S&P Raises Transocean Offshore Ratings

Thursday, January 06, 2000
Standard & Poor’s raised its ratings for Transocean Offshore Inc., renamed Transocean Sedco Forex Inc. (See chart page 2, related story page 8) At the same time, Standard & Poor’s assigned to the company an ‘A-1’ short-term corporate credit rating, an ‘A-1’ rating for its $500 million commercial paper program, and a single-’A’ rating for its $400 million term loan maturing December 2004. The company’s ratings are removed from CreditWatch with positive implications, where they were placed on July 12, 1999, upon the announcement that un-rated Schlumberger Ltd. would spin off its marine drilling unit and combine it with Transocean. That merger was completed on Dec. 31, 1999. The outlook is stable. The ratings for Houston, Texas-based Transocean Sedco Forex reflect the company’s strong business position as one of the world’s largest and most technically advanced oil and natural gas offshore contract drillers, with a large, well-positioned premium rig fleet; relatively clear revenue visibility; and a strong balance sheet. These strengths are somewhat offset by the financial risks inherent in the contract drilling industry, which relies on highly cyclical capital spending patterns of exploration and production (E&P) companies.
Maritime Reporter September 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds


Urals Weakens Further in Baltic

Russian Urals crude differentials continued to slide in the Baltic on Thursday amid a flurry of activity with softer refining margins, pushed down by higher oil prices, still keeping buyers at bay.

Seadrill Hopes to See Market Turn in 2017

Offshore rig driller Seadrill is facing another two years in the doldrums but hopes the international rig market could turn around in 2017.   Rig rates have more

Box Shipping Eyes More Overcapacity, Financial Pain

Slowing global trade and a bloated orderbook of large vessel capacity mean that container shipping is set for another three years of overcapacity and financial pain,

Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Naval Architecture Offshore Oil Pipelines Salvage Ship Simulators Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.3531 sec (3 req/sec)