Maintaining Transocean FVE After Reviewing Impact of Proposed Acquisition
After considering Transocean’s recently proposed acquisition of Songa Offshore in more depth, we are maintaining our Transocean fair value estimate at $7 per share. At the current share price, this means the no-moat company remains slightly overvalued.The transaction adds $4 billion in contract backlog to Transocean and four new harsh environment drilling rigs (along with three lower-value rigs), in exchange for total consideration of about $3.4 billion, of which about $1.2 billion will come f...
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