Transocean Provides Fleet Status Report
By Aiswarya Lakshmi
April 24, 2016
Transocean, the world's leading offshore drilling contractor with 61 rigs in its fleet, has issued a Fleet Status Report that provides the current status of and contract information for the company's entire fleet of offshore drilling rigs.
Being the largest offshore drilling company in terms of market capital, Transocean is ridding itself off of the old rigs, the long-since weighing overheads, and reducing inefficiency in its processes.
The report includes the following:
Actinia - Awarded a three year contract offshore India at a dayrate of $101,000 ($111 million estimated contract backlog).
Deepwater Invictus - Awarded a two well contract offshore Trinidad at a dayrate of $350,000 ($28 million estimated contract backlog).
Dhirubhai Deepwater KG2 - Awarded a six month contract; location and dayrate are not disclosed.
The midwater floater Transocean John Shaw is classified as held for sale. The rig will be recycled in an environmentally responsible manner.
Estimated 2016 out of service days increased by a net 56 days due primarily to contract preparation.
The Switzerland-based company that operates mainly from Houston, Texas, comes with a solid track record of beating analysts' estimates. The company has beaten Wall Street's revenue and earnings consensus for the last seven quarters in a row.
The company shows solid cash flows and enough liquidity to pay off the debt maturities by 2017, valuing at approximately $1.7 billion.
