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Maybe. Maybe not. But we still need RIG
" rel="nofollow" target="_blank">https://www.youtube.com/watch?v=
Russians still think they can win the seige
Turning into my largest position without even buying. Nice ..I see $10 by years end for this Company. IMHO
Currently at 7.41 with 52 week high at 7.69.
"The Chinese manufacturing purchasing managers’ index (PMI) jumped to 52.6 in February from 50.1 in January, data from China’s National Bureau of Statistics showed on Wednesday. The surge in factory activity was the fastest in over a decade—the highest figure since April 2012."
The Put to call ratio for 3/3 thru 3/31 as of 2/28 ranges from .20 to .28.
Steadily gaining crowd momentum bullish environment for RIG.
"Oil prices could hit the $90-$100 per barrel range in the second half of this year as global demand is set to reach record levels amid constrained supply, Russell Hardy, CEO at the world’s largest independent oil trader, Vitol Group, told Bloomberg Television on Monday."
" The prospect of a reactivation is very topical as all of our drillships that are not warm or cold stacked currently contracted. Active drillship utilization is expected to remain at or above 97% for the next two years, with active utilization of the highest specification assets at or near 100%. We expect that the demand for our rigs and services will remain elevated for the foreseeable future.
In fact, if current tendering and bid opportunities that we're aware of for work starting in 2024 and 2025 develop as expected, demand cannot be met by the current active supply of drillships. Having said that, we would absolutely firm our position that we will not reactivate a rig unless our customers, through a combination of mobilization fees, day rate, and term, pay for the entire reactivation, plus an acceptable return in the initial contract. Rig demand [Inaudible] environment is robust. Indeed, over the next 18 months, an estimated 82 programs are anticipated to be awarded for a total of 74 rig years of work.:
https://www.fool.com/earnings/call-transcripts/2023/02/22/transocean-rig-q4-2022-earnings-call-transcript/?source=eptyholnk0000202&utm_source=yahoo-host&utm_medium=feed&utm_campaign=article
not to mention the 150-160 million to GSR
I'm not an analyst, but it looks to me like a decrease in revenue due to 5 rigs being taken off-line. Compounded, by an increase in Capital expenditures. It would be nice to know about the fate of the 5 rigs and day rates (if they're working)
Trade the channel...working well.
Hawk
"Transocean Looks Primed for More Upside, but Be Patient
Traders should let the offshore drilling company's stock trade sideways for a bit longer before jumping in."
https://realmoney.thestreet.com/investing/stocks/transocean-looks-primed-for-more-upside-but-be-patient-16116184?puc=yahoo&cm_ven=YAHOO
"Bottom line strategy: Traders should let RIG trade sideways a bit longer before probing the long side. Risk to $6.40. My upside price targets are $9 and then $15."
"Company agreed to transfer to GSR the stacked, ultra-deepwater drillship Ocean Rig Olympia, along with a nominal cash contribution, in exchange for a noncontrolling ownership interest in GSR. "
Looks like they bought a piece of GSR. (150-160 million). I assume this will be reflected in their 10K on 2/20
"Global Sea Mineral Resources NV (GSR) is a subsidiary of the DEME Group focused on the development of sustainable ocean mineral resources.
The Belgian dredging, environmental and marine engineering group DEME is an international market leader for complex marine engineering works. Building on more than 140 years of experience and know-how,"
https://www.deepsea-mining-alliance.com/en-gb/global-sea-mineral
"OPEC Raises World Oil Demand Forecast For 2023"
"OPEC has raised its world oil demand growth forecast for 2023 by 100,000 bpd, to 2.3 million bpd the organization said on Tuesday in its latest edition of the Monthly Oil Market Report.
The demand growth forecast calls for 400,000 bpd in growth from Organization for Economic Cooperation and Development (OECD) countries and 2 million bpd from non-OECD countries"
https://oilprice.com/Latest-Energy-News/World-News/OPEC-Raises-World-Oil-Demand-Forecast-For-2023.html
The U.S. Will Be Dependent On Oil For Far More Than A Decade
https://oilprice.com/Energy/Energy-General/The-US-Will-Be-Dependent-On-Oil-For-Far-More-Than-A-Decade.html
"Big Oil’s Back In Fashion"
"The three biggest European oil and gas companies—BP, Shell, and Total Energies—all announced plans that involve a sort of return to their core business and an easing back on their transition plans. The move is subtle, it is far from a U-turn, but it is a pretty clear one."
https://oilprice.com/Energy/Crude-Oil/Big-Oils-Back-In-Fashion.html
https://finance.yahoo.com/news/transocean-agrees-investment-global-sea-220200119.html
Hard to believe that after a 200% gain that this could still be the dip. Looking forward into reuse of a RIG for Deepwater exploration of natural resources for the green energy movement. Will see how it goes$.
