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Transocean LTD. - RIG STOCK NEWS

Welcome to our dedicated page for Transocean LTD. news (Ticker: RIG), a resource for investors and traders seeking the latest updates and insights on Transocean LTD. stock.

Transocean Ltd. (NYSE: RIG) is a global leader in the offshore contract drilling services industry, specifically for oil and gas wells. The company's core business involves deploying mobile offshore drilling rigs, related equipment, and work crews to drill oil and gas wells. Their expertise lies in ultra-deepwater and harsh environment drilling services, operating one of the most versatile and high-specification fleets in the world.

With over 50 years of experience, Transocean owns or has partial ownership interests in 36 mobile offshore drilling units, including 28 ultra-deepwater floaters and eight harsh environment floaters. They are also currently constructing a new ultra-deepwater drillship. The company is renowned for its safety standards and premier offshore drilling performance.

Recently, Transocean announced an offering of senior notes to optimize its financial condition by funding the cash purchase of its outstanding 2027 and 2025 Notes and the subsequent redemption of other notes. This strategic move aims to manage debt and improve liquidity.

As of Q1 2024, Transocean reported a net income of $98 million, translating to $0.11 per diluted share. Their contract drilling revenues increased to $763 million, mainly due to heightened rig activity and higher day rates. Operating and maintenance expenses saw a decrease, reflecting cost savings and reduced expenses for idle rigs.

Looking ahead, Transocean is optimistic about sustained demand for high-specification floaters and anticipates securing long-term contracts. Their recent debt refinancing and extension of revolving credit facilities further enhance their financial stability and flexibility.

For more information about Transocean, please visit: www.deepwater.com.

News

Transocean Ltd. Announces Pricing of Upsized Private Offering of Senior Notes Due 2029 and Senior Notes Due 2031

Rhea-AI Summary
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.
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Transocean Ltd. Announces Proposed Private Offering of Senior Notes Due 2029 and Senior Notes Due 2031

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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.
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Transocean Ltd. Announces Cash Tender Offers

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Transocean (NYSE: RIG) has initiated a cash offer to purchase its outstanding 11.50% Senior Guaranteed Notes due 2027 and 7.25% Senior Notes due 2025 from holders. The offer expires on April 17, 2024, with specific conditions and total consideration details provided. Citigroup Global Markets Inc. is the Dealer Manager for the Offers.
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Transocean Ltd. Announces First Quarter 2024 Earnings Release Date

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Transocean (NYSE: RIG) will report earnings for Q1 2024 on April 29, 2024, followed by a teleconference on April 30, 2024, to discuss the results. Participants can join by dialing +1 785-424-1222 with conference code 102568. A replay will be available on the company's website and by phone.
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Transocean Ltd. Announces $195 Million Ultra-Deepwater Drillship Contract

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Transocean (NYSE: RIG) extends the contract for the Deepwater Asgard in the U.S. Gulf of Mexico with a total value of $195 million, including extra services and a lump sum payment of $10.9 million.
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Transocean Ltd. Reports Fourth Quarter and Full Year 2023 Results

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Transocean Ltd. (RIG) reported a net loss of $104 million for Q4 2023, with adjusted net loss of $74 million. Contract drilling revenues increased to $741 million due to higher fleet revenue efficiency. Full year net loss was $954 million, with adjusted net loss of $739 million. The company added $3.2 billion of backlog in 2023.
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Transocean Ltd. Provides Quarterly Fleet Status Report

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Transocean Ltd. (RIG) issued a quarterly Fleet Status Report detailing new contracts for its offshore drilling rigs, including a $326 million incremental backlog. The company's total backlog stands at approximately $9 billion as of February 14, 2024.
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Transocean Ltd. Announces Fourth Quarter, Full Year 2023 Earnings Release Date

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Transocean Ltd. (NYSE: RIG) will report earnings for Q4 and full year 2023 on February 19, 2024. A teleconference to discuss the results will be held on February 20, 2024, at 9 a.m. EST. The call will be available for replay on the company's website.
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Transocean Ltd. Announces $251 Million Harsh Environment Semisubmersible Contract

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Transocean Ltd. (NYSE: RIG) has secured a 540-day contract for the Transocean Barents with OMV Petrom S.A. in the Romanian Black Sea at a rate of $465,000 per day, with potential additional earnings of $480,000 per day for each day over 540 days. The program is expected to start in the first quarter of 2025 and is estimated to contribute approximately $251 million in backlog.
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Transocean Ltd. Reports Third Quarter 2023 Results

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Transocean Ltd. reported a net loss of $220 million for Q3 2023, with adjusted net loss of $280 million. Contract drilling revenues decreased to $713 million, primarily due to idle time on three ultra-deepwater floaters and lower revenue efficiency. Operating and maintenance expense increased to $524 million. Contract backlog increased to $9.4 billion.
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FAQ

What is the current stock price of Transocean LTD. (RIG)?

The current stock price of Transocean LTD. (RIG) is $3.89 as of February 4, 2025.

What is the market cap of Transocean LTD. (RIG)?

The market cap of Transocean LTD. (RIG) is approximately 3.4B.

What services does Transocean Ltd. provide?

Transocean Ltd. provides offshore contract drilling services for oil and gas wells, specializing in ultra-deepwater and harsh environment drilling.

How extensive is Transocean's drilling fleet?

Transocean operates a fleet of 36 mobile offshore drilling units, including 28 ultra-deepwater floaters and eight harsh environment floaters, with an additional drillship under construction.

What recent financial strategies has Transocean implemented?

Transocean recently announced an offering of senior notes to manage debt by purchasing and redeeming outstanding notes, thereby improving liquidity and financial stability.

What were Transocean's financial results for Q1 2024?

Transocean reported a net income of $98 million ($0.11 per diluted share) and contract drilling revenues of $763 million, driven by increased rig activity and higher day rates.

Where can I find more information about Transocean?

More information about Transocean is available on their official website: www.deepwater.com.

What sets Transocean apart in the offshore drilling industry?

Transocean's focus on ultra-deepwater and harsh environment drilling, along with its versatile and high-specification fleet, distinguishes it from competitors in the industry.

How long has Transocean been in operation?

Transocean has over 50 years of experience in the offshore drilling industry.

What recent achievements has Transocean made?

Transocean recently secured a 365-day extension for Deepwater Asgard and completed a $1.8 billion debt refinancing transaction, enhancing their financial flexibility.

What is the company's approach to safety?

Transocean places a high priority on safety, focusing on premier offshore drilling performance and maintaining stringent safety standards.

What are Transocean's future plans?

Transocean is optimistic about the demand outlook and anticipates securing numerous long-term contracts in the coming months, focusing on operational execution and maximizing cash conversion from their industry-leading backlog.
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Transocean LTD.

NYSE:RIG

RIG Rankings

#1586 Ranked by Market Cap
N/A Ranked by Dividends

RIG Stock Data

3.38B
731.03M
16.68%
71.35%
16.33%
Oil & Gas Drilling
Drilling Oil & Gas Wells
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United States of America
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