Transocean Ltd.

  • TickerRIGN
  • ISINCH0048265513
  • ExchangeSix Swiss Exchange
  • SectorOil Equipment, Services & Distribution
  • CountrySwitzerland
Martin Huseby Karlsen

Higher rates for Petrobras tender

For a Petrobras tender for high-specification UDW rigs, bids were due on Friday. Unlike most other tenders, an international contractor (Seadrill), and not local contractors, provided the lowest bids. Dayrates were generally meaningfully higher than in recent Petrobras tenders, showing improved bidding discipline in the industry. For the likely awards in the tender, we see a clean rate level in the low USD200ks for 3-year duration starting late 2022, allowing for annual EBITDA generation of cUSD25m.

Martin Huseby Karlsen

More detail on licensing round

Ahead of the white paper on Friday, the government provided more details on offshore wind development in Norway. The bottom-fixed areas will be developed without state-aid, and awards will follow an auction in early 2022. Floating areas will be awarded on qualitative criteria and receive government support (level not yet decided). Both areas will be split into 2–3 licences, which will allow multiple consortiums to be awarded. While we believe the planned sizes (in GW) allow for critical mass, the net exposure for the consortiums participants will be relatively small (particularly in floating)....

Martin Huseby Karlsen

Crowded and high-profile in Norway

The initial licensing rounds for offshore wind acreage in Norway are lining up to be competitive, with several high-profile local companies/consortiums already having announced their intention to participate. In addition, we would expect traditional renewables producers and international E&P companies to take part. Currently there is limited clarity on how the licensing process will work, but more details are expected in a government white paper (‘Stortingsmelding’) on 11 June. Although the winning criteria are not yet known, we believe the high interest and likely fierce competition may resul...

Martin Huseby Karlsen

Long-term UDW contract landed

Seadrill announced this morning it has been awarded the contract for Equinor’s Bacalhau development offshore Brazil. The contract is for the 7G UDW drillship West Saturn, to start drilling early-2022e, and has a 4-year duration. Based on the announced contract value, the all-in dayrate (including upgrades and integrated services) is USD260k, while we estimate the clean dayrate is around USD200k. Hence, we see an annual EBITDA contribution from this contract of USD15m–20m, plus potential bonuses. For the future of Seadrill (post-Chapter 11) we believe the contract is important to help it build ...

Dave Nicoski ...
  • Ross LaDuke

Vital Signs: Actionable charts

Key Points: • Energy Sector names continue to develop price and RS reversals. (ex. OXY, VAL, DO, RIG, SLB, MTDR, SM, MUR, WPX, XEC, JAG, TALO, APA, DVN, and EOG) • Aero-Defense related names are reversing price and RS downtrends. (ex. AVAV, NOC, AJRD, LMT, LHX, HII, and RTN.

Matthieu DRIOL

Short term view - TRANSOCEAN LTD : The movement goes on.

The trend is bearish. The movement goes on. The next target is at CHF 10.20, then CHF 8.95. Passing CHF 14.20 would question the continuation of the fall.

Matthieu DRIOL

Analyse court terme - TRANSOCEAN LTD : Le mouvement se poursuit.

La tendance est baissière. Le mouvement se poursuit. Le prochain objectif est à 10,20 CHF, puis 8,95 CHF. Le franchissement de 14,20 CHF remettrait en cause la suite de la baisse.

Matthieu DRIOL

Analyse court terme - TRANSOCEAN LTD : Le mouvement se poursuit.

La tendance est baissière. Le mouvement se poursuit. Le prochain objectif est à 10,20 CHF, puis 8,95 CHF. Le franchissement de 14,20 CHF remettrait en cause la suite de la baisse.

Matthieu DRIOL

Short term view - TRANSOCEAN LTD : The movement goes on.

The trend is bearish. The movement goes on. The next target is at CHF 10.20, then CHF 8.95. Passing CHF 14.20 would question the continuation of the fall.

Martin Huseby Karlsen

Higher rates for Petrobras tender

For a Petrobras tender for high-specification UDW rigs, bids were due on Friday. Unlike most other tenders, an international contractor (Seadrill), and not local contractors, provided the lowest bids. Dayrates were generally meaningfully higher than in recent Petrobras tenders, showing improved bidding discipline in the industry. For the likely awards in the tender, we see a clean rate level in the low USD200ks for 3-year duration starting late 2022, allowing for annual EBITDA generation of cUSD25m.

Martin Huseby Karlsen

More detail on licensing round

Ahead of the white paper on Friday, the government provided more details on offshore wind development in Norway. The bottom-fixed areas will be developed without state-aid, and awards will follow an auction in early 2022. Floating areas will be awarded on qualitative criteria and receive government support (level not yet decided). Both areas will be split into 2–3 licences, which will allow multiple consortiums to be awarded. While we believe the planned sizes (in GW) allow for critical mass, the net exposure for the consortiums participants will be relatively small (particularly in floating)....

Martin Huseby Karlsen

Crowded and high-profile in Norway

The initial licensing rounds for offshore wind acreage in Norway are lining up to be competitive, with several high-profile local companies/consortiums already having announced their intention to participate. In addition, we would expect traditional renewables producers and international E&P companies to take part. Currently there is limited clarity on how the licensing process will work, but more details are expected in a government white paper (‘Stortingsmelding’) on 11 June. Although the winning criteria are not yet known, we believe the high interest and likely fierce competition may resul...