Fleet status report
This quarter’s report includes the following updates:
• Deepwater Corcovado – Awarded a four-year contract in Brazil at a current rate of $400,000 per
day, as adjusted for foreign currency exchange.
• Deepwater Orion – Awarded a three-year contract in Brazil at current rate of $417,000 per day, as
adjusted for foreign currency exchange.
• Dhirubhai Deepwater KG2 – Awarded a 910-day contract in Brazil at a current rate of $439,000 per
day, as adjusted for foreign currency exchange.
• Deepwater Invictus – Awarded a three-well contract in the U.S. Gulf of Mexico at $425,000 per day.
• Transocean Barents – Awarded a one-well contract in the U.K. North Sea at $310,000 per day.
• Transocean Norge – Certain previously disclosed options in Norway have been added to backlog at
current dayrates between $414,000 and $424,000 per day, as adjusted for foreign currency exchange.
• Development Driller III – Customer exercised a one-well option in Suriname at $360,000 per day.
• Deepwater Asgard – Customer exercised a one-well option in the U.S. Gulf of Mexico at $395,000
per day.
• Paul B. Loyd Jr. – Customer exercised an eight-well option in the U.K. North Sea at $175,000 per day
The aggregate incremental backlog associated with these fixtures is approximately $1.9 billion. As of
February 9, the company’s total backlog is approximately $8.5 billion
"Climate Crisis Tide Turns For Big Oil"
"Perhaps the first highly public retaliatory shot came in 2021 when the chief executive of Liberty Energy made a YouTube video attacking North Face for its refusal to sell branded apparel to an oil company because of what it did. In the video, Chris Wright accused North Face of hypocrisy, noting the fact that the synthetic fibers they used in their products were a product of the oil industry.
The video made quite a splash at the time, with North Face’s defense coming down to an admission that associating with an oil company would make it look bad and a promise to make all its products recyclable by 2030."
https://oilprice.com/Energy/Energy-General/Climate-Crisis-Tide-Turns-For-Big-Oil.html
Chart of the day! That's nice!
https://www.barchart.com/story/news/13937651/chart-of-the-day-transocean-drill-baby-drill
The Chart of the Day belongs to the offshore drilling contractor Transocean (RIG). I found the stock by using Barchart's powerful screening functions to find stocks with the highest technical buy signals, highest Weighted Alpha, superior current momentum and having a Trend Seeker buy signal then used the Flipchart feature to review the charts for consistent price appreciation. Since the Trend Seeker signaled a buy on 12/ 14 the stock gained 59.50%.
"Transocean RIG announced recently that one of its ultra-deepwater drillships, the "Dhirubhai Deepwater KG2", has been awarded a 910-day contract by a national oil company in Brazil for offshore drilling operations.
According to Transocean, the contract has an estimated backlog of $392 million, resulting in a daily rate of around $430,000 ($392 million divided by 910 days)"
https://finance.yahoo.com/news/transocean-rig-wins-910-day-131301817.html
P.S. https://www.barchart.com/story/news/13937651/chart-of-the-day-transocean-drill-baby-drill
Natural Gas futures are at a 5 year low... seems that global warming causing a reduction in storage of NG
Bottom Line:
"Since the beginning of the year, Transocean has made great progress as the company replenished liquidity and extended near-term debt maturities at reasonable terms while bagging another high-margin drillship contract offshore Brazil.
Investors have honored the company's winning streak by pushing shares to new multi-year highs with analysts raising price targets across the board.
In addition, with profitable backlog increasing and expectations for industry conditions to improve even further over the course of this year, additional upside looks likely even with the company looking expensive from a fundamental perspective relative to peers."
https://seekingalpha.com/article/4574094-transocean-stock-bags-another-high-margin-drillship-contract-buy
"Everybody Loves Oil Again"
https://oilprice.com/Energy/Crude-Oil/Everybody-Loves-Oil-Again.html
"The International Monetary Fund this week reinforced these hopes revising its global growth outlook upwards, citing the surprisingly resilient demand in Europe and the United States. OPEC+, which is meeting this week, has no plans to change its production rates for now, which has also contributed to optimism"
RIG reports 2/21/23 After close
Transocean Ltd. (NYSE: RIG) will report earnings for the fourth quarter and full year 2022, after the close of trading on the NYSE on Tuesday, February 21, 2023.
