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"Oil short sellers have been issued a warning: watch out for more “ouching”. Saudi Arabia’s energy minister, Prince Abdulaziz bin Salman, issued the threat earlier this week in his latest lashing out at oil’s short sellers.
Saudi Arabia’s energy minister is arguably holding the reins of OPEC, which could decide to cut crude oil production again, sending prices soaring in what would surely be a painful outcome to many speculators and short sellers out there.
“I keep advising them (referencing oil speculators) that they will be ouching, they did ouch in April, I don’t have to show my cards. I am not a poker player…but I would just tell them watch out,” the Prince warned.
Oil’s short positions are considerable, at 184 million barrels as of May 16. This is an increase of 140% from the number of short positions in play just a month earlier."
https://oilprice.com/Energy/Crude-Oil/Will-OPEC-Surprise-The-Market-With-Another-Output-Cut.html
"WTI Screams Back Up Past $70 Despite Crude Inventory Builds"
https://oilprice.com/Energy/Oil-Prices/WTI-Screams-Back-Up-Past-70-Despite-Crude-Inventory-Builds.html
Price projections? based on resistance levels
YES, and the Canadian PM is bullish on NAT GAS which is at a new year LOW
CALL the BFI
Chart has broken out for a nice swing here.
Hawk
"Oil Short-Sellers Might Be In For Another Big Squeeze"
https://oilprice.com/Energy/Crude-Oil/Oil-Short-Sellers-Might-Be-In-For-Another-Big-Squeeze.html
"Russia’s Deputy Prime Minister Sees Brent Oil Price Above $80 At Year-End"
https://oilprice.com/Energy/Energy-General/Russias-Deputy-Prime-Minister-Sees-Brent-Oil-Price-Above-80-At-Year-End.html
"Signs Of Strong U.S. Fuel Demand Should Boost Oil Prices"
https://oilprice.com/Energy/Energy-General/Signs-Of-Strong-US-Fuel-Demand-Should-Boost-Oil-Prices.html
"China’s Refinery Throughput Jumped 19% In April"
https://oilprice.com/Energy/Energy-General/Chinas-Refinery-Throughput-Jumped-19-In-April.html
"Huge Volumes Of Crude Oil Are Headed To China"
https://oilprice.com/Energy/Energy-General/Huge-Volumes-Of-Crude-Oil-Are-Headed-To-China.html
"3 Reasons Why Oil & Gas Is Goldman Sachs’ Favorite Sector"
https://oilprice.com/Energy/Crude-Oil/3-Reasons-Why-Oil-Gas-Is-Goldman-Sachs-Favorite-Sector.html
This form 4 is a little tough to read, but if you go to the SEC site:
https://www.sec.gov/Archives/edgar/data/1737912/000141588923006859/xslF345X04/form4-04252023_110406.xml
It looks like Perestroika (Cyprus) Ltd traded some debt for shares and upped their total share count from 48 million to 82.6 million.
I could be wrong that's what it looks like to me
Transocean Ltd. Receives ‘Hold’ Rating from Multiple Coverage Firms, but Institutional Investors Remain Committed
Roberto Liccardo by Roberto Liccardo April 24, 2023
https://beststocks.com/transocean-ltd-receives-hold-rating-from-multip/
On April 24, 2023, Bloomberg Ratings reported that Transocean Ltd. (NYSE:RIG) had received a “Hold” rating from fourteen coverage firms. The company provides offshore drilling services for oil and gas wells and has several fleets of rigs for different environments. It was founded in 1953 and is located in Switzerland.
Even with various ratings, the stock remains stable as institutional investors and hedge funds have made changes to their positions in RIG. Citizens Business Bank purchased a new stake in the company worth about $25,000 during the third quarter while Kestra Advisory Services LLC also bought its own stake during the same period.
US Bancorp DE increased its shares by 336.4% in the same quarter to a total worth of $25,000 after purchasing an additional 7,922 shares of stocks. On the other hand, Transparent Wealth Partners LLC also acquired a new position at around the same time as Penn Capital Management Company LLC did likewise.