Martin Huseby Karlsen

Long-term UDW contract landed

Seadrill announced this morning it has been awarded the contract for Equinor’s Bacalhau development offshore Brazil. The contract is for the 7G UDW drillship West Saturn, to start drilling early-2022e, and has a 4-year duration. Based on the announced contract value, the all-in dayrate (including upgrades and integrated services) is USD260k, while we estimate the clean dayrate is around USD200k. Hence, we see an annual EBITDA contribution from this contract of USD15m–20m, plus potential bonuses. For the future of Seadrill (post-Chapter 11) we believe the contract is important to help it build ...

Martin Huseby Karlsen

Low, but improving, rates in Brazil

Low, but improving, rates in Brazil

Transocean Inc.: Update following the distressed exchange - Rising risk of default and weak recovery prospects

Our credit view of Transocean, reflecting its rising risk of default and weak recovery prospects.

Moody's assigns Caa3 rating to Transocean's new Senior Priority Guaranteed Notes and appends /LD to PDR

Rating Action: Moody's assigns Caa3 rating to Transocean's new Senior Priority Guaranteed Notes and appends/ LD to PDR. Global Credit Research- 10 Sep 2020. New York, September 10, 2020-- Moody's Investors Service, assigned a Caa3 rating to Transocean Inc.' s new Senior Priority Guaranteed Notes.

Transocean Inc.: Update following the downgrade to Caa3 - Potential distressed exchanges due to untenable capital structure

CORPORATES CREDIT OPINION 26 August 2020 Update RATINGS Transocean Inc. Domicile Cayman Islands Long Term Rating Caa3 Type LT Corporate Family Ratings Outlook Negative Please see the  ratings section  at the end of this report for more information. The ratings and outlook shown reflect information as of the publication date. Contacts Sreedhar Kona +1.212.553.4199

Transocean Inc. - March 2020 (LTM): Peer Snapshot

Compares key performance metrics against industry peers.

Transocean Inc.: Update following the downgrade to Caa1

Our credit view of Transocean reflecting the company's slower than expected improvement in cash flow profile and potentially worsening captial structure

Alexander Aukner ...
  • Christoffer Wang Bjørnsen
  • Frank Maaø
  • Håkon Astrup
  • Helene Kvilhaug Brøndbo
  • Jesper Ingildsen
  • Jon Masdal
  • Jørgen Lian
  • Karl-Johan Bonnevier
  • Martin Hoang Nguyen
  • Martin Huseby Karlsen
  • Mattias Holmberg
  • Niclas Gehin
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Patrik Ling
  • Rune Majlund Dahl
  • Simen Mortensen

Northern Lights

Helene Kvilhaug Brøndbo ...
  • Jon Masdal
  • Jørgen Lian
  • Martin Huseby Karlsen
  • Mattias Holmberg
  • Ole-Andreas Krohn
  • Ragnhild Støer
  • Rune Majlund Dahl
  • Simen Mortensen
  • Tomi Railo

Northern Lights

Alexander Aukner ...
  • Christoffer Wang Bjørnsen
  • Håkon Astrup
  • Jon Masdal
  • Marius Knudssøn
  • Martin Huseby Karlsen
  • Mattias Holmberg
  • Nicolas McBeath
  • Ole-Andreas Krohn
  • Rune Majlund Dahl
  • Tomi Railo

Northern Lights

Eivind Sars Veddeng ...
  • Jon Masdal
  • Marius Knudssøn
  • Martin Huseby Karlsen
  • Nicolay Dyvik
  • Ole-Andreas Krohn
  • Rune Majlund Dahl

Northern Lights

Jon Masdal ...
  • Karl-Johan Bonnevier
  • Marius Knudssøn
  • Martin Huseby Karlsen
  • Ole-Andreas Krohn
  • Patrik Ling

Northern Lights

An unfavourable environment weighs on TRANSOCEAN, which sees a downgrade to Negative

The independent financial analyst theScreener just requalified the general evaluation of TRANSOCEAN (US), active in the Oil Equipment & Services industry. As regards its fundamental valuation, the title still shows 0 out of 4 stars and its market behaviour is seen as risky. theScreener believes that the unfavourable environment weighs on the sector and penalises the company, which sees a downgrade to its general evaluation to Negative. As of the analysis date April 2, 2021, the closing price was USD 3.64 and its target price was estimated at USD 1.19.

Due to a more favourable environment, TRANSOCEAN LTD. slightly increases to Slightly Negative

TRANSOCEAN LTD. (CH), a company active in the Oil Equipment & Services industry, slightly increases its general evaluation. The independent financial analyst theScreener just confirmed the stock market behaviour of the title as risky. At the fundamental level, theScreener confirms the rating of 1 out of 4 stars; given the more favourable environment, the title's overall rating is upgraded to Slightly Negative even if it remains under pressure. As of the analysis date May 21, 2019, the closing price was CHF 7.80 and its target price was estimated at CHF 6.16.

Ford Equity US Rating and Forecast Report

Ford Equity Research covers more than 4,000 stocks using a proprietary quantitative model that evaluates a company’s earnings strength, its relative valuation and recent price movement. Ford’s five recommendation ratings include strong buy, buy, hold, sell, strong sell. For all stocks in our coverage universe, ratings are generated each week and reflect the fundamental and price data as of the last trading day of the week.

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