Transocean to retire four rigs, take related $520M Q2 charge [Seeking Alpha]
Transocean Ltd (Switzerland) (RIG)
Last transocean ltd (switzerland) earnings: 4/29 04:24 pm
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Source: Seeking Alpha
Transocean to retire four rigs, take related $520M Q2 chargeTransocean (RIG-2.4%) is lower after disclosing plans toretire four of its older rigs and take a related $520M charge during Q2.RIG says it continues to evaluate the long-term competitiveness of its fleet and may identify additional rigs as candidates for retirement.Bernstein analyst Colin Daviesreiterates a Market Weight rating on RIG, saying the company scrapped the rigs because they were not competitive in today's market as "older rigs built before this decade's massive new build cycle are squeezed out and eventual scrappage is inevitable."Many rig contractors have aging rigs on their books, including many "ancient floaters built before 1998 with less book value exposure" as well as those built during 1999-2005 that are old "but still have much book value remaining," Davies says.Along with RIG, Davies says Ensco (ESV-5.4%) and Seadrill (SDRL-4.5%) have the highest ownership of rigs at risk of scrapping but still with signi
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RIG
News
- Transocean Ltd. (NYSE: RIG) had its price target raised by analysts at Bank of America Co. from $5.50 to $6.00. They now have an "underperform" rating on the stock.MarketBeat
- Transocean prices upsized senior notes [Seeking Alpha]Seeking Alpha
- Transocean Ltd. Announces Pricing of Upsized Private Offering of Senior Notes Due 2029 and Senior Notes Due 2031GlobeNewswire
- Transocean announces proposed private offering of senior notes due 2029 and senior notes due 2031 [Seeking Alpha]Seeking Alpha
- Transocean Ltd. Announces Proposed Private Offering of Senior Notes Due 2029 and Senior Notes Due 2031 [Yahoo! Finance]Yahoo! Finance
RIG
Earnings
- 2/19/24 - Beat
RIG
Sec Filings
- 4/11/24 - Form 8-K
- 4/1/24 - Form 8-K
- 3/26/24 - Form ARS
- RIG's page on the SEC website