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I saw the heading on that, but it was stuck behind a pay wall. If you have access, can you copy and paste?
Seeking alpha has a nice article on transocean and the next 36 mo
Another offshore endorsement:
"“The offshore market is demonstrating a sustained resurgence as operators across the world look to accelerate development cycle times and increase the productivity of their offshore assets,” said SLB Chief Executive Officer Olivier Le Peuch"
Really talking up RIG on CNBC right now
Rig to offer private $300 million of 5 year bonds for construction of deepwater aquila
I wonder if this is tied to their investment into Global Sea Mineral Resources NV (“GSR”)
Given Transocean's business, it seems reasonable to invest in AI enhanced autonomous undersea equipment with an annual return on investment of 12.5%. I see this as a positive step. They also must feel comfortable with their current debt situation to make this investment.
That's interesting.
Loaning money To "Nauticus" ticker KITT
"All obligations under the Loans are secured by a first priority lien on substantially all assets of the Company. The outstanding principal amount of the Loans under the Term Loan Agreement will bear interest at the rate of 12.50% per annum, payable quarterly in arrears on the first day of each calendar quarter commencing April 1, 2024. The Loans are coterminous with the Company's existing convertible debt (the “Debentures”), which now holds a second lien position, as disclosed in the Amendment to Securities Purchase Agreement, Senior Secured Convertible Debentures and Pledge and Security Agreement."
Nauticus Robotics, Inc. is a developer of ocean robots, autonomy software, and services delivered to the marine industries. It offers autonomous robots using artificial intelligence for data collection and intervention services for the ocean industries. The Company’s autonomous robots use artificial intelligence for data collection and intervention services for the ocean industries. Its services provide customers with the necessary data collection, analytics, and subsea manipulation capabilities. The Company’s product platforms include ToolKITT, Aquanaut, Hydronaut, and. ToolKITT is a cloud software platform consisting of interrelated products for ocean sensing, manipulation, autonomous behaviors, survey, search and recovery, and manual intervention. It develops a portfolio of ocean robotic vehicles and manipulators controlled by its multi-layered software suite. This software provides sensed perception of the environment combined with guidance, navigation, and control of the vehicle."
1,978,396 shares purchase by Wilhelm Mohn bringing his total holding to 84,574,894.
me too. Hopefully 100+
I'm glad RIG gave us another opportunity!
Thank you for all the info you post on the board!
"Costs For Equinor’s Arctic Oil Project Jump By $1.2 Billion "
https://oilprice.com/Latest-Energy-News/World-News/Costs-For-Equinors-Arctic-Oil-Project-Jump-By-12-Billion.html
"Transocean Enabler will provide drilling services for 19 firm wells and up to eight optional wells for Equinor on the Johan Castberg field in the Barents Sea. The estimated 570-day contract is expected to commence in April 2024 and contribute approximately $217 million in backlog, excluding additional services and potential performance bonuses."
https://www.deepwater.com/news/detail?ID=27656
That's around the time I stopped following it. I realized that ship had sailed and all I could do is watch.
Wanna see something funny?
My first post on the RIG board - 15 years ago, btw. LOL
My how time flies! ;) The price target is a hoot!
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=29356984
And .65 in 2020
Truly shocking.
A customer told me to buy this stock(1998). It was 2 bucks/share. I thought he was nuts. After 2008/2021 I was determined not to make the same mistake twice
Last week it was mentioned as well ...
Forget Tech, Energy Is Where 'The Puck Is Headed' And This Stock Is Popping After The 'Fast Money Halftime Report' Panel Talked It Up
by
Adam Eckert, Benzinga Staff Writer
August 10, 2023 4:55 PM | 3 min read
ZINGER KEY POINTS
Transocean shares are breaking out of a long-term downtrend.
The technicals are starting to look ripe for upside, while the fundamentals are strengthening, one RIG investor says
.
What Happened: Thursday on CNBC's "Fast Money Halftime Report," Ritholtz Wealth Management's Josh Brown made the case that Transocean shares are set to ride a wave of buying higher.
The rest of the Halftime Report panel broadly agreed with the call.
"When you look at the technicals here, this is a stock that has bottomed out and has been consolidating for quite some time. It is now snapping this very, very long-term downtrend," Brown said.
Most of Transocean's competition has gone bankrupt so there are very few pure-play deepwater drilling stocks left out there, he said, although he acknowledged that there are some other well-managed companies still left in the space.
RIG has the most to gain by day rates going higher and that's what he's betting on.
"The tailwind that they are going to have in the second half of the year, in my view, puts them in a position for the first time in a long time to fix the balance sheet and start producing upside surprises," Brown said.
Transocean shares were once trading around $130 per share before the great financial crisis hit in 2008. The stock has been stuck in a long-term downtrend since, sinking alongside declining oil prices.
Josh Brown (on CNBC today) says he bought RIG (maybe Friday or today) based on contracts (I assume backlogs). Also spoke about a disconnect between oil spot price and Stock price. Somewhat Bullish looking forward a few years. (This is my interpretation of the conversation and there was give & take from other participants)
This is tough to translate precisely because it is a conversation between 4 people, but the bottom line is he bought some and said so on the air.
RE: Rig news
Finviz (Use a free ad blocker like Adblockplus because otherwise Finviz is obnoxious with ad's - I just block them)
https://finviz.com/quote.ashx?t=rig&p=d
Stoxline has news as well - but some articles are behind pay walls.
http://www.stoxline.com/quote.php?symbol=rig
Got a Buy recommendation today ($12.00). Kurt Hallead Benchmark CO. analyst
I expect to see revenue growth. Hoping for 15%. However, that will be contingent on their day rates, and I don't know how they are set and whether the increase in BNSC & WTI will filter down to them.
