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Image: The Jack-up Transocean Constellation II. New about Transocean Ltd. (NYSE:RIG) The overseas drilling Market is suffering through the worst bear cycle in history. The oil crash that started late in 2014 has actually had a terrible result especially on the offshore drilling players such as Transocean, Seadrill (NYSE:SDRL), Rowan Companies (NYSE:RDC), Ensco Plc.
Subsequently, competitors is naturally ending up being fiercer, because the offshore jack-up market (shallow waters) and the offshore floater market are oversupplied by a wide variety of rigs, contemporary and old, that complete against each other for a really restricted quantity of agreements at low day rate, typically close to breakeven level. Transocean is the uncontested leader in the deep water sector (floaters) with an outstanding backlog estimated at over $10.
Today, this short article is about the jack-up part of Transocean which might be divested to Borr Drilling, a new business formed in Norway. We learned on Friday by Evercore ISI's James West and group, who were commenting about a news initially revealed by Tradewinds: We noted in our Wrap-up and Weekly that Borr Drilling was reportedly thinking about buying Transocean's jackup fleet.
Examine This Report on Offshore Jack-up Rigs / Drill Ships - Allship - Shipbroker
2 billion deal to acquire a fleet of 15 RIG jackups. The possible transaction would entail Transocean's entire active fleet of 10 high-specification jack-ups, plus another 5 newbuilds under building and construction at Singapore's Keppel FELS, for an overall price of $1. 2 billion. Another $1. 125 billion is due on the five newbuilds, which would be presumed by Borr Drilling as these rigs have been delayed till 2020.
Half of Transocean's active jack-up fleet is currently stacked while the other half is contracted for 38 rig months (typical 7. 6 months per rig) for $172 million in stockpile (just 1. 5% of RIG's total $11. 3 billion). [ More Details from Fun trading: backlog is now $10. 8 billion and JU stockpile represents $161 million] We would be