Overall, more than half of RIG’s stocks belong to institutional investors and hedge funds who have long-term commitments to it. Despite only having an average one-year price target among analysts that have updated their coverage on the stock set at $6.98 over the past year, this stability indicates some confidence within these financial groups.
It is worth noting that Transocean plays an important role in offshore drilling industry. With its various fleets catering to diverse environments for oil and gas drilling services, it has become one of Switzerland’s most successful businesses since inception in 1953.
In summing up this analysis on Transocean Ltd., even though there are varying analyst ratings for its stock performance; there appear to be strong positive signs given by institutional investors and hedge funds holding stakes at various periods over time.
Transocean Ltd., the Swiss-based offshore drilling contractor, has been a subject of scrutiny among investors in recent weeks. The company, which provides contract drilling services for oil and gas wells, has seen its stock price fluctuate as key events unfold.
Analysts from various research firms have issued reports on Transocean’s stocks in the past few weeks. Susquehanna increased its price target from $6.00 to $6.50, while Benchmark raised its target price from $7.50 to $12.00 with a “buy” rating for the company. Citigroup also raised its price target from $5.50 to $6.50 but gave a “neutral” rating, leaving some investors unsure of their position on the stock.
Barclays decreased its price objective, while Compass Point upgraded Transocean from “neutral” to “buy,” setting a price target of $7.50 on the stock.
In related news, Chief Accounting Officer David A. Tonnel sold 12,000 shares of the company’s stock at an average price of $6.53 per share in a transaction that took place on April 17th.
Meanwhile, Director Chad C. Deaton purchased 30,000 shares at an average cost of $7.40 per share in a transaction that occurred on March 2nd.
Corporate insiders own 13% of Transocean’s outstanding shares, indicating confidence in the company despite recent market volatility.
Transocean posted earnings data last February 21st showing ($0.49) loss per share for Q4-2022 – missing analysts’ consensus estimate by ($0.30). Despite this setback, sell-side analysts predict that the firm will recover with -0.37 earnings per share for this fiscal year.
Transocean stock opened at $6.06 on April 24th, with a current market cap of $4.44 billion and a P/E ratio of -6.89. The stock has a 50-day moving average price of $6.62 and a 200-day moving average price of $5.32.
Altogether, these key events may contribute to the unpredictability in Transocean’s stock price performance in the coming weeks. As always, investors are advised to closely monitor company developments and review their investment strategies accordingly.
The reason collusion fails:
"Cheap Oil Helps Russia Snag Snare Of India's Market From OPEC"
CORRECTION: "The aggregate incremental backlog associated with these fixtures is approximately $546 million. As of April 18, 2023, the company's total backlog is approximately $8.6 billion."
Still looks like a 12-15 dollar stock to me.
Hope for a top and bottom beat on first quarter results
"This quarter’s report includes the following updates:
• Transocean Enabler – Awarded a 19-well contract in Norway at a current rate of $377,000 per day,
as adjusted for foreign currency exchange plus eight option wells.
• Transocean Encourage – Awarded a nine-well contract in Norway at a rate of $350,000 per day.
• Transocean Endurance – Awarded a multi-well plug and abandonment contract in Australia at a rate
of $380,000 per day plus options.
• Transocean Norge – Customers exercised four one-well options in Norway at $338,000 per day,
$358,000 per day, $358,000 per day, and $408,000 per day, respectively, as adjusted for foreign
currency exchange.
The aggregate incremental backlog associated with these fixtures is approximately $645 million. As of April 18, 2023, the company’s total backlog is approximately $8.6 billion."
Not as nice as the $12 target upgrade ... but analysts are waking up
Morgan Stanley Raises Price Target on Transocean to $8 From $4, Maintains Equalweight Rating
11:08 AM EDT, 04/18/2023 (MT Newswires) -- Transocean (RIG) has an average outperform rating and price target range of $5 to $12, according to analysts polled by Capital IQ.
