Transocean LTD. - RIG STOCK NEWS

Transocean (NYSE: RIG) has secured a 365-day contract extension valued at approximately $188 million for its ultra-deepwater drillship, Deepwater Asgard. The contract, with an independent operator in the U.S. Gulf of Mexico, will commence immediately after the current program ends. This extension includes additional services, significantly boosting Transocean's backlog.

Transocean (NYSE: RIG) has announced contract extensions and exercised options for three of its harsh environment semisubmersibles, securing approximately $161 million in firm contract backlog. The contracts include:

- Transocean Spitsbergen, awarded a three-well contract extension with Equinor in Norway, expected to start in Q4 2025, adding $72 million to the backlog.

- Transocean Norge, awarded a three-well contract extension with Wintershall Dea, starting in Q1 2028, contributing $71 million.

- Transocean Endurance in Australia, with Woodside exercising a 45-day well option, contributing $18 million.

According to CEO Jeremy Thigpen, these fixtures reflect strong market demand and customer confidence, with contracts being secured up to four years in advance.

Transocean announced a Consent Solicitation for its 8.375% Senior Secured Notes due 2028 to amend the indenture governing the Notes. The purpose is to defer the first measurement date of the Collateral Rig Leverage Ratio under the Indenture. The Consent Payment offered is $2.50 per $1,000 principal amount of Notes for valid consents. Holders can't revoke Consents after the Consent Time. The Company may terminate, extend, or amend the Consent Solicitation at any time. D.F. King & Co., Inc. and Morgan Stanley & Co. are involved in the solicitation process.

Transocean (NYSE: RIG) reported a net income of $98 million for the first quarter of 2024, with adjusted contract drilling revenues increasing by $19 million to $767 million. The company secured a 365-day extension on the Deepwater Asgard, completed a $1.8 billion debt refinancing transaction, and extended its revolving credit facility. Despite some positive milestones, Transocean experienced a sequential decrease in cash used in operating activities and a non-GAAP adjusted net loss of $22 million.

Transocean announced the results of its tender offers to purchase outstanding 11.50% Senior Guaranteed Notes due 2027 and 7.25% Senior Notes due 2025. $844,367,000 in combined aggregate principal amount of Notes had been validly tendered. The Company intends to accept all the Notes validly tendered and not withdrawn, subject to conditions. Payment will be made on April 18, 2024, for Notes tendered by the Expiration Date and on April 22, 2024, for Notes tendered under guaranteed delivery procedures.

Transocean issued a quarterly Fleet Status Report, highlighting contract updates for offshore drilling rigs. Key updates include contract extensions and new awards in the U.S. Gulf of Mexico and Angola, contributing to an incremental backlog of $248 million. The total backlog as of April 17, 2024, stands at approximately $8.9 billion.

Transocean announced the pricing terms of a cash tender offer for its outstanding 11.50% Senior Guaranteed Notes due 2027. The offer includes the 2027 Notes and the 7.25% Senior Notes due 2025, with an expiration date of April 17, 2024. The Total Consideration for the 2027 Notes is $1,044.94 per $1,000 principal amount, excluding Accrued Interest. Holders will also receive accrued and unpaid interest on the Notes. The Offers are subject to certain conditions and may be amended, extended, or withdrawn at the Company's discretion. Citigroup Global Markets Inc. is the Dealer Manager for the Offers.

Transocean (NYSE: RIG) announced a successful private offering of $1.8 billion in Senior Notes due 2029 and 2031. The Notes are guaranteed by Transocean and subsidiaries, with interest rates of 8.250% and 8.500% per annum, respectively.

Transocean (RIG) announces a private offering of $1.5 billion Senior Notes due 2029 and 2031, with guaranteed senior unsecured basis by the company and its subsidiaries. The proceeds will fund Tender Offers for outstanding notes and other redemptions.