So 3q filings should be out around 10-1. I dont think it will be very exciting but 4q or end of year should be fun. Just wondering how you and others feel
Looks to me like RIG bought out Perestroika and Lime Rock Partners interests in Liquila Ventures Ltd. with shares. (don't know if I'm stating the obvious)
Motherlode. Thankyou for your informative posts. I have trouble finding information about transocean but your carrying the ball for all of us
"Transocean has also agreed to acquire the outstanding interests in Liquila Ventures Ltd., a company formed to acquire the Deepwater Aquila, from its joint venture partners, Perestroika and Lime Rock Partners.
The Deepwater Aquila is expected to be delivered from the shipyard in October 2023."
https://www.offshore-mag.com/rigs-vessels/article/14299003/transocean-announces-486million-contract-for-deepwater-aquila
"he contract is expected to commence in the third quarter of 2024 and represents approximately $486 million in firm backlog, excluding a mobilization fee of approximately 90 times the contract dayrate."
This is all great news, but I would like to see some of this backlog impact the top line. Sometime this year
Giveth one day, taketh away the next. Crazy. Prolly something to do with BP oil
"Oil Prices Continue To Climb Toward $100"
https://oilprice.com/Energy/Energy-General/Oil-Prices-Continue-To-Climb-Toward-100.html
"China’s August Oil Imports Surge To The Third-Highest Level Ever"
https://oilprice.com/Latest-Energy-News/World-News/Chinas-August-Oil-Imports-Surge-To-The-Third-Highest-Level-Ever.html
"What’s Behind The Surge In Investment In North Sea Oil And Gas?"
https://oilprice.com/Energy/Crude-Oil/Whats-Behind-The-Surge-In-Investment-In-North-Sea-Oil-And-Gas.html
"Equinor ASA: Share buy-back
Please see below information about transactions made under the share buy-back programme for Equinor ASA (OSE:EQNR, NYSE:EQNR).
Date on which the third tranche of the share buy-back programme for 2023 was announced: 26 July 2023.
The duration of the third tranche of the buy-back programme for 2023: 27 July to no later than 26 October 2023.
Size of the buy-back programme: Up to 94,000,0000 shares, with a maximum total consideration for the third tranche: USD 550,000,000."
"TRANSOCEAN LTD. : Entry into a Material Definitive Agreement, Financial Statements and Exhibits (form 8-K)"
https://www.marketscreener.com/quote/stock/TRANSOCEAN-LTD-14246/news/TRANSOCEAN-LTD-Entry-into-a-Material-Definitive-Agreement-Financial-Statements-and-Exhibits-for-41221596/
9/1/23 @ 9:47. WTI currently at $84.82
"Equinor Boosts Oil And Gas Production With New Expansion Project"
https://oilprice.com/Energy/Crude-Oil/Equinor-Boosts-Oil-And-Gas-Production-With-New-Expansion-Project.html
"Ships Warned Of Increased Iranian Threat Near Strait Of Hormuz"
"The Persian Gulf exports approximately 18.2 million barrels of oil per day; approximately 17 million barrels per day transit through the Strait of Hormuz in tankers. Additionally, over 3.5 billion cubic feet of natural gas, approximately 18 percent of world shipments, travel through the Strait via LNG tankers."
Added today. Rig looks and acting like a winner
"IEA: Global Oil Demand Hits Record High"
https://oilprice.com/Energy/Energy-General/IEA-Global-Oil-Demand-Hits-Record-High.html
"$85 Is Just The Beginning Of The Oil Rally"
https://oilprice.com/Energy/Crude-Oil/85-Is-Just-The-Beginning-Of-The-Oil-Rally.html
I have not pulled it up the transcript yet.
It's so much easier that way. CC's can bore you to death!
Well, the conference call transcript has a lot of detail in it that is beyond me. However, I've decided to focus on revenue generation. According to Mark Mey RIG made $748 million in drilling revenue with an average day rate of $367,000.
Earlier in the call J. Thigpen indicated average day rates would increase to $433,000 a 17% increase. So I would expect to see revenue around $882.5 next June. which should impact PE ratios. If not it's time to look at costs to see why and perhaps re-evaluate
Well, I gave the transcript a quick once-over and I didn't see any change in the guidance for the second half of 23. However, they did talk about increasing day rates over the next 12 months. and improving conditions (future operations) based on demand for energy and the supply of these platforms. They frequently speak of day rates going to 500K and beyond.
So, to me (I'm no expert) if day rates continue up and utilization rates increase, and debt is converted to stock (based on PPS). Revenue should go up proportionately.
" in the second quarter of 2023, our average day rate was approximately $363,000 per day versus $312,000 per day in the second quarter of 2022. And based on existing backlog by the second quarter of 2024, we expect it to approximate $433,000 per day."
I follow SLB/EQNR (and WTI/ Brent NS) as proxies for the industry. SLB beat on the bottom line but fell short on the top. They did however give upbeat guidance for the upcoming quarter. So That's what I look at when evaluating RIG.
Didn't catch the conference call. Yahoo finance usually prints a transcript I'll have to read that. I'd like to hear an upbeat projection going forward. I'd also like to hear someone question when or if they estimate a return to profitability.
P.S.
8/1/2023 8:18
Benchmark analyst Kurt Hallead reiterates Transocean (NYSE:RIG) with a Buy and maintains $12 price target.
Go figure.
Me too. I'd like to hear a little optimism going forward about earnings. Some mention of turning the corner.
I feel like I say that every quarter. ;)
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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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