(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)
True story. Wear a sweater and set the thermostat....
" rel="nofollow" target="_blank">https://www.youtube.com/watch?v=
I beat the lines. I pumped gas and went to work at 4:00 A.M...
Long lines, no gas: 1979's odd-even gas rationing
" rel="nofollow" target="_blank">https://www.youtube.com/watch?v=
This is like watching a rerun of Dallas....
" rel="nofollow" target="_blank">https://www.youtube.com/watch?v=
"Oil Prices Soar As OPEC+ Shocks The Market"
https://oilprice.com/Energy/Energy-General/Oil-Prices-Soar-As-OPEC-Shocks-The-Market.html
On its' way to $10 or $15
"Italy-sized chunk of Gulf of Mexico to be auctioned off by the US for oil drilling"
https://www.msn.com/en-us/news/us/italy-sized-chunk-of-gulf-of-mexico-to-be-auctioned-off-by-the-us-for-oil-drilling/ar-AA19cPwo?ocid=hpmsn&cvid=b82e0b77cb0f4d968a418e0d256a6eff&ei=14
increased demand for fewer available offshore platforms
"Transocean Ltd. (NYSE: RIG) today announced contract fixtures for two of its harsh environment semisubmersibles. Together, the fixtures represent approximately $113 million in firm contract backlog."
If they can minimize the loss or punch through to a small profit it will be off to the races
Today's final trades....
" rel="nofollow" target="_blank">https://www.youtube.com/watch?v=
Right place right time I love it when we are right.. $$
People are hedging in anticipation of a rise in price per barrel
Jim Lebenthal just pumped RIG on CNBC. Good value stock!
As the price of oil and gas drop to new lows the cost of drilling remains the same the bull case for RIG is that offshore drilling is cheaper overall than on shore and the lack of Rigs available puts Transocean at an advantage for larger profit margins. My position in RIG has done very well.
Another base case for the bulls is this
https://www.deepwater.com/news/detail?ID=26831
Only observation not investment advice.. IMHO
"Oil’s Low Prices Draw Rash Of Hedging"
https://oilprice.com/Latest-Energy-News/World-News/Oils-Low-Prices-Draw-Rash-Of-Hedging.html
"Is Chinese Demand Growth Now The Only Bullish Driver For Crude?"
https://oilprice.com/Energy/Crude-Oil/Is-Chinese-Demand-Growth-Now-The-Only-Bullish-Driver-For-Crude.html
commodities have taken it on the chin all month.
https://tradingeconomics.com/commodities
In an unrelated development.
That is an indicator of the overall oil market.
"Berkshire Hathaway Boosts Its Stake In Occidental Petroleum To Over 23%"
https://oilprice.com/Latest-Energy-News/World-News/Berkshire-Hathaway-Boosts-Its-Stake-In-Occidental-Petroleum-To-Over-23.html
WTI and Brent North Sea both down $4. Interest rates are doing their damage.
RIG may have been wise to restructure some of their debt last year.
"Oil Prices Crash Below $70 As Credit Suisse Shares Tumble"
https://oilprice.com/Latest-Energy-News/World-News/Oil-Prices-Crash-Below-70-As-Credit-Suisse-Shares-Tumble.html
Well, we are a couple of weeks away from the close of the quarter. Hopefully we will see an indication of a very strong year.
TO THE OWNERS OF OUR COMPANY:
https://www.sec.gov/ix?doc=/Archives/edgar/data/1451505/000145150523000035/rig-20230310xpre14a.htm
(Link for shareholder letter in print below - and on that same filing is our PROXY statement for The 2023 Annual General Meeting of the shareholders )
Thursday, May 11, 2023
6:30 p.m., Swiss time
PRE 14A
FiIled on the 10th
We will look back on 2022 as a pivotal year in the history of Transocean. Geopolitical events raised global awareness of the delicate state of worldwide energy supply and after eight years of underinvestment in oil and gas exploration and production, the general public gained a new appreciation for the role our industry plays in meeting the world’s need for affordable, reliable, abundant and transportable energy. This altered the mainstream narrative to one of “energy security” rather than “energy transition.” As a consequence, oil prices sharply increased in the first half of 2022 and have since maintained the stability needed to support incremental investment.
