Transocean CEO on new contracts, speculative shipbuilding, and the Deepwater Horizon [WEBCAST BREAKDOWN]

In a webcast yesterday, Transocean, Ltd. (NYSE:RIG) CEO, Steven Newman, had a lot of positive news for investors, in stark contrast to their dismal stock price of $54 per share, a full $13 below their book value of $67. Between April and June of this year, Transocean has won $1.5B in new contracts Of particular note, they signed a 1-year contract extension with BP for … [Read more...]

Discoverer Enterprise to be drydocked in Alabama for a deep cleaning

The Enterprise played a key role during the oil spill disaster last summer, however floating in the oil-saturated ocean above the Macondo Well left her ballast tanks and hull saturated with crude oil.  For the past 4 months, cleaning teams have been working to clean up all this mess, but the Unified Area Command has decided enough is enough, and she's heading to the yard in … [Read more...]