Transocean Ltd (RIG) Options

2 for 3 plus days..... since The D man in da houze !! GLTA

"Why Big Investors Are Doubling Down Right Now on Oil & Gas Stocks"


https://oilprice.com/Energy/Energy-General/Why-Big-Investors-Are-Doubling-Down-Right-Now-on-Oil-Gas-Stocks.html

"Transocean Ltd. Announces $188 Million Ultra-Deepwater Drillship Contract Extension"

https://www.globenewswire.com/news-release/2024/06/26/2904360/0/en/Transocean-Ltd-Announces-188-Million-Ultra-Deepwater-Drillship-Contract-Extension.html

Greetings All, Yesterday took a first time position in RIG 2500 units. Can anyone tell me what happened from July 1 2014 @ 45.00 and then a crash to 15.00 in March 2015 ?? Have never followed RIG until yesterday Thinking they might play a role in the Deep Sea mining space. Hope my entry will bring us good fortune, But today was not a good start...... GLTA D Man Toronto Can

"Brazil's Oil Surge Set to Challenge OPEC's Market Strategy"

https://oilprice.com/Energy/Crude-Oil/Brazils-Oil-Surge-Set-to-Challenge-OPECs-Market-Strategy.html

Too much debt to service......

Hawk

seems to be some consolidation in the offshore industry. Would indicate (to me) demand for those services
DO restructured itself via chapter 11 so it probably got rid of a lot of debt. Unlike RIG

"HOUSTON, April 26, 2021 /PRNewswire/ -- Diamond Offshore Drilling, Inc. ("Diamond" or the "Company") announced today that, on April 23, 2021, it and its debtor affiliates emerged from their chapter 11 process after successfully completing a financial reorganization pursuant to their joint plan of reorganization.

The restructuring significantly delevers the Company's balance sheet and provides substantial liquidity for the Company, resulting in the equitization of approximately $2.1 billion in senior unsecured note obligations and providing the Company with over $625 million of new available capital."

I wish someone would buy Transocean . ;)

"Noble to Buy Diamond Offshore As Oil and Gas Mergers Continue"

"Noble Corporation is set to buy Diamond Offshore Drilling in a stock-and-cash deal valued at $1.6 billion as the oil and gas mergers continue with the oilfield services sector.

Noble and Diamond Offshore said on Monday that they had entered into a definitive merger agreement under which Noble will acquire Diamond in a stock plus cash deal. As part of the transaction, Diamond shareholders will receive 0.2316 shares of Noble, plus cash consideration of $5.65 per share for each share of Diamond stock.
The implied cash and stock consideration to be received by Diamond shareholders is $15.52 per share, representing a premium of 11.4% to Diamond's closing share price on June 7, 2024."

https://oilprice.com/Latest-Energy-News/World-News/Noble-to-Buy-Diamond-Offshore-As-Oil-and-Gas-Mergers-Continue.html

In for the Swing again....trade it.

Hawk

On May 27, 2024 Refinitiv/Verus upgraded Transocean (RIG.NaE) from HOLD to BUY.

according to Fidelity short interest is around 18%

"Transocean Insider Bought Shares Worth $12,020,000, According to a Recent SEC Filing"

https://finance.yahoo.com/news/transocean-insider-bought-shares-worth-214741027.html

On 5/17/2024:
Mohn Frederik Wilhelm: bought 2 million shares
Perestroika: bought 2 million shares
Perestroika (Cyprus) Ltd: bought 2 million shares

6 million shares controlled by one guy

"Memorial Day Travel Expected to Near Record High"

https://oilprice.com/Energy/Energy-General/Memorial-Day-Travel-Expected-to-Near-Record-High.html

i would like to know what the net effect of retiring the old and issuance of the new debt is

RIG Q1 2024 Earnings Transcript

https://finance.yahoo.com/news/transocean-rig-q1-2024-earnings-211512559.html

Don't know. I always wait for the transcript.

That's fair.

