$RIG (Transocean Ltd.)

$RIG {{ '2016-02-25T06:54:50+0000' | timeago}} • Announcement

$RIG said 4Q15 G&A expense was $58MM and depreciation expense was $213MM. Cash flow from operations was $960MM and CapEx was $665MM in the quarter. In 4Q15, $RIG took delivery of the ultra-deepwater drillship, Deepwater Proteus, and expects to place it into service in 2Q16. Rig utilization was 60% in 4Q15. Contract backlog was $15.5Bil at end 4Q15.

$RIG {{ '2017-06-27T12:22:04+0000' | timeago}} • Announcement

$RIG unit Transocean Inc. said it will accept for purchase all notes validly tendered under its cash tender offer to purchase $1.5Bil aggregate principal amount of notes, subject to conditions. Payments for the notes will include accrued and unpaid interest up to the applicable settlement date.

$RIG {{ '2017-05-31T21:07:16+0000' | timeago}} • Announcement

$RIG has completed the sale of its jackup fleet to Borr Drilling Limited for approx $1.35Bil. The sale included the company's 10 high-specification jackups and five jackups under construction in Singapore. $RIG received cash of approx $320MM associated with the sale.

$RIG {{ '2017-05-05T15:31:46+0000' | timeago}} • Announcement

$RIG's indirect subsidiary Transocean Conqueror Limited has closed a private offering of $410MM in senior secured notes with an annual rate of 5.52% and maturing in 2022. The net proceeds of approx $403MM from the notes will be used to partially finance the construction of the rig, Deepwater Conqueror.

$RIG {{ '2017-05-04T19:53:42+0000' | timeago}} • Webcast

$RIG said that on the supply side, one should not look at the absolute number of the supply side. The company has retired 31 rigs from its fleet over the course of the last two-and-a-half years. Additionally, as the time evolves, the company added that it may make the decision on some of its rigs to scrap it.

$RIG {{ '2017-05-03T21:17:50+0000' | timeago}} • Announcement

$RIG reported a dip in 1Q17 earnings as reduced activity and lower revenue efficiency hurt contract drilling revenues. Net income fell to $91MM or $0.23 from $235MM or $0.64 per share last year. Revenue plunged to $785MM from $1.34Bil. Adjusted EPS for the latest quarter was $0.01.

$RIG {{ '2017-04-25T12:39:11+0000' | timeago}} • Announcement

$RIG reported that it's contract backlog is $10.8Bil as of April 24, 2017. The company also added that its Transocean Spitsbergen rig received two contracts from Statoil.

$RIG {{ '2017-04-05T20:40:28+0000' | timeago}} • Announcement

$RIG said the harsh-environment semisubmersible Transocean Spitsbergen received 2 contracts with Statoil. The estimated firm backlog associated with these contracts is $83MM, which excludes performance incentive opportunities, integrated services and mobilization. The initial contract is expected to commence in 3Q17.

$RIG {{ '2017-02-23T15:19:06+0000' | timeago}} • Webcast

$RIG said there is a lot of interest in jackups currently and activity is starting to pick up. The challenge the entire jackup market faces is supply and demand. Another challenge is moving price forward. $RIG believes it will take time to get a meaningful pricing increase across the industry until the supply-demand gap narrows.

$RIG {{ '2017-02-23T15:01:57+0000' | timeago}} • Webcast

$RIG is seeing back-to-back opportunities in Brazil. The company will see its first well drilled in Mexico and with the rounds awarded, there will be some opportunities in 2018. India has become active and $RIG is awaiting announcements from the Reliance tender which is currently being negotiated.

$RIG {{ '2017-02-23T14:33:51+0000' | timeago}} • Webcast

$RIG expects other revenue for 1Q17 to be approx. $45MM. O&M expense is expected to be $360-375MM and G&A expense is expected to be $35-40MM. Capex is expected to be approx. $130MM in 1Q17. For full-year 2017, the revenue efficiency guidance is 95%. Other revenue is expected to be $110MM in 2017.

$RIG {{ '2017-02-23T14:27:18+0000' | timeago}} • Webcast

In 4Q16, $RIG’s contract drilling revenues decreased $93MM sequentially to $793MM due largely to reduced activity and lower day rates. Other revenue increased $161MM sequentially to $181MM due to the rig termination of the Discoverer India.

$RIG {{ '2017-02-23T14:17:40+0000' | timeago}} • Webcast

During 2016, $RIG executed on several initiatives that improved the flexibility of its balance sheet. These included accessing the debt capital markets, deferring delivery of seven new builds into 2020 and acquiring transition partners. These actions solidified $RIG’s liquidity position and provided strategic optionality.

$RIG {{ '2017-02-23T13:26:06+0000' | timeago}} • Announcement

$RIG reported a drop in 4Q16 earnings due to lower revenue. Net income fell to $226MM or $0.60 per share from $611MM or $1.66 per share last year. Revenue dropped to $974MM from $1.85Bil. Adjusted net income was $239MM or $0.63 per share for 4Q16.

$RIG {{ '2017-02-09T22:09:22+0000' | timeago}} • Announcement

$RIG 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 Feb. 9, 2017, the company's contract backlog was $11.3Bil.

$RIG {{ '2016-12-09T14:53:40+0000' | timeago}} • Announcement

$RIG 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 $RIG, which issued approx. 23.8MM shares related to the transaction. Transocean Partners' common units were delisted from the NYSE effective December 9, 2016.

$RIG {{ '2016-12-09T11:57:58+0000' | timeago}} • Announcement

$RIG's indirect subsidiary Transocean Proteus Ltd. closed offering of $625MM of 6.25% senior secured notes due 2024. The net proceeds of about $609MM from the Notes will be used primarily for the purpose of partially financing the construction of the Deepwater Proteus.

$RIG {{ '2016-12-06T17:16:20+0000' | timeago}} • Announcement

$RIG said the common unitholders of Transocean Partners LLC approved the merger agreement, as amended, among $RIG, Transocean Partners and certain subsidiaries of $RIG, and the related merger. $RIG expects to issue about 23.8MM shares associated with the transaction. Closing is expected on or around Dec. 9, 2016.

$RIG {{ '2016-11-22T15:18:17+0000' | timeago}} • Announcement

$RIG agreed to increase to 1.20 $RIG shares the consideration for its pending acquisition of each outstanding common unit of $RIGP not already owned by $RIG in a share-for-unit merger transaction. $RIG expects to issue about 23.8MM shares in the merger.  The transaction is expected to close in early December 2016.

$RIG {{ '2016-11-03T14:00:54+0000' | timeago}} • Webcast

$RIG expects FY17 operating and maintenance costs to be down 20-25% from a year ago. G&A expense is expected to be down 10% to $145-155MM. CapEx is anticipated to be about $450MM and maintanence CapEx is expected to be about $50MM.

$RIG {{ '2016-11-03T13:57:15+0000' | timeago}} • Webcast

$RIG expects 4Q16 revenue efficiency to remain at 95%. Other revenue is expected to be in the range of $170-180MM. Operating and maintenance expense is expected to be in the range of $375-385MM. Net interest expense is expected to be in the range of $100-110MM. Maintenance CapEx is expected to be about $10MM.

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