Transocean LTD. - RIG STOCK NEWS

Transocean (NYSE: RIG) reported Q3 2024 results with a net loss of $494 million ($0.58 per diluted share). Contract drilling revenues increased by $87 million to $948 million, driven by increased rig utilization, higher dayrates, and revenues from the newbuild Deepwater Aquila. The company booked nearly $1.3 billion in new backlog during Q3, maintaining a total backlog of $9.3 billion. Operating and maintenance expenses rose to $563 million, while generating $194 million in operating cash flow and achieving an Adjusted EBITDA of $342 million with a 36% margin.

Transocean (NYSE: RIG) has announced significant contract awards and extensions for its offshore drilling fleet. Notable awards include: Deepwater Atlas (365-day, $635,000/day), Deepwater Conqueror (365-day, $530,000/day), and Deepwater Invictus (1095-day, $485,000/day) in the U.S. Gulf of Mexico. Additional contracts were secured for vessels in India, Norway, and Australia. These new fixtures add approximately $1.3 billion to the company's backlog, bringing the total backlog to $9.3 billion as of October 24, 2024.

Transocean (NYSE: RIG) announced it will release its third quarter 2024 earnings on October 30, 2024. The company will hold a teleconference to discuss the results on October 31, 2024, at 9 a.m. EDT (2 p.m. CET). Participants can dial +1 785-424-1226 using conference code 827284 to join the call. The teleconference will also be simulcast live on the company’s website, www.deepwater.com, under the Investors, News, and Webcasts section. A replay will be available after 12 p.m. EDT (5 p.m. CET) on October 31, 2024, and can be accessed via +1 402-220-9184 with passcode 827284. The replay will also be archived on the company's website for approximately 30 days.

Transocean (NYSE: RIG) has secured a significant contract for its ultra-deepwater drillship, the Deepwater Conqueror. The one-year agreement, valued at approximately $193 million, is set to commence in October 2025 in the U.S. Gulf of Mexico. This contract, signed with an undisclosed operator, includes additional services and will contribute substantially to Transocean's backlog.

The announcement, made on October 17, 2024, represents a notable development for Transocean's operations in the deepwater drilling sector. This contract underscores the continued demand for ultra-deepwater drilling services in the Gulf of Mexico region and potentially signals positive momentum for Transocean's business prospects in the coming years.

SandRidge Energy (NYSE: SD) has announced significant changes to its Board and Management. Vincent Intrieri has been appointed as Chairman of the Board, effective October 1, 2024. Intrieri, the Founder and CEO of VDA Capital Management , brings extensive experience from his previous roles with Carl C. Icahn-related entities and various board positions.

Jonathan Frates will transition from his role as Chairman of the Board to become Executive Vice President and Chief Financial Officer, effective October 21, 2024. Frates has a background in investment management and has served on multiple boards.

Brandon Brown, Sr. will assume the role of Senior Vice President, Chief Accounting Officer. These changes aim to strengthen SandRidge's leadership team and position the company to execute its strategy, particularly following its recent Anadarko Basin acquisition.

Transocean (NYSE: RIG) has secured a significant contract for its ultra-deepwater drillship, the Deepwater Atlas. The agreement, valued at approximately $232 million, is with bp for operations in the U.S. Gulf of Mexico. The contract spans 365 days and is set to begin in the second quarter of 2028. Additionally, the contract includes a provision for a 365-day option, potentially extending the engagement. This development represents a substantial addition to Transocean's backlog, reinforcing its position in the ultra-deepwater drilling market.

Transocean (NYSE: RIG) has secured a significant contract for its ultra-deepwater drillship, Dhirubhai Deepwater KG1. The contract, awarded by Reliance Industries , is for six wells offshore India and is expected to contribute approximately $123 million to Transocean's backlog. The estimated 300-day program is set to commence in the second quarter of 2026.

The award includes multiple options, which, if exercised, could extend the rig's operations in India through the end of 2029. This contract represents a notable addition to Transocean's order book and demonstrates continued demand for ultra-deepwater drilling services in the region.

Transocean (NYSE: RIG) reported its Q2 2024 results, showing a net loss of $123 million ($0.15 per diluted share). Contract drilling revenues increased by $98 million to $861 million, primarily due to increased rig utilization and higher revenue efficiency. Operating and maintenance expense rose to $534 million. The company's Adjusted EBITDA was $284 million, with a margin of 33.0%. Cash provided by operating activities was $133 million, a significant improvement from the previous quarter. The company's backlog as of July 2024 stands at $8.64 billion. CEO Jeremy Thigpen highlighted strong uptime performance and recent contract wins, indicating an increasingly tightening market.

Transocean (NYSE: RIG) has secured a significant contract for its ultra-deepwater drillship, Deepwater Invictus. The agreement, valued at approximately $531 million, is with bp for operations in the U.S. Gulf of Mexico. The contract duration is set for 1,095 days, equivalent to three years, and is scheduled to begin in the first quarter of 2025. This development represents a substantial addition to Transocean's backlog, strengthening its position in the offshore drilling market. The contract value excludes additional services and a mobilization fee, suggesting potential for further revenue.