I'm curious what happened in their conference call.

as far as I can see most of the energy sector is down. Even CCJ Uranium.

Transocean Ltd. Reports First Quarter 2024 Results
17:24:00 PM ET, 04/29/2024 - GlobeNewswire



Three months ended March 31, 2024 December 31,2023 Sequential change
(In millions, except per share amounts and backlog)
Contract drilling revenues $763 $741 $22
Adjusted contract drilling revenues $767 $748 $19
Revenue efficiency(1) 92.9% 97.0% (4.1)%
Operating and maintenance expense $523 $569 $(46)
Net income (loss) attrib. to con. int. $98 $(104) $202
Diluted earnings (loss) per share $0.11 $(0.13) $0.24

Adjusted EBITDA $199 $122 $77
Adjusted EBITDA margin 26.0 % 16.3% 9.7%
Adjusted net loss $(22) $(74) $52
Adjusted diluted loss per share $(0.03) $(0.09) $0.06
Backlog as of the April 2024 Fleet Status Report $ 8.9 billion

STEINHAUSEN, Switzerland, April 29, 2024 (GLOBE NEWSWIRE) -- Transocean Ltd. (NYSE: RIG) today reported a net income attributable to controlling interest of $98 million, $0.11 per diluted share, for the three months ended March 31, 2024.

First quarter results included net favorable items of $120 million, $0.14 per diluted share, primarily due to $121 million discrete tax items, net.

After consideration of these net favorable items, first quarter 2024 adjusted net loss was $22 million, $0.03 per diluted share.

Contract drilling revenues for the three months ended March 31, 2024, increased sequentially by $22 million to $763 million, primarily due to increased activity for rigs that returned to work or were fully active this quarter after undergoing contract preparation, higher dayrate and higher reimbursable revenue. This was partially offset by lower revenue efficiency across the fleet, particularly on Deepwater Titan which experienced significant unscheduled downtime related to its blowout preventer, and one less day in the quarter. Deepwater Titan has since resumed dayrate operations.

Contract intangible amortization represented a non-cash revenue reduction of $4 million, compared to $7 million in the prior quarter. The contract intangible assets are now fully amortized.

Operating and maintenance expense was $523 million, compared with $569 million in the prior quarter. The sequential decrease was primarily due to cost savings on rigs that were idle in the first quarter, reduced contract preparation expenses, and lower in-service maintenance cost on the operating fleet. This was partially offset by higher reimbursed expenses.

After consideration of the favorable adjustment of $10 million and $145 million in the first and fourth quarter, respectively, for the fair value of the bifurcated exchange feature related to the 4.625% exchangeable bonds, interest expense net of capitalized amounts was $127 million, compared to $142 million in the prior period. Interest income was $15 million, compared to $10 million in the previous quarter.

The Effective Tax Rate(2) was 206.0%, up from (25.0)% in the prior quarter. The increase was primarily due to changes in deferred taxes related to rig ownership changes, rig movement and contract expirations across multiple jurisdictions. The Effective Tax Rate excluding discrete items was 76.9% compared to (30.0)% in the previous quarter.

Cash used in operating activities was $86 million during the first quarter of 2024, representing a decrease of $184 million compared to cash provided by operations in the prior quarter. The sequential decrease was primarily due to increased payments that regularly occur in the first quarter of each year for payroll-related costs and interest expense.

First quarter 2024 capital expenditures of $83 million were primarily associated with the newbuild ultra-deepwater drillship Deepwater Aquila. This compares with $220 million in the prior quarter.

“Over the first months of 2024, Transocean has achieved some fairly significant milestones. First, we secured a 365-day extension on Deepwater Asgard at a rate of $505,000 per day, once again demonstrating the sustained tightness in the high-specification floater market as well as Transocean’s ability to command industry-leading dayrates,” said Chief Executive Officer Jeremy Thigpen. “Additionally, earlier this month we finalized a $1.8 billion debt refinancing transaction, enabling us to improve near-term liquidity and start the process of simplifying our balance sheet. We also completed the extension of our revolving credit facility to mid-2028, further enhancing our financial flexibility.”

