Latest Update From Transocean LTD (NYSE:RIG)

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Transocean LTD (NYSE:RIG) reported that Jeremy Thigpen, the CEO and President, will participate in the Barclays CEO Energy-Power Conference on September 7, 2017. A live webcast of this presentation will be accessible in listen-only mode and can be retrieved under the Investor Relations segment at www.deepwater.com. Also, an archived replay will be made available on the site for around 30 days.

The highlights

Transocean is a major global provider entity of offshore contract drilling services for gas and oil wells. The firm specializes in technically demanding units of the international offshore drilling operations with a specific focus on harsh environment and deepwater drilling services, and considers that it manages one of the most resourceful offshore drilling fleets in the world.

It has partial ownership stakes in or owns, and manages a fleet of 44 mobile offshore drilling segments comprising of 30 ultra-deepwater floaters, 7 harsh environment floaters, four midwater floaters and three deepwater floaters. Moreover, Transocean has as many as 4 ultra-deepwater drillships under production or under contract to be built. The firm even runs 2 advanced jackups that were under drilling deals when the rigs were offered, and the firm continues to manage these jackups until novation or completion of the drilling contracts.

In the month of August, Transocean posted 2Q 2017 revenues of $751 million. While lower sequentially by around 4%, it is managed to surpassed projections by $39 million. A strong show from ultra-deepwater unit, down 1% sequentially following a tougher 1Q 2017, helped contract drilling revenues to come at $705 million. The firm managed to break even on the bottom line, performing considerably better than the anticipated EPS of -$0.09.

The sizable decline in operating and maintenance expenses outpaced the decline in revenues by a notable margin. Hence, the company managed to post better drilling efficiency, which further helped to post strong EPS.

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