(I forgot to toss that date on the board. Thanks for the reminder!)
Transocean Ltd. Announces Fourth Quarter, Full Year 2022 Earnings Release Date
January 24 2023 - 04:22PM
GlobeNewswire Inc.
https://ih.advfn.com/stock-market/NYSE/transocean-RIG/stock-news/90049853/transocean-ltd-announces-fourth-quarter-full-yea
Transocean Ltd. (NYSE: RIG) announced today that it will report earnings for the fourth quarter and full year 2022, after the close of trading on the NYSE on Tuesday, February 21, 2023.
The company will conduct a teleconference to discuss the results starting at 9 a.m. EST, 3 p.m. CET, on Wednesday, February 22, 2023. Individuals who wish to participate should dial +1 785-424-1226 approximately 15 minutes prior to the scheduled start time and reference conference code 401741.
The teleconference will be simulcast in a listen-only mode at: www.deepwater.com, by selecting Investors, News, and Webcasts. A replay of the conference call will be available after 12 p.m. EST, 6 p.m. CET, on February 22, 2023. The replay, which will be archived for approximately 30 days, can be accessed at +1 402-220-1175, passcode 401741. The replay also will be available on the company's website.
About Transocean
Transocean is a leading international provider of offshore contract drilling services for oil and gas wells. Transocean specializes in technically demanding sectors of the global offshore drilling business with a particular focus on deepwater and harsh environment drilling services, and operates the highest specification floating offshore drilling fleet in the world.
?
Transocean owns or has partial ownership interests in and operates a fleet of 38 mobile offshore drilling units, consisting of 28 ultra-deepwater floaters and 10 harsh environment floaters. In addition, Transocean is constructing one ultra-deepwater drillship and holds a partial ownership interest in a company that is constructing another ultra-deepwater drillship.
For more information about Transocean, please visit: www.deepwater.com.
Love to see a revenue beat and a significant EPS beat.
I'm looking for a 10 spot
Getting closer! Into the 7's we do go. ;)
$7.07 in after hours on contract news.
Gregory Lewis--BTIG issues recommendation with a Buy at 10.00 on 1/25/2023
:Norway Proposes 92 New Oil And Gas Exploration Blocks"
https://oilprice.com/Latest-Energy-News/World-News/Norway-Proposes-92-New-Oil-And-Gas-Exploration-Blocks.html
Excellent article. Thank you for posting that!
"Offshore Oil And Gas Is Back, Baby"
https://oilprice.com/Energy/Energy-General/Offshore-Oil-And-Gas-Is-Back-Baby.html
"Transocean: Still A Strong Buy As Shares Rip Higher"
https://seekingalpha.com/article/4571422-transocean-still-a-strong-buy-as-shares-rip-higher
right, my Geologist nephew .....................................................................................................says anything over $75 is great
Brent North Sea crude pushing $90 per barrel.
possible ---...as bit coin stock paper....and GOLD contracts quoted @ the London Stock MKT
bearish because I want more stock to hold
"Oil Prices Set For Another Weekly Gain As Chinese Demand Rebounds"
https://oilprice.com/Energy/Energy-General/Oil-Prices-Set-For-Another-Weekly-Gain-As-Chinese-Demand-Rebounds.html
Book value is $15.56. Easy call by the analyst.
Benchmark Starts Transocean at Buy With $7.50 Price Target
9:53 AM ET, 01/19/2023 - MT Newswires
09:53 AM EST, 01/19/2023 (MT Newswires) -- Transocean (RIG) has an average rating of hold and price targets ranging from $3.50 to $8, according to analysts polled by Capital IQ.
This came out this morning. Very unusual to see any analyst coverage.
Jim Lebenthal (value investor) just gave a thumbs up to RIG on the CNBC half time show. I agree. Also the team is bullish on energy. Also agree.
"Equinor (OSE: EQNR, NYSE: EQNR) announced on 28 October 2022 an ordinary dividend per share of USD 0.20 and an extraordinary dividend per share of USD 0.70 for third quarter 2022. The NOK dividend per share is based on average USDNOK fixing rate from Norges Bank in the period plus/minus three business days from record date 10 January 2023, in total seven business days."
Dated 1/16/2023
"Chances are that 2023 will be another strong year for the oil industry simply because those companies came in strong into the new year and demand for oil and gas is not expected to fall—on the contrary."
https://oilprice.com/Energy/Energy-General/Why-2023-Will-Be-Another-Strong-Year-For-The-Oil-Industry.html
Forgive me if this is a restatement of the obvious. It looks like they are rolling over debt and re-allocating it to the various subsidiaries.
