Maintaining Transocean FVE on 3Q Results; Harsh Environment Improving
Our $7 fair value estimate remains intact for no-moat Transocean after incorporating third-quarter results. Drilling revenue declined to $699 million, $6 million lower than the prior quarter, but higher than our forecast of $605 million. Transocean’s effort to keep its floater focused fleet operable yielded higher than expected utilization rates, but also produced lower average day rates. Similar results were reached with the firm’s harsh environment rigs, which reflected a utilization rate of 7...
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