Transocean (RIG) Stock Lower After Providing Quarterly Fleet Status Report

What is going on with RIG?

Transocean Ltd. (RIG) stock fell today after the oil and gas company issued a quarterly Fleet Status Report that provides the current status and contract information for the company’s fleet of offshore drilling rigs.

Transocean disclosed that the aggregate incremental backlog associated with the contracts is approximately $87.7 million.

As of February 14, the company’s total backlog is approximately $6.5 billion.

RIG operates one of the largest deep-water and ultra-deep-water fleets in the world and has major basins in West Africa, Brazil, and the Gulf of Mexico.

The company specializes in drilling in ultra-deepwater and harsh environments.

Shares of RIG declined 1.33% to $3.68 as of Monday at 10:21am.

What does this mean for Transocean?

Transocean’s quarterly fleet report lists the following updates to the company’s fleet of offshore ships.

  • Deepwater Conqueror – Awarded a one-well contract extension in the U.S. Gulf of Mexico at $335,000 per day.
  • Deepwater Asgard – Awarded a two-well contract in the U.S. Gulf of Mexico at $395,000 per day.
  • Deepwater Invictus – Awarded a one-well contract extension in the U.S. Gulf of Mexico at $305,000 per day.
  • Discoverer Inspiration – Awarded a one-well contract, plus two one-well options in the U.S. Gulf of Mexico at $290,000 per day.
  • Paul B Loyd, Jr. – Awarded a one-well contract in the U.K. North Sea at $160,000 per day.

As of February 1, Transocean owns 37 mobile offshore drilling units consisting of 27 ultra-deepwater floaters and 10 harsh environment floaters.

The company is also constructing two ultra-deepwater drillships.

Long-Term Technical Rank - 99

RIG has a Long-Term Technical Rank of 99. Find out what this means to you and get the rest of the rankings on RIG!

Earthstone Energy Inc is an independent oil and natural gas development and production company. The company focuses on the acquisition, development, exploration, and production of onshore, crude oil and natural gas reserves. It is also active in corporate mergers and the acquisition of oil and natural gas properties. The company’s reserve portfolio consists of assets in the Midland Basin of West Texas, and the Eagle Ford Trend of South Texas. Its operations are all in the upstream segment of the oil and natural gas industry and are conducted onshore in the United States.

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