Marine Link
Thursday, March 28, 2024
SUBSCRIBE

Todco News

08 Dec 2014

Energy Sector Volatility Affects Middle Market M&A Activity

Market volatility for the petroleum sector provides a backdrop to an evolving Merger & Acquisitions environment for the Offshore Sector. In the 3Q edition of Maritime Professional, this series of articles examined the overall evolution of maritime and offshore M&A activity since 2010, tracing the flow of deals in the post-financial crisis era. In this edition, we take a closer look at relevant U.S. offshore energy industry deal flow and market movements as they relate to oil prices over time, and highlight some recent middle market transactions.

11 Apr 2011

Tidewater Promotes Greer, Handin & Vorst

Tidewater Inc. (NYSE: TDW) announced the promotions of Nelson Greer, Mark Handin and Darren Vorst to Vice Presidents of Tidewater companies, effective April 1, 2011. Greer joined Tidewater in 1982, after completing 13 years in the British Merchant Marine. He completed the Harvard Business School General Management Program in 2006, and holds a Chief Engineer Unlimited Class 1 Engineering License. In his various management positions with Tidewater, he has been based in Angola, Nigeria, Congo and Gabon, prior to his current posting in Singapore. His Tidewater experience includes engineering, technical management, operations management, area management and, most recently, regional management, with responsibility for Southeast Asia, Australia, the Middle East, North Africa and India.

17 Aug 2010

Talbert, Toma & Bobillier Join Transocean Board

Transocean Ltd. (NYSE: RIG) (SIX: RIGN) announced that the Board of Directors has named J. Michael Talbert as non-executive Vice Chairman of the Board, Arnaud A.Y. Bobillier as Executive Vice President, Asset and Performance, and Ihab Toma as Executive Vice President, Global Business, effective immediately. As non-executive Vice Chairman, Talbert is expected to succeed Robert E. Rose as Chairman of the Board of Directors when Rose retires at the end of his current director term at the company's 2011 Annual General Meeting of Shareholders. Bobillier will be responsible for the company's Engineering and Technical Support; Asset Management, Performance, Global Supply Chain and IT functions.

20 Feb 2009

Transocean Reports 4Q & 2008 Results

Transocean Ltd. (NYSE:RIG) reported net income for the three months ended December 31, 2008 of $800m, or $2.50 per diluted share. Revenues for the fourth quarter 2008 totaled a record $3.3b. The results compare to net income of $1.05b, or $4.17 per diluted share, for the three months ended December 31, 2007. For the three months ended December 31, 2007, revenues were $2.1b. •    $17m of write-offs for uncollectible accounts receivable associated with the Sedco 712 rig contract after the operator announced it had been placed into administration (a form of bankruptcy protection under U.K. •    Partially offset by $21m of income related to the sales contract termination fee on the Transocean Nordic and income from the TODCO tax sharing agreement.

13 Feb 2009

Hercules Offshore 4Q and 2008 Results

On Feb. 10, Hercules Offshore, Inc. (NASDAQ:HERO) reported income from continuing operations of $37.4m, or $0.42 per diluted share, on revenues of $313.5m for the fourth quarter 2008, excluding the effects of non-recurring items, compared with income from continuing operations of $32.8m, or $0.37 per diluted share, on revenues of $244.2m for the fourth quarter 2007. Income from continuing operations for the twelve months ended December 31, 2008, was $95.7m, or $1.08 per diluted share, on revenues of $1.1b, excluding the effects of non-recurring items, compared to income from continuing operations of $139m, or $2.33 per diluted share, on revenues of $726.3m for the twelve months ended December 31, 2007, excluding the effects of non-recurring items.

16 Sep 2004

Transocean Semisub Missing After Ivan

Transocean Inc. announced that a search continues in the Gulf of Mexico for the deepwater semisubmersible Deepwater Nautilus in the aftermath of Hurricane Ivan. All personnel had previously been safely evacuated and the well was secured before the approach of the storm. The U.S. Coast Guard has been notified of the missing rig, which was moored to the seafloor with anchors and related equipment at its location approximately 160 miles south of Mobile, Alabama. The company has accounted for all of its other drilling rigs in the Gulf of Mexico, consisting of five deepwater drillships and three other deepwater semisubmersible rigs. The company will provide an update when more information becomes available. Transocean Inc.

04 Jun 2007

Hercules Offshore Updates TODCO Merger

Hercules Offshore in the US has announced that the Department of Justice and the Federal Trade Commission have granted early termination of the government's pre-merger antitrust review of the transaction under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, relating to the previously announced merger with TODCO. On March 22nd, Hercules Offshore announced that it had entered into an Agreement and Plan of Merger with TODCO and The Hercules Offshore Drilling Company LLC, a wholly owned subsidiary of Hercules Offshore. The merger remains subject to certain stockholder approvals, as well as the satisfaction of other customary closing conditions. Hercules Offshore and TODCO previously announced the meeting date for the stockholders of the companies.

20 Mar 2007

Hercules Offshore to Acquire TODCO for $2.3 B

Hercules Offshore, Inc. entered into a definitive merger agreement pursuant to which Hercules Offshore will acquire 100% of the outstanding stock of TODCO in a stock and cash transaction valued at approximately $2.3 billion. The combined company will operate a fleet of 33 jackup rigs, 27 barge rigs, 64 liftboats, three submersible rigs, nine land rigs and one platform rig and have operations in ten different countries on five continents. The boards of directors of Hercules Offshore and TODCO unanimously approved the transaction. Closing of the transaction is subject to regulatory approvals and other customary conditions, as well as both Hercules Offshore and TODCO shareholder approval.

18 Dec 2002

Transocean Inc. Subsidiary - Todco - to go Public

Transocean Inc. said its subsidiary TODCO (formerly R&B Falcon Corporation) has filed a registration statement on Form S-1 with the Securities and Exchange Commission in connection with the previously announced initial public offering of its Gulf of Mexico Shallow and Inland Water business segment. The registration statement relates to TODCO common stock to be sold by Transocean in the offering. TODCO does not expect to sell any shares in the offering. Upon the closing of the initial public offering, TODCO's fleet is expected to consist of 76 drilling rigs including 27 jackup rigs, 31 drilling barges and three submersible drilling rigs located in the U.S. Gulf of Mexico, two jackup rigs and one platform rig located in Trinidad and nine land rigs and three lake barges located in Venezuela.