By Allison McNeely (Bloomberg) -- Measures taken by Transocean Ltd. to stave off a bankruptcy filing could be exactly what ends up sending the offshore drilling company into Chapter 11 alongside some of its biggest peers. The world’s largest owner of deep-water oil rigs recently engineered a bond swap to trim some of its $9 billion debt load and ease the crunch caused by … [Read more...]
Offshore Drilling Is ‘Structurally Damaged’ And Help Is Not Coming
(Bloomberg) - President Donald Trump helped to clinch an unprecedented deal among the world’s largest crude producers, but the pact hasn’t stopped America’s oil industry from bleeding. “Offshore drilling is structurally damaged, and recovery is not imminent,” Bernstein analyst Nicholas Green wrote Wednesday in a note to investors. “New contract tenders are few, highly … [Read more...]
Offshore Crisis: Recent Failures Have Created A Massive $30 Billion Financial Risk
By David Wethe and Allison McNeely (Bloomberg) Offshore oil servicers are going bust at the fastest pace in three years as explorers spurn high-cost drilling to deal with a worldwide slump in commodity prices. The debacle, triggered by the pandemic-driven drop in oil prices, has already claimed some of the biggest companies that supply rigs, transportation and other support … [Read more...]
Transocean Hires Financial Advisor to Evaluate ‘Strategic Alternatives’
By David Wethe (Bloomberg) --Transocean Ltd. has tapped Lazard Freres & Co. LLC to be its financial adviser as the world’s biggest owner of deepwater oil rigs confronts history’s worst crude crash. The Swiss-based rig contractor said Wednesday in a statement the firm’s hiring is in connection with an evaluation of strategic alternatives to manage its capital structure. … [Read more...]
Transocean Is The Decade’s Biggest Loser
With COVID19 wreaking havoc in the stock market, you might think that travel or tourism stock might be the biggest losers of the past decade. But, according to a new report by Kiplinger, we are technically still in an eleven-year bull run. Many companies are still making money but the biggest losers, like Transocean, have lost big. With a current market value of about $1.5 … [Read more...]