Over the past 12 months, offshore drilling contracting activity rapidly increased as our customers renewed their commitment to invest in oil and gas exploration, development, and production. And, in the coming years, we believe more capital will be directed to the offshore industry and Transocean, in particular. Some of the largest and most economical hydrocarbon reserves are found offshore in deepwater, specifically, the Gulf of Mexico, Brazil, and West Africa, and in harsh environments, such as Norway.
Meanwhile, over the last eight years, our industry has driven significant and sustainable efficiencies into offshore projects, significantly reducing project costs and compressing the time to first oil. Additionally, the carbon intensity of offshore production is frequently lower than that of onshore production; and, because of the sustained efficiencies realized during the downturn, the economic returns of offshore projects are highly competitive with, and in many cases superior to, onshore projects.
Source: Rystad Energy - Upstream Analytics, October 2022
Accordingly, global demand for the highest-specification floaters, such as those that Transocean owns and operates, has accelerated significantly. And, since availability of these assets was conspicuously scarce, throughout 2022, we were able to obtain significant increases in contract dayrates and contract duration for our assets. Transocean has an acute understanding of the market, and the value of our assets and our operational performance; as such, we are proud to have secured contracts in the back half of the year with leading-edge dayrates in excess of $400,000 for our most capable seventh generation drillships.
Across the global fleet on a year-over-year basis, the dayrate on the average drillship fixture in the fourth quarter of 2022 was 63% higher. In addition to leading the industry in dayrates, Transocean was also awarded approximately 31% of the 81 floater rig years contracted during the year, adding approximately $4 billion in incremental backlog. This is additional evidence that our customers recognize and appreciate the value that Transocean creates and validates our strategy of operating the most desirable, high-specification fleet in the industry with highly trained crews and exceptional and experienced shore-based support. As such, we ended 2022 with a total backlog of approximately $8.3 billion – more than twice that of our nearest competitor. Our momentum has carried into 2023 with another multi-year, high dayrate contract in Brazil signed in January.
In addition, we are extremely proud that our financial discipline and strategic operational decisions over the past several years have combined to preserve the equity of our shareholders, a claim that none of our competitors can make. As our fleet transitions to newer contracts with higher dayrates and longer terms, the increase in, and predictability of, future cash flows will help support our efforts to improve our capital structure.
On that strategic imperative, we have made considerable progress. First, in July 2022, we extended our revolving credit facility, which remains undrawn, through June 2025. In September 2022, we conducted an exchange of securities that provided the company with an incremental $175 million in liquidity. In January 2023, when favorable market conditions arose, we executed two more transactions: a $525 million secured financing of the Deepwater Titan, and a $1.175 billion refinancing of four of our senior secured notes. With these transactions, we materially improved our medium-term liquidity and set the stage to opportunistically pursue additional transactions that will help de-lever and improve the flexibility of our balance sheet.
Operationally, we delivered another strong year of safe, reliable, and efficient operations. Our total recordable incident rate of 0.21 beat our 2022 target of 0.24, with 18 of our rigs operating incident-free throughout the year. In our constant pursuit of operational excellence, we endeavor to meet our goal of operating recordable incident-free on all our rigs in 2023. We also saw a 22% reduction in serious near hit dropped objects year-over-year. Along with our strong safety record, we delivered fleetwide uptime performance of 97%, resulting in year-end revenue efficiency of 96.4%.
