We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Transocean (RIG) Gets Drilling Contract From Norway-Based Firms
Read MoreHide Full Article
Transocean Ltd. (RIG - Free Report) declared that it received a contract for its harsh environment semi-submersible Transocean Norge from two Norwegian oil and gas companies — OMV and Wintershall Dea.
OMV and Wintershall Dea awarded a rig contract for the use of Transocean Norge for 17 wells off the Norwegian coast, of which 11 will be for Wintershall Dea and six for OMV. Moreover, the deal provides RIG with the exclusive right to drill all the wells for the firms’ respective drilling campaigns commencing in 2023 through 2027, contingent on rig availability and other conditions.
Per Transocean, the contract period includes options to drill additional operated wells and incentives to reward the rig contractor for safe and efficient operations.
Assuming that all the necessary sanctions are received on a portion of the contract work, which is subject to operator and government approval, the full contract period, per RIG, is 1,071 days. The average day rate is $408,000, which will contribute $437 million to the backlog.
Transocean, the Vernier, Switzerland-based American offshore driller, holds a 33% stake in Transocean Norge through a joint venture with Hayfin Capital Management LLP. Transocean Norge is a sixth-generation drilling rig with a hybrid energy solution and digital optimization of power distribution.
Transocean is the world’s largest offshore drilling contractor and a leading provider of drilling management services. It provides rigs on a contractual basis to explore and develop oil and gas. Transocean offers offshore drilling rigs, equipment, services and manpower (with a particular emphasis on ultra-deepwater and harsh environment drilling services) to exploration and production companies worldwide.
Image: Bigstock
Transocean (RIG) Gets Drilling Contract From Norway-Based Firms
Transocean Ltd. (RIG - Free Report) declared that it received a contract for its harsh environment semi-submersible Transocean Norge from two Norwegian oil and gas companies — OMV and Wintershall Dea.
OMV and Wintershall Dea awarded a rig contract for the use of Transocean Norge for 17 wells off the Norwegian coast, of which 11 will be for Wintershall Dea and six for OMV. Moreover, the deal provides RIG with the exclusive right to drill all the wells for the firms’ respective drilling campaigns commencing in 2023 through 2027, contingent on rig availability and other conditions.
Per Transocean, the contract period includes options to drill additional operated wells and incentives to reward the rig contractor for safe and efficient operations.
Assuming that all the necessary sanctions are received on a portion of the contract work, which is subject to operator and government approval, the full contract period, per RIG, is 1,071 days. The average day rate is $408,000, which will contribute $437 million to the backlog.
Transocean, the Vernier, Switzerland-based American offshore driller, holds a 33% stake in Transocean Norge through a joint venture with Hayfin Capital Management LLP. Transocean Norge is a sixth-generation drilling rig with a hybrid energy solution and digital optimization of power distribution.
Transocean is the world’s largest offshore drilling contractor and a leading provider of drilling management services. It provides rigs on a contractual basis to explore and develop oil and gas. Transocean offers offshore drilling rigs, equipment, services and manpower (with a particular emphasis on ultra-deepwater and harsh environment drilling services) to exploration and production companies worldwide.
Transocean currently has a Zacks Rank #3 (Hold). Some better-ranked stocks from the energy space that warrant a look include Exxon Mobil (XOM - Free Report) , Valero (VLO - Free Report) and Phillips 66 (PSX - Free Report) , each carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The Zacks Consensus Estimate for Exxon Mobil’s 2022 earnings is pegged at $12.67 per share, up about 135.5% from the year-ago earnings of $5.38.
The consensus estimate for XOM’s 2022 earnings has been revised upward by about 5.8% over the past 60 days from $11.98 per share to $12.67 per share.
The Zacks Consensus Estimate for Phillips’ 2022 earnings stands at $16.30 per share, up about 186% from the year-ago earnings of $5.70.
PSX beat the Zacks Consensus Estimate for earnings in all the trailing four quarters, the average being around 36.4%.
Valero beat estimates for earnings in all the trailing four quarters, the average being around 33.5%.
The Zacks Consensus Estimate for VLO’s 2022 earnings stands at $27.64 per share, up about 883.6% from the year-ago earnings of $2.81.