Hard-Hit Transocean Looks to Scrap Dividend

Transocean's Discoverer Americas drillship. Photo (c) MarineTraffic/

  By Joe Carroll (Bloomberg) -- Transocean Ltd., the offshore oil-rig operator that lost two-thirds of its value in the past year, plans to cancel its dividend and record 2 billion Swiss francs ($2.1 billion) in asset impairments as free-falling crude prices slash demand for drilling vessels. Transocean said it will host an extraordinary general meeting of … [Read more...]

Transocean Settles All Deepwater Horizon Claims With BP

Deepwater Horizon burns in the Gulf of Mexico, April 21, 2010. Photo: U.S. Coast Guard

By David Wethe and Margaret Cronin Fisk (Bloomberg) -- Transocean Ltd., owner of the rig that sank in the 2010 Macondo disaster in the Gulf of Mexico, joined Halliburton Co. in settling all remaining issues with BP Plc. Transocean and BP, the well’s owner, will mutually release all claims against each other, while the London-based exploration and production company will pay … [Read more...]

Statoil Renegotiates for the Discoverer Americas as Transocean’s Deepwater Asgard Arrives in the GoM

Transocean drilling deepwater asgard

In Transocean's latest fleet update summary released this afternoon, their 6th generation drill ship Discoverer Americas will be officially heading back to the Gulf of Mexico this summer after her contract was renegotiated with Statoil.  Its current day rate, while operating off the coast of Tanzania is $735,000 per day, however in May, her new rate has been reduced to $611,000 … [Read more...]

Seadrill and Transocean Report Better Than Expected Earnings As Darkness Looms

Discoverer Americas' Bridge, a 6th Generation Drillship

OSLO, Feb 26 (Reuters) - The world's biggest offshore drillers reported plunging earnings and orders on Thursday but managed to get a grip on costs to improve their chances of riding out a sectoral crisis that could last several more years. Transocean made a net loss in the fourth quarter while rival Seadrill's bottom line nearly halved as both wrote down the value of their … [Read more...]

Transocean’s Top-Earning Rigs Are Vulnerable as Moody’s Cuts Rating to Junk

Fisheye view of the rig flo (c) Robert Almeida Photography

Considering the 4.5 years of legal battles Transocean (NYSE:RIG) has faced since the Deepwater Horizon tragedy, the involvement of activist investor Carl Icahn, and the now utterly abysmal offshore drilling market, the news in mid-February of then CEO Steven Newman's abrupt departure wasn't that big of a surprise.  It did leave those of us standing on the sidelines wondering … [Read more...]

Transocean CEO’s Exit Linked to Lack of Vision in Tough Market

discoverer americas

By Terry Wade and Anna Driver HOUSTON, Feb 20 (Reuters) - Barely two months into his new job as the head of the world's largest offshore driller, Steven Newman was steering Transocean through the 2010 Gulf of Mexico oil spill, quickly earning a reputation as a CEO with a steady hand. Too steady, perhaps. Since Sunday Newman, 50, is out of work. People inside and … [Read more...]

Transocean’s 80% Dividend Cut Won’t Be Enough

Transocean's Discoverer Clear Leader drillship

By David Wethe (Bloomberg) -- Transocean Ltd. will have to do more than slash its dividend by 80 percent for the owner of the world’s largest fleet of offshore rigs to weather the oil price crash, analysts said. The company is recommending shareholders approve a cut in the annual payout to 60 cents a share from the current $3, according to a Feb. 15 statement. Transocean, … [Read more...]