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What to Expect from Transocean’s 1Q17 Results

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Dec. 4 2020, Updated 10:53 a.m. ET

1Q17 results

Transocean (RIG) plans to release its 1Q17 results on May 3, 2017, after the market closes. The release will be followed by a conference call the next day.

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Fleet status report

Transocean released its fleet status report on April 24, 2017. The report didn’t have much news except for in regards to Transocean’s new contract on its Spitsbergen rig. Market Realist reported about this deal when Statoil announced it on April 4, 2017.

Statoil has contracted Transocean Spitsbergen for three exploration wells in the UK and for a six-well production drilling (IYE) campaign in Norway. The contracts are expected to start in the third quarter of 2017. This win would add around $113 million to Transocean’s backlog. As of April 24, 2017, Transocean has a backlog of $10.8 billion. In this brutal downturn, Transocean has the highest backlog among peers Seadrill (SDRL), Ensco (ESV), Diamond Offshore (DO), Noble (NE), and Rowan Companies (RDC).

Another detail from the fleet status report is that Transocean’s rigs GSF Constellation I and GSF Galaxy I will work until April 2017 instead of previously estimated March 2017 and May 2017, respectively.

Jack-up sales

In March 2017, Transocean (RIG) agreed to sell 15 jack-ups to Borr Drilling. This transaction will leave Transocean with only floaters in its fleet. To know more about the deal, read Market Realist’s article Transocean sold 15 jackups and Evercore just weighed in.

Series overview

In this series, we’ll look at analysts’ revenue and earnings estimates for Transocean’s 1Q17 results. We’ll also discuss analysts’ recommendations as well as recent upgrades and downgrades for Transocean.

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