Transocean Ltd. Announces Pricing of $1.175 Billion of Senior Secured Notes due 2030
Transocean Ltd.
STEINHAUSEN, Switzerland, Jan. 17, 2023 (GLOBE NEWSWIRE) -- Transocean Ltd. (NYSE: RIG) announced today that Transocean Inc., its wholly-owned subsidiary has priced its previously-announced offering of U.S. $1.175 billion aggregate principal amount of senior secured notes due 2030 (the “Notes”) to eligible purchasers pursuant to Rule 144A/Regulation S. The Notes will be fully and unconditionally guaranteed on a senior unsecured basis by Transocean Ltd. In addition, the Notes will be guaranteed on a senior secured basis by certain of Transocean Inc.’s subsidiaries that guarantee the existing (i) 7.75% Senior Secured Notes due 2024 issued by Transocean Phoenix 2 Limited (the “Thalassa Notes”), (ii) 5.875% Senior Secured Notes due 2024 issued by Transocean Guardian Limited (the “Guardian Notes”), (iii) 6.25% Senior Secured Notes due 2024 issued by Transocean Proteus Limited (the “Proteus Notes”) and (iv) 6.125% Senior Secured Notes due 2025 issued by Transocean Pontus Limited (the “Pontus Notes” and collectively, the “Existing Secured Notes”), in each case, up to a secured guarantee cap equal to the principal amount of such notes being refinanced (together with any applicable premium, fees and expenses) (the “Secured Limited Guarantee Cap”). Accordingly, Transocean Inc.’s subsidiaries that guarantee the Thalassa Notes, the Guardian Notes, the Proteus Notes and the Pontus Notes, will be subject to a Secured Limited Guarantee Cap on the Notes equal to $247 million, $320 million, $256 million and $352 million, respectively.
The Notes will also be secured by a lien on Deepwater Thalassa, Deepwater Proteus, Transocean Enabler, Transocean Encourage and Deepwater Pontus (the “Collateral Rigs”) and certain other assets related to the Collateral Rigs, up to the applicable Secured Limited Guarantee Cap.
On January 17, 2023, each of the issuers of the Existing Secured Notes exercised its right to optionally redeem all of its applicable series of the Existing Secured Notes at the applicable redemption price for such series, which redemptions are conditioned upon and subject to the consummation of the offering. The redemptions are currently expected to be consummated on February 16, 2023, assuming the satisfaction by such date of the conditions thereto. This press release does not constitute a notice of redemption under the optional redemption provisions of the indentures governing the Existing Secured Notes.
The Notes will bear interest at the rate of 8.75% per annum. The offering is expected to close on or about January 31, 2023, subject to customary closing conditions and other factors. All of the net proceeds from the offering will be used to fund the redemption of all of the outstanding Existing Secured Notes, subject to the satisfaction of the conditions precedent thereto. Transocean Inc. will transfer a portion of the net proceeds from the offering, together with cash on hand to the extent required to complete such redemptions, to each applicable subsidiary issuer of the respective series of Existing Secured Notes, and each such issuer will apply such proceeds to consummate such redemption, subject to the satisfaction of the conditions precedent thereto.
The Notes and the guarantees (together, the “securities”) have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), or any state securities laws and may not be offered or sold in the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. The securities may not be publicly offered, directly or indirectly, in Switzerland within the meaning of the Swiss Financial Services Act (the “FinSA”) and no application has or will be made to admit the securities to trading on any trading venue (exchange or multilateral trading facility) in Switzerland. This press release shall not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States, shall not constitute an offer, solicitation or sale of any securities in any jurisdiction where such offering or sale would be unlawful and does not constitute a prospectus pursuant to the FinSA. There shall not be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.
I can't tell if they are just rolling over debt or lining up funds to acquire new drill ships.
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BUSINESS SUMMARY:
Transocean Inc. (Transocean) is the world's largest offshore drilling contractor and the leading provider of drilling management
services worldwide.
With a fleet of 139 mobile offshore drilling units plus three ultra-deepwater newbuild drillships under construction, Transocean's
fleet is considered one of the most modern and versatile in the world due to its emphasis on technically demanding segments of
the offshore drilling business.
Transocean owns or operates a contract drilling fleet of 45 High-Specification Floaters (Ultra-Deepwater, Deepwater and Harsh-Environment
semisubmersibles and drillships), 26 Midwater Floaters, 10 High-Specification Jackups, 55 Standard Jackups and other assets utilized in the
support of offshore drilling activities worldwide.
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