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Weighing on the offshore drilling company was an analyst downgrade. Transocean bucked the broader trend in the energy market today.
Why Transocean Stock Is Plunging Today
While shares of most oil-related companies rallied thanks to higher oil prices, its stock sank following a downgrade by RBC Capital. Driving the downgrade is RBC Capital's view that Transocean's risk of filing for Chapter 11 bankruptcy has "increased from a possibility to a probability. As a result, Transocean will likely be cash flow negative in and That debt will be hard to refinance given Transocean's deteriorating finances.
Market conditions have become so bad that several of its peers have already hired restructuring advisers and appear on their way to bankruptcy. Just today, Reuters reported that rival Valaris is preparing to start talks with creditors on terms of a possible bankruptcy filing.
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Meanwhile, fellow offshore drilling company Diamond Offshore recently elected not to make an interest payment. That could set the stage for a bankruptcy filing within the next 30 days. It's increasingly likely that Transocean won't survive this downturn.
Several of its peers appear likely to file for bankruptcy in the coming weeks, which could force Transocean to do the same. That event might wipe out shareholders, which is why investors should steer clear of this stock for now. Investing Best Accounts. Stock Market Basics.
Transocean - Wikipedia
Stock Market. Long will also assume the role of Chief Operating Officer upon the retirement of Heagney in June Long joined the company in and has held numerous operational and financial roles over his year career including division engineer…. The one-year contract, which provides for a one-year extension period, is expected to commence in early March , following mobilization of the rig from the North Sea.
No medical problems were reported among the rescued crewmembers. The December merger of Transocean Offshore Inc. Transocean said all 92 crewmen aboard the jack-up rig Trident IX were evacuated without injury to a service vessel. It said it expected insurance to cover the cost of the damage that appeared to be limited to the drill floor area.
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- Analysts are increasingly concerned about