Marine Link
Monday, March 18, 2024
SUBSCRIBE

Transocean Ltd News

20 Aug 2021

Transocean and Dolphin Drilling Make New Bid for Seadrill

(Photo: Seadrill)

Offshore drilling rig contractors Transocean Ltd and Dolphin Drilling have made a new offer to buy the assets of stricken rival Seadrill Ltd, Dolphin's chief executive said on Friday.Oslo-listed Seadrill, founded by Norwegian-born tycoon John Fredriksen, is seeking to emerge from U.S. Chapter 11 bankruptcy proceedings under an alternative financial plan filed in court last month."I can confirm that Dolphin and Transocean submitted an updated bid yesterday," Dolphin Chief Executive Bjoernar Iversen told Reuters.Seadrill's Oslo-listed shares traded 5.5% up by 1425 GMT…

21 Jul 2021

Buyers Reportedly Line-up for a Crack at Seadrill

© Elnur/AdobeStock

Noble Corp and a consortium that includes Transocean Ltd and Dolphin Drilling are competing to acquire the assets of Seadrill Ltd, the bankrupt offshore oil driller controlled by Norwegian-born tycoon John Fredriksen, people familiar with the matter said on Tuesday.Seadrill is trying to emerge from its second U.S. Chapter 11 bankruptcy in four years: like many in the industry, it expanded its drilling rigs too aggressively in the mid-2010s to withstand a subsequent plunge in energy prices and rig hire rates.

10 Nov 2019

SHI Losses Widen

South Korean Samsung Heavy Industries (SHI) reported its third-quarter net loss of 583.2 billion won (US$ 503.8 million), compared with a KRW80.30 billion loss in the same quarter a year earlier, staying in the red compared with a year ago.The loss widened sharply in the wake of a cancelled shipbuilding deal. Mitsui Ocean Development & Engineering Co. (MODEC) was recently selected as the floating production, storage and offloading (FPSO) unit supplier for the Barossa Project in Australia. The FPSO part of the project alone is estimated at US$1.5 billion.Earnings were also hurt as Transocean Ltd. (RIG) said in September a pair of its…

28 Dec 2018

Transocean: $830M Drilling Contract for Ultra Deepwater Drillship

While the late 2018 oil price swoon has put a damper on an otherwise positive year for offshore energy markets, Transocean Ltd. (NYSE: RIG) ends the year on a positive, signing a construction management contract, as well as a five-year drilling contract with Chevron USA, Inc. for one of its two dynamically positioned (DP) ultra-deepwater drillships currently under construction at the Jurong shipyard in Singapore.The drilling contract has an estimated backlog of $830 million, excluding mobilization and reimbursables.The rig will be the first ultra-deepwater floater rated for 20,000 psi operations and is expected to commence operations in the Gulf of Mexico in the second half of 2021.In the event of termination for convenience by the customer…

05 Dec 2018

Transocean Closes Ocean Rig Acquisition

(File photo: Ocean Rig)

Switzerland-based offshore driller Transocean Ltd. announced Wednesday that it has completed the acquisition of Greek peer Ocean Rig UDW Inc.The $2.7 billion cash-and-stock deal adds nine high-specification ultra-deepwater drillships, two harsh environment semisubmersibles, and two high-specification ultra-deepwater drillships currently under construction to Transocean's existing fleet."We are excited to begin actively marketing these assets into the growing list of opportunities we continue to see emerging across our global customer base…

04 Sep 2018

Transocean to Buy Ocean Rig in $2.7 Bln Deal

Offshore oil driller Transocean Ltd said on Tuesday it would buy peer Ocean Rig UDW Inc in a $2.7 billion cash-and-stock deal, its second major acquisition this year as the company bets on a recovery in the offshore sector.The acquisition signals new optimism for offshore drillers, which were hit hard by the steep plunge in oil prices from 2014. Offshore projects, which are more costly than onshore work and take years to develop, became less attractive after oil prices fell to below $30 a barrel in 2016.Global crude prices have since recovered to above $70, renewing producer interest in offshore basins around the world, including Brazil and the U.S.

30 Mar 2018

Transocean Acquires Songa Offshore

Transocean Ltd. announced today that it completed the previously announced compulsory acquisition of the remaining outstanding shares of Songa Offshore SE.   All remaining shares in Songa Offshore were transferred to Transocean in accordance with the terms and conditions of the compulsory acquisition.    Transocean then settled the compulsory acquisition by delivering Consideration Shares, Exchangeable Bonds and cash consideration, as applicable, to Songa Offshore shareholders. Songa Offshore’s shares remained listed on the Oslo Stock Exchange through March 28, 2018.

