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EQNR states that it has received the green light to drill a production well at the Alve field off the coast of Norway. The site's water depth is 370 meters.
STEINHAUSEN, Switzerland, April 16, 2025 (GLOBE NEWSWIRE) -- Transocean Ltd. (NYSE: RIG) today issued a quarterly Fleet Status Report that provides the current status of, and contract information for, the company's fleet of offshore drilling rigs.
STEINHAUSEN, Switzerland, April 10, 2025 (GLOBE NEWSWIRE) -- Transocean Ltd. (NYSE: RIG) announced today that it will report earnings for the first quarter 2025 on Monday, April 28, 2025.
I believe Transocean stock is deeply undervalued, trading at 1/5th of book value and well below its historical P/CF median, despite nearing full fleet utilization through 2026. I'm projecting continued pricing power in high-spec 8th Gen rigs, with contracts exceeding $600k/day and a secured $8.3B backlog that supports stable revenue visibility into, at least, 2027. That said, I don't like the $6.3B net debt, especially as interest expenses account for ~10% of total revenue; this will weigh on earnings if rates stay elevated.
On Monday, oil prices fell sharply once again, with Brent crude dropping as low as $62.51 per barrel and West Texas Intermediate (WTI) falling to $58.95 before settling slightly higher by the end of the day.
Transocean reported fourth quarter and full-year 2024 results largely in line with expectations. Disappointingly, the previously disclosed $342 million sale of two lower-specification floaters failed. On the conference call, management issued Q1 guidance slightly below consensus estimates and tweaked full-year expectations.
Following a careful analysis of the Zacks Oil and Gas - Drilling industry, we advise focusing on companies like PTEN, RIG and HP.
RIG holds a strong position in offshore drilling with high demand and innovative technology, but its high debt and financial losses could affect growth prospects.
Transocean (RIG) reported earnings 30 days ago. What's next for the stock?
When the market narrative becomes too widely accepted, excess seems to be created in some areas of the economy as businesses prepare for what's coming their way. Today's stock market seems to be focused on one theme and one theme only: stagflation.