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2018-09-05 10:40:00

TRANSOCEAN BUYS OCEAN: $2.7 BLN

TRANSOCEAN BUYS OCEAN: $2.7 BLN

REUTERSOffshore oil driller Transocean Ltd said on Tuesday it would buy peer Ocean Rig UDW Inc in a $2.7 billion cash-and-stock deal, its second major acquisition this year as the company bets on a recovery in the offshore sector.

The acquisition signals new optimism for offshore drillers, which were hit hard by the steep plunge in oil prices from 2014. Offshore projects, which are more costly than onshore work and take years to develop, became less attractive after oil prices fell to below $30 a barrel in 2016.

Global crude prices have since recovered to above $70, renewing producer interest in offshore basins around the world, including Brazil and the U.S. and Mexican Gulf of Mexico.

The deal would provide Switzerland-based Transocean with nine ultra-deepwater drillships and two semisubmersibles, the company said. Annual cost savings are projected to be about $70 million.

"The combination of constructive and stable oil prices over the last several quarters, streamlined offshore project costs, and undeniable reserve replacement challenges has driven a material increase in offshore contracting activity," said Transocean Chief Executive Jeremy Thigpen.

Ocean Rig shares were up 11.7 percent at $30.24, after climbing roughly 13 percent, while Transocean's U.S.-listed shares fell 6.5 percent to $11.33 at mid-morning.

Transocean earlier this year acquired Norwegian rig firm Songa Offshore in a $1.1 billion deal.

"We see strong contract opportunities emerging across the globe for the combined fleet (particularly in Brazil)," analysts at Tudor Pickering & Holt Co wrote in a note on Tuesday.

Majors, including Norway's Equinor, Chevron Corp and BP, won bids for offshore blocks in Brazil, which hold billions of barrels of oil.

Elsewhere, Exxon Mobil Corp said last month it had begun offshore exploration drilling off Australia's southeast coast, while also pursuing finds at its offshore Guyana discovery.

"The announcement is not a surprise. Industry consolidation is necessary to get these premium assets back to work over the next two to three years," Leslie Cook, an analyst with Wood Mackenzie, said in a note.

She added that, "as rates begin to float back up, the need to keep drilling costs down will drive demand for these newer rigs."

Transocean will pay 1.6128 newly issued shares and $12.75 in cash for each share of Ocean Rig's common stock for an implied value of $32.28 per Ocean Rig share, which represents a premium of 19.2 percent to the stock's close on Friday.

Upon completion, Transocean shareholders will own about 79 percent of the combined company, while Ocean Rig shareholders will hold the remaining 21 percent.

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Earlier: 

 TRANSOCEAN NET INCOME $249 MLN
2016, May, 5, 18:30:00

TRANSOCEAN NET INCOME $249 MLN

ZUG, SWITZERLAND-May 4, 2016-Transocean Ltd. (NYSE: RIG) today reported net income attributable to controlling interest of $249 million, $0.68 per diluted share, for the three months ended March 31, 2016. First quarter 2016 results included net unfavorable items of $5 million, $0.01 per diluted share, as follows: $4 million, $0.01 per diluted share, in restructuring costs associated with employee severance; and $2 million related to the loss on impairment of the midwater floater Transocean John Shaw, which the company has identified for recycling.

 TRANSOCEAN NET INCOME $321 MLN
2015, November, 12, 19:35:00

TRANSOCEAN NET INCOME $321 MLN

Transocean Ltd. (NYSE: RIG) (SIX: RIGN) reported net income attributable to controlling interest of $321 million, $0.88 per diluted share, for the three months ended September 30, 2015. Third quarter 2015 results included net favorable items of $5 million, $0.01 per diluted share, as follows: - $8 million, $0.02 per diluted share, in discrete tax benefits; - $7 million, $0.02 per diluted share, in net gains on early debt retirements; and - $5 million associated with discontinued operations and asset disposal gains.

 TRANSOCEAN: OIL'S DECLINE: $2.76 BLN
2014, November, 9, 13:20:00

TRANSOCEAN: OIL'S DECLINE: $2.76 BLN

Transocean Ltd. (RIG), owner of the biggest fleet of deep-water drilling rigs, is feeling the effect of an industrywide glut in the expensive vessels just as crude-oil prices tumble.

 

 TRANSOCEAN: 8 DRILLING RIGS
2014, May, 7, 18:05:00

TRANSOCEAN: 8 DRILLING RIGS

Transocean Ltd to Spin Off 8 Drilling Rigs Into New Company

 

 TRANSOCEAN: BLAST OFF
2014, February, 27, 16:38:00

TRANSOCEAN: BLAST OFF

Transocean published their results 2013.

 
 
Tags: TRANSOCEAN, OCEAN,

Chronicle:

TRANSOCEAN BUYS OCEAN: $2.7 BLN
2018, October, 17, 10:10:00

SAUDI - INDIA'S DOWNSTREAM

MEOG - Judaimi highlighted that the closer cooperation between Saudi Aramco and Indian energy entities is reflected in the partnership with RRPCL and ADNOC on the Ratnagiri mega-refinery and petrochemicals complex in Maharashta this year. He noted that nearly $2 billion in material-service sourcing with Indian companies to date; and the opening of the Aramco Asia India office in 2017.

TRANSOCEAN BUYS OCEAN: $2.7 BLN
2018, October, 17, 10:05:00

U.S. IN EUROPE

REUTERS - The United States must not determine European energy policy or decide whether Germany buys Russian gas, a top German diplomat said on Tuesday.

TRANSOCEAN BUYS OCEAN: $2.7 BLN
2018, October, 17, 10:00:00

TOTAL IN RUSSIA: THE LARGEST

FT - “Total has great ambition in this country, we want to be the largest foreign oil and gas player here,” the company’s chief executive Patrick Pouyanné said on Monday at the launch of a factory outside Moscow. 

TRANSOCEAN BUYS OCEAN: $2.7 BLN
2018, October, 17, 09:55:00

PETROBRAS - CNPC COOPERATION

PLATTS - Petrobras is to form two joint venture companies with China National Petroleum Corp. (CNPC) to complete construction of a refinery and revitalize four mature fields in the offshore Campos Basin, the state-owned Brazilian company said

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