21 Feb 2018

Transocean Upbeat About Offshore Recovery, Despite Quarterly Loss

File photo: Transocean

Drilling contractor Transocean Ltd on Wednesday expressed optimism about a recovery in offshore drilling activity this year, despite reporting its third quarterly loss in a row. Companies that provide services and equipment for oil and gas exploration and production, among the worst hit by the 2014 oil price downturn, have grown optimistic about the future as oil prices recently have bounced back. In recent quarters, companies that focus on providing services to onshore shale producers have posted the biggest gains…

06 Dec 2017

BSEE, USCG Investigating GoM Rig Fatality

(Image: BSEE)

The Bureau of Safety and Environmental Enforcement (BSEE) and U.S. Coast Guard (USCG) are investigating the fatality of a worker on board the Petrobras 10,000 drillship in the Gulf of Mexico. Petrobras America Inc. reported the fatality on board the Transocean Ltd. owned drillship at about 4:45 a.m., December 2, 2017. The rig was in an area of the Gulf known as Walker Ridge 469, about 172 miles south of Port Fourchon, La. The deceased worked for Spencer Ogden Ltd. and was participating in pipe handling operations at the time of his injury.

23 Feb 2017

Higher profits for Transocean

Transocean Ltd. reported their Fourth Quarter and Full Year 2016 Results. * Operating and maintenance expense was $314 million, including $30 million in favorable items associated with litigation matters. * Adjusted net income was $239 million, $0.63 per diluted share, excluding $13 million of net unfavorable items. * Contract backlog was $11.3 billion as of the February 2017 Fleet Status Report. ZUG, SWITZERLAND-February 23, 2017-Transocean Ltd. (NYSE: RIG) today reported net income attributable to controlling interest of $226 million, $0.60 per diluted share, for the three months ended December 31, 2016. Other income included $39 million of royalties associated with the company's patented dual-activity technology. * $11 million, $0.03 per diluted share, in restructuring costs.

10 Feb 2017

Transocean's contract backlog $11.3 Bln on February 9

Transocean Ltd. (NYSE: RIG) today issued a quarterly Fleet Status Report that provides the current status of and contract information for the company's fleet of offshore drilling rigs. As of February 9, 2017, the company's contract backlog was $11.3 billion. On December 31, 2016, the newbuild ultra-deepwater drillship Deepwater Conqueror commenced operations on its 5-year contract in the U.S. Gulf of Mexico at a dayrate of $589,000. The customer has elected to exercise its contractual option to terminate the contract for the ultra-deepwater drillship Deepwater Asgard effective January 2017. The company will be compensated for the early termination through a lump-sum payment of approximately $79 million, which is based on the operating dayrate less the operating cost per day.

12 Dec 2016

Transocean Closes Acquisition of Transocean Partners

Transocean Ltd. announced the closing of the acquisition of Transocean Partners. Each outstanding public common unit of Transocean Partners was converted into the right to receive 1.20 shares of Transocean Ltd., which issued approximately 23.8 million shares related to the transaction. In connection with the closing, Transocean Partners' common units were delisted from the New York Stock Exchange.

03 Oct 2016

Transocean Floater Transocean Barents Enters Contract

Transocean Ltd. (NYSE: RIG) announced today that the Transocean Barents, a harsh-environment, ultra-deepwater floater, has been awarded a 15-month contract with Suncor Energy at a dayrate of $260,000. The estimated contract backlog, excluding mobilization, is $119 million. The rig is expected to commence operations offshore Canada in the third quarter of 2017.

01 Aug 2016

Transocean Ltd. to Acquire Transocean Partners LLC

Transocean Ltd. and Transocean Partners LLC (NYSE: RIGP) today announced that Transocean has agreed to acquire all of the outstanding common units of Transocean Partners not already owned by Transocean in a share-for-unit merger transaction. In the merger, Transocean Partners common unitholders will receive 1.1427 Transocean shares for each Transocean Partners common unit. The Transocean Partners unit price implied by the exchange ratio represents a 15% premium to Transocean Partners' closing price on July 29, 2016. Transocean expects to issue approximately 22.7 million shares in the merger. Completion of the transaction is conditioned upon approval by Transocean Partners' common unitholders and is anticipated to close in the fourth quarter of 2016.

08 Jul 2016

Transocean Will Issue $1.25 Billion Of Notes Due 2023

Transocean Ltd. announced that its wholly-owned subsidiary Transocean Inc., has priced its previously-announced offering of senior unsecured notes. Transocean will issue $1.25 billion in aggregate principal amount of senior unsecured notes due 2023 pursuant to Rule 144A/Regulation S to eligible purchasers. The notes will be guaranteed by Transocean Ltd. and certain of Transocean Inc.'s subsidiaries. The notes will bear interest at the rate of 9 percent per annum and will be callable on or after July 15, 2020. The offering is expected to close on or about July 21, 2016, subject to customary closing conditions. Transocean expects to receive aggregate net proceeds of approximately $1.21 billion from the offering, after deducting the initial purchasers' discounts and estimated offering costs.

17 Mar 2016

Transocean Defeats Shareholder Appeal over Gulf Spill

Transocean Ltd on Thursday won the dismissal of an appeal by shareholders accusing the owner of the doomed Deepwater Horizon drilling rig of deceiving them about its safety practices prior to the 2010 Gulf of Mexico oil spill. The 2nd U.S. Circuit Court of Appeals in Manhattan said the lead plaintiff waited two months too long to sue over alleged misstatements in an Oct. 2, 2007, proxy statement for the offshore drilling company's merger with GlobalSantaFe Corp. Shares of Transocean rose 3 percent after the decision was issued. Geoffrey Johnson, a lawyer for the plaintiffs, declined to comment. Transocean and its lawyers did not immediately respond to requests for comment.

