 2017 fleet status report.​.Transocean Ltd - qtrly total drilling fleet utilization 44% versus 47%‍​.Transocean - qtrly ‍adjusted net income $1 million, excluding $1.691 billion items related to previously announced $1.597 billion loss on jackup fleet​ divestiture.  Full Article

Statoil to kick off 2-3 months UK drilling campaign
Monday, 3 Jul 2017 02:09am EDT 

July 3 (Reuters) - Statoil Asa :Kick-off for Statoil's UK exploration campaign.Will soon commence a three-well exploration drilling campaign on UK continental shelf, using the Transocean Spitsbergen semi-submersible rig.We hope to make discoveries that can add value to existing projects and also provide resources necessary for new developments on ukcs.Wells will be drilled in a continuous campaign that is expected to last approximately 2-3 months.First well, mariner segment 9, could prove additional resources and increase extent of mariner field.Second well is at Jock Scott, a prospect on the underexplored margins of the Viking Graben.The last well of the campaign will be the Verbier opportunity in the Moray Firth area.We have three exciting wells to test with a proven and efficient rig that will enable us to continue to develop our understanding of the full exploration potential of this mature basin and hopefully add new commercial reserves to our UK portfolio.  Full Article

Transocean Ltd. announces cash tender offers
Tuesday, 13 Jun 2017 08:23am EDT 

June 13 (Reuters) - Transocean Ltd ::Transocean Ltd. Announces cash tender offers.Commenced cash tender offers to purchase up to U.S. $1.5 billion aggregate principal amount of a series of notes.Transocean ltd - tender offers will expire at 11:59 p.m., New York City time, on July 11, 2017, unless extended or earlier terminated by Transocean.  Full Article

Transocean says expects to recognize estimated loss of about $1.6 bln during Q2
Tuesday, 30 May 2017 06:19pm EDT 

May 30 (Reuters) - Transocean Ltd :transocean-‍on may 23, subsidiaries of co entered asset and share purchase agreement with borr drilling limited and certain of its affiliates - sec filing​.Transocean-To sell 10 high-specification jackups, novate contracts relating to construction of 5 high-specification jackups, related assets, to borr​.Transocean ltd - ‍during q2 2017, company expects to recognize an estimated loss of approximately $1.6 billion associated with impairment of certain assets​.Transocean - ‍as co continues to evaluate long-term competitiveness of its fleet, additional rigs may be identified as candidates for sale or disposal​.  Full Article

Transocean says qtrly revenues were $785 million vs $974 million in Q4 of 2016
Wednesday, 3 May 2017 04:16pm EDT 

May 3 (Reuters) - Transocean Ltd :Reg-Transocean ltd. Reports first quarter 2017 results.Qtrly revenues were $785 million compared with $974 million in q4 of 2016.Qtrly net income attributable to controlling interest was $91 million, $0.23 per diluted share.Contract backlog was $10.8 billion as of april 2017 fleet status report.  Full Article

Transocean announces contracts for Transocean Spitsbergen
Wednesday, 5 Apr 2017 04:16pm EDT 

Transocean Ltd : Transocean Ltd. announces contracts for Transocean Spitsbergen . estimated firm backlog associated with these contracts is $83 million .Initial contract is expected to commence in Q3 of 2017.  Full Article

Statoil awards Transocean two rig contracts at around $113 mln offshore UK and Norway
Tuesday, 4 Apr 2017 06:57am EDT 

Statoil Asa : Statoil: Statoil awards Transocean two rig contracts - statoil.com . Statoil and license partners have decided to use semisubmersible rig Transocean Spitsbergen on three exploration wells in UK, and then on a six-well production drilling campaign on Aasta Hansteen licence in Norway . Exploration drilling campaign in UK will be conducted for mariner, jock Scott and Verbier licenses, and is planned to start in summer . Contract value for three fixed wells is estimated at around 18 million usd, which includes integrated drilling services such as fuel, casing running, rov, slop treatment and cuttings handling .Drilling campaign on Aasta Hansteen is planned to start towards end of 2017 or beginning of 2018. Contract value for six fixed wells is estimated at around 95 million usd.  Full Article

Keppel Corp says unit signed agreement with Borr Drilling for Transocean rigs
Monday, 20 Mar 2017 09:44am EDT 

Keppel Corporation Limited : Keppel signs heads of agreement with borr drilling for transocean rigs . Under new agreement, Borr Drilling will take over contracts and undertake remaining payment installments to Keppel Fels . Price for each rig is usd$216 million, compared to original price of usd$219 million . Under agreement construction contracts for five jackup rigs currently being built by Keppel Fels for Transocean will be novated to Borr Drilling . Completion of transaction is expected to take place before end of may 2017 . Transaction will not have any material impact on net tangible assets & earnings per share of Keppel Corp for FY17 . "Borr Drilling will also make a down payment of usd$275 million" .Keppel Offshore & Marine Ltd has entered into a heads of agreement with Borr Drilling Ltd of Bermuda.  Full Article

Borr Drilling to buy 15 rigs from Transocean in $1.35 bln deal
Monday, 20 Mar 2017 03:51am EDT 

Transocean Ltd : Borr Drilling says intends to acquire 15 high-specification jack-up rigs from Transocean for $1.35 billion .Borr Drilling announces $800 million equity offering.  Full Article

Transocean to buy Norwegian rig firm Songa Offshore for $1.1 billion

OSLO Transocean , one of the world's biggest drilling rig operators, has agreed to buy Norwegian competitor Songa Offshore for 9.1 billion crowns ($1.1 billion), the latest in a series of transactions reshaping the industry.