Maintaining Transocean FVE on Unsurprising 1Q Results; Offshore Finally Reaching a Trough
Transocean posted unremarkable first-quarter results, but as reflected in the company’s commentary about an uptick in offshore floater rig tendering, it does seem like offshore drilling markets are coming close to hitting the trough in utilization and day-rates, and may indeed begin to improve through the second half of 2017. For now, we are maintaining our $7 per share fair value for Transocean, marking the company’s shares as overvalued, currently.The earnings call included a number of intere...
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