As yet another highlight in 2022, we enhanced our fleet when we took delivery of the Deepwater Atlas in June and the Deepwater Titan in December, which are indisputably the two highest specification drillships in the world. These eighth generation drillships have an industry-leading net three-million-pound hookload, purpose-
built completions deck, and will both be outfitted with 20,000 psi well control equipment. No other offshore rigs in the world have these characteristics. Also, in November 2022, we announced our investment in a joint venture to purchase the Deepwater Aquila, one of only a dozen 1400 short ton hookload drillships in the world. As part of our participation in the joint venture, we maintain the exclusive right to market and manage operations of the rig. Of the remaining 1400 short ton drillships, we own and operate seven.
Despite financial constraints, we also continued to invest in our existing fleet and deploy technologies that support safe, reliable, and efficient operations and our emissions reduction initiatives. One of these technologies, robotic riser bolting, incorporates the latest developments in robotics technology, including vision and tactile control, and is another step in increasing automation offshore. This system eliminates the need for personnel to continuously be present on the drill floor during riser operations, which results in safer, more efficient, and more consistent operations. This system is now operational on two of our drillships operating in the U.S. Gulf of Mexico and is garnering significant attention from multiple customers.
Our crane anti-sway rotator is another technology that we introduced into our fleet last year that increases the safety of our personnel and efficiency of our operations. The tool can automatically arrest a swinging load without the need for crane operator intervention and can rotate 360 degrees for proper positioning on the deck. It is currently operational on one of our drillships operating in the U.S. Gulf of Mexico.
We also began using a fuel additive on eight of our rigs that optimizes fuel consumption, supporting our goal of reducing emissions. To date, field tests utilizing the additive suggest fuel consumption can be reduced by up to six percent depending on engine loads. With the aid of our proprietary Smart Equipment Analytics “SEA” platform, we continue to track operational statistics to better analyze operational savings. SEA provides real time equipment data and analytics to our operations team with the goal of driving higher uptime and lower maintenance costs. By transmitting essential information from our various rig systems in real time, SEA enables our team to immediately evaluate the condition of the equipment and the performance of the systems.
Needless to say, we are incredibly proud of the entire Transocean team for the tremendous work and dedication in 2022. As a result of the collective effort, Transocean is well-positioned to prosper and deliver shareholder value as we continue through what we expect to be a multi-year sustained recovery. We thank all our shareholders for your continued confidence in our company and we look forward to continuing to earn your trust and support in 2023 and beyond.
I agree. It is nice to see that, and I would love to see more of those.
It's rare that you hear any analyst opinions on RIG.
I have been viewing this as a 10-dollar stock for some time. So, it's nice to see this.
Benchmark Adjusts Price Target on Transocean to $12 From $7.50, Maintains Buy Rating
10:55 AM ET, 03/10/2023 - MT Newswires
10:55 AM EST, 03/10/2023 (MT Newswires) -- Transocean (RIG) has an average outperform rating and a price target range of $3.50 to $12, according to analysts polled by Capital IQ.
I missed this one on the 10th - so it was nice seeing it this morning.
"Two Sigma Investments LP Increases Its Holdings in Transocean Ltd. (NYSE:RIG)"
https://beststocks.com/two-sigma-investments-lp-increases-its-holdings-in/
It will be interesting to see what is happening with rig utilization and day rates as we close out the quarter.
This is how I feel about the U.S political system. I have to come up with my own researched conclusions. Much like researching stocks.
Something is Haywire when the GAS works gets the shaft ---USA vs Russia vs Germany and England
" The offshore oil and gas (O&G) sector is set for the highest growth in a decade in the next two years, with $214 billion of new project investments lined up. Rystad Energy research shows that annual greenfield capital expenditure (capex) will break the $100 billion threshold in 2023 and in 2024 – the first breach for two straight years since 2012 and 2013."
https://oilprice.com/Energy/Crude-Oil/Offshore-Oil-And-Gas-Is-Back-With-More-Than-200-Billion-In-New-Investment.html
Maybe. Maybe not. But we still need RIG
" rel="nofollow" target="_blank">https://www.youtube.com/watch?v=
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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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