Transocean LTD. - RIG STOCK NEWS

Transocean Ltd. reports a net loss of $465 million for Q1 2023, with adjusted net loss of $275 million. Contract drilling revenues increased by $43 million to $649 million. Revenue efficiency was 97.8%. Operating and maintenance expense decreased to $409 million. Contract backlog is $8.6 billion. CEO Jeremy Thigpen praises the team's performance and highlights the secured contracts for the harsh environment fleet.

Transocean Ltd. (NYSE: RIG) and Eneti Inc. (NYSE: NETI) have signed a non-binding memorandum of understanding to create a joint venture for offshore wind foundation installation. This partnership aims to leverage Transocean's extensive offshore drilling experience and Eneti's proven track record in wind turbine foundation installations, having successfully executed over 500 contracts in various global locations. The joint venture plans to convert up to two floating vessels for foundation installation, incorporating advanced capabilities like a 5200t crane and environmentally efficient features. However, the joint venture's execution depends on future definitive agreements, with both companies retaining investment options alongside other financial partners.

Transocean Ltd. (NYSE: RIG) announced key updates in its quarterly Fleet Status Report on April 18, 2023. Notable contracts include the Transocean Enabler, securing a 19-well contract in Norway with a daily rate of $377,000, and the Transocean Encourage, awarded a nine-well contract at $350,000 per day. The Transocean Endurance has also been contracted for plug and abandonment work in Australia at $380,000 per day. Additional one-well contracts were exercised for the Transocean Norge in Norway, with rates ranging from $338,000 to $408,000.

These contracts contribute approximately $645 million to the company's backlog, bringing the total backlog to approximately $8.6 billion.

Transocean Ltd. (NYSE: RIG) will report its first quarter 2023 earnings on May 1, 2023, after NYSE trading closes. A teleconference for discussing results is scheduled for May 2, 2023, at 9 a.m. EDT. Participants can join by dialing +1 785-424-1634 and using conference code 761543. The event will also be available via a live audio stream on their website. Transocean is a prominent provider of offshore contract drilling services, specializing in deepwater and harsh environment sectors. The company operates a fleet of 37 mobile offshore drilling units, including 27 ultra-deepwater floaters and 10 harsh environment floaters, and is constructing an additional ultra-deepwater drillship. For further details, visit their official site.

Transocean Ltd. (NYSE: RIG) announced new contract fixtures for two of its harsh environment semisubmersibles, totaling approximately $113 million in firm contract backlog. The Transocean Endurance will commence a 240-day plug and abandonment contract in Australia in January 2024, contributing about $91 million. Additionally, Transocean Norge secured a one-well option in Norway expected to commence in May 2023, adding $22 million to backlog. CEO Jeremy Thigpen emphasized the significance of these contracts in reflecting the cyclical recovery in the harsh environment sector.

Transocean Ltd. (NYSE: RIG) announced contracts for two harsh environment semisubmersibles, totaling approximately $382 million in firm contract backlog. The Transocean Enabler will provide drilling services for 19 firm wells for Equinor on the Johan Castberg field, commencing in April 2024 and contributing $217 million to backlog. The Transocean Encourage will drill nine firm wells in the Norwegian North Sea, starting December 2023, adding $165 million. Each rig will receive upgrades for improved safety and emissions reductions. This strategic collaboration highlights the companies' commitment to technology and sustainability.