25 Feb 2016

Transocean 4Q Revenue Up

Transocean Ltd. Revenues were $1.85 billion, up from $1.61 billion in the third quarter of 2015; Operating and maintenance expenses were $794 million, down from $880 million in the prior period; Adjusted net income was $615 million, $1.68 per diluted share, excluding $4 million of net unfavorable items. - Contract backlog was $15.5 billion as of the February 11, 2016, Fleet Status Report. ZUG, SWITZERLAND-February 24, 2016-Transocean Ltd. (NYSE: RIG) (SIX: RIGN) today reported net income attributable to controlling interest of $611 million, $1.66 per diluted share, for the three months ended December 31, 2015. * $22 million, $0.06 per diluted share, related to restructuring costs; and $1 million in discontinued operations.

18 Feb 2016

Statoil Cancels Maersk Rig Contract

Norwegian firm Statoil ASA is ending its rig contract for the Maersk Gallant six months early. The jack up rig has been on contract with Statoil for two years, since 21 August 2014, and since 9 October it has been sub-chartered to ConocoPhillips. "Between 14 February and 21 August 2016 the Maersk Gallant is on a new contract with Total E&P Norge AS, who will pay cancellation fee according to the former contract," says a press statement from Statoil. In January, Total received consent from the Petroleum Safety Authority (PSA) of Norway, to drill the North Sea exploration well 1/5-5 in PL 618 using Maersk Gallant. The jack-up Gallant was last listed as operating in the North Sea. No information was given on the day rate or other terms for the lease.

28 Dec 2015

Shell Terminates Polar Pioneer Contract

Royal Dutch Shell has elected to terminate the contract for harsh environment semisubmersible rig Polar Pioneer prior to its expiration in July 2017, the rig's owner Transocean Ltd. announced. Transocean said it will be compensated for the early termination through a lump-sum payment that includes adjustments for reduced operating costs and demobilization to Norway.   Shell initially intended to use the rig for its Arctic operations in the Chukchi Sea, but called off the campaign in September.

07 Dec 2015

Transocean's Henry Goodrich gets Two-years Deal

Transocean Ltd. announced today that the harsh-environment semisubmersible Henry Goodrich was awarded a two year contract with Husky Oil Operations Limited offshore Canada at a dayrate of $275,000. The estimated contract backlog excluding mobilization is $200 million. The rig is expected to commence operations in the second quarter of 2016. As of December 6, 2015, the company's contract backlog is approximately $16.8 billion.

26 Oct 2015

Transocean Puts Off Deliveries of Two New Drillships

Transocean Ltd. announced today a mutual agreement with its customer, Shell EP Wells Equipment Wells Services B.V. (Shell), and the shipyard, Daewoo Shipbuilding & Marine Engineering Co. (DSME), to delay the operating and delivery contracts of two newbuild ultra-deepwater drillships - the Deepwater Pontus and the Deepwater Poseidon - by 12 months each. The delay has no impact on the duration or dayrate of the original 10-year operating contracts for each of the two newbuild ultra-deepwater drillships. Parties will be compensated for the postponement. The specific terms are not disclosed. The delivery and operating agreements for Shell's two other contracted Transocean newbuild, ultra-deepwater drillships, the Deepwater Thalassa and Deepwater Proteus, are not impacted by this agreement.

06 Sep 2015

General Counsel Sjöbring Quits Transocean

Transocean Ltd. today announced that Lars Sjöbring, Senior Vice President and General Counsel, has informed Transocean that he will be leaving the company. Mr. Sjöbring has agreed to aid in the search for a replacement, but will resign no later than December 31, 2015. "Lars has done an outstanding job guiding Transocean through the extensive litigation following the Macondo Well incident, and was instrumental in securing the related settlements with BP and the Plaintiff's Steering Committee announced earlier this year," said Jeremy Thigpen, Transocean's President and Chief Executive Officer. "On behalf of Transocean, I thank Lars for his service, and wish him great success in his future endeavors."

23 Jun 2015

Transocean Delays Drillships

Transocean Ltd, the world’s largest offshore driller, has delayed delivery of two new ultra-deepwater drillships, the company announced. The company amended its drillship construction contracts ($540 million each) with Jurong Shipyard, a subsidiary of Sembcorp Marine, by 24 months. The two drillships are now expected to be delivered in the second quarter of 2019 and the first quarter of 2020, respectively. Transocean has won contracts worth $109 million from mid-May to mid-June. The amount is the highest for the Swiss-based oil major in 2015 and comes at a time when crude oil prices are at a downward. The figure is more than twice that reported in May—$52 million—and about five times more than the $22-million average of the first five months of 2015.

Subscribe for
Maritime Reporter E-News

Maritime Reporter E-News is the maritime industry's largest circulation and most authoritative ENews Service, delivered to your Email five times per week