Thigpen concluded, “Looking ahead, we remain encouraged by the demand outlook and expect to see numerous long-term contracts awarded over the next several months. As we work to secure those contracts, we will remain acutely focused on operational execution across our fleet, as we endeavor to maximize the conversion of our industry-leading backlog to cash.”

Yep. Best report I have seen from them in years, and we fall :-/

Things that make you think ...WTH is happening? LOL

RIG 5.27 down .545 (-9.36%) on below ave volume 8:36 am MT on Earnings...

Transocean Swings to Q1 Earnings, Revenue Increases
05:12 AM EDT, 04/30/2024 (MT Newswires) -- Transocean (RIG) reported Q1 earnings of $0.11 per share, swinging from a loss of $0.64 a year earlier.

Analysts polled by Capital IQ expected a loss of $0.17.

Contract drilling revenue for the quarter ended March 31 was $763 million, up from $649 million a year earlier.

Analysts surveyed by Capital IQ expected $779.9 million.

Lucky them.

a lot of short interest (129.5 million. Approximately 18%)

First profit in a long time. Exceeded expectations there for sure. Not much market reaction yet though. $RIG

"Transocean Ltd (RIG) Q1 2024 Earnings: Surpasses Analyst Revenue Forecasts, Adjusts to Market ..."

https://finance.yahoo.com/news/transocean-ltd-rig-q1-2024-113308802.html

Reminder; Earnings after the bell today 4/29/24

Transocean Ltd. Announces First Quarter 2024 Earnings Release Date
April 10, 2024 16:23 ET
| Source: Transocean Ltd.

STEINHAUSEN, Switzerland, April 10, 2024 (GLOBE NEWSWIRE) -- Transocean Ltd. (NYSE: RIG) announced today that it will report earnings for the first quarter 2024 on Monday, April 29, 2024.

The company will conduct a teleconference to discuss the results starting at 9 a.m. EDT, 3 p.m. CEST, on Tuesday, April 30, 2024. Individuals who wish to participate should dial +1 785-424-1222 and refer to conference code 102568 approximately 15 minutes prior to the scheduled start time.

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. EDT, 6 p.m. CEST, on April 30, 2024. The replay, which will be archived for approximately 30 days, can be accessed at +1 402-220-0669, passcode 102568. The replay also will be available on the company's website.

"Transocean (RIG) to Support Equinor's Barents Sea Endeavours"

https://www.zacks.com/stock/news/2263864/transocean-rig-to-support-equinors-barents-sea-endeavours

"TotalEnergies Beats Q1 Profit Forecast Despite Lower Natural Gas Prices
https://oilprice.com/Latest-Energy-News/World-News/TotalEnergies-Beats-Q1-Profit-Forecast-Despite-Lower-Natural-Gas-Prices.html
---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
"Transocean (RIG) Prolongs Its Stay With Hess and TotalEnergies"

https://www.zacks.com/stock/news/2262525/transocean-rig-prolongs-its-stay-with-hess-and-totalenergies

"Equinor Beats Q1 Earnings Expectations as Oil and Gas Output Jumps"

https://oilprice.com/Latest-Energy-News/World-News/Equinor-Beats-Q1-Earnings-Expectations-as-Oil-and-Gas-Output-Jumps.html

"Biden Unlikely to Strictly Enforce Sanctions on Iranian Oil Ahead of Elections"

https://oilprice.com/Latest-Energy-News/World-News/Biden-Unlikely-to-Strictly-Enforce-Sanctions-on-Iranian-Oil-Ahead-of-Elections.html

As mentioned before, this continues to be a good Swing Trade. Has pd. well many times....
GL all.
Hawk

International Oil Drilling Boosts SLB’s Net Profit in Q1"

https://oilprice.com/Latest-Energy-News/World-News/International-Oil-Drilling-Boosts-SLBs-Net-Profit-in-Q1.html

Transocean Ltd. Provides Quarterly Fleet Status Report

https://www.globenewswire.com/news-release/2024/04/17/2864996/0/en/Transocean-Ltd-Provides-Quarterly-Fleet-Status-Report.html

"Institutional Investors Double Down On Oil Despite Divestment Pledges"
https://oilprice.com/Energy/Crude-Oil/Institutional-Investors-Double-Down-On-Oil-Despite-Divestment-Pledges.html

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

https://www.globenewswire.com/news-release/2024/04/11/2861929/0/en/Transocean-Ltd-Announces-Pricing-of-Upsized-Private-Offering-of-Senior-Notes-Due-2029-and-Senior-Notes-Due-2031.html

Retiring Debt:

"Transocean Ltd. (NYSE: RIG) announced that Transocean Inc., its wholly-owned subsidiary (the “Company” and, together with Transocean Ltd., “Transocean”), has commenced an offer to purchase for cash (collectively, the “Offers” and each, an “Offer”) any and all of its outstanding 11.50% Senior Guaranteed Notes due 2027 (the “2027 Super Priority Guaranteed Notes”) and 7.25% Senior Notes due 2025 (the “2025 Priority Guaranteed Notes,” collectively with the 2027 Super Priority Guaranteed Notes, the “Notes”), in each case, from holders thereof (each, a “Holder” and collectively, the “Holders”). Each of the Notes specified in the table below are referred to as a “series” of Notes. The Offers are being made pursuant to an Offer to Purchase, dated April 11, 2024 (the “Offer to Purchase”)."

https://www.globenewswire.com/news-release/2024/04/11/2861511/0/en/Transocean-Ltd-Announces-Cash-Tender-Offers.html

"Traders Are Buying Oil At The Fastest Rate Since 2020"

https://oilprice.com/Energy/Crude-Oil/Traders-Are-Buying-Oil-At-The-Fastest-Rate-Since-2020.html

"North Sea Oil and Gas Firms Continue Drilling Despite Climate Goals"

https://oilprice.com/Energy/Crude-Oil/North-Sea-Oil-and-Gas-Firms-Continue-Drilling-Despite-Climate-Goals.html

"Brent Breaks Above $91 as Bullish Sentiment Builds"

https://oilprice.com/Energy/Energy-General/Brent-Breaks-Above-91-as-Bullish-Sentiment-Builds.html

Gregory Lewis at BTIG issues Buy Recommendation on 04/02/24 with a $12.00 price target.

"Brent Closes in on $90 as Geopolitical Risk Climbs"

https://oilprice.com/Energy/Energy-General/Brent-Closes-in-on-90-as-Geopolitical-Risk-Climbs.html

Transocean Ltd. Announces $195 Million Ultra-Deepwater Drillship Contract
April 01, 2024 16:24 ET
| Source: Transocean Ltd.

STEINHAUSEN, Switzerland, April 01, 2024 (GLOBE NEWSWIRE) -- Transocean Ltd. (NYSE: RIG) (“Transocean”) today announced a 365-day contract extension for the Deepwater Asgard with an independent operator in the U.S. Gulf of Mexico. The program is expected to commence in June 2024 in direct continuation of the rig’s current program and includes additional services. The total contract value of approximately $195 million includes a $10.9 million lump sum payment, which is not included in the estimated backlog of approximately $184 million.

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 36 mobile offshore drilling units, consisting of 28 ultra-deepwater floaters and eight harsh environment floaters. In addition, Transocean is constructing one ultra-deepwater drillship.

Gold up too. Bad situation and getting worse.

"Oil Prices Up as Iranian Embassy in Syria Leveled in Airstrike"
https://oilprice.com/Latest-Energy-News/World-News/Oil-Prices-Up-as-Iranian-Embassy-in-Syria-Leveled-in-Airstrike.html

"Oil Could Rise More than Anyone Expects This Year"
https://oilprice.com/Energy/Oil-Prices/Oil-Could-Rise-More-than-Anyone-Expects-This-Year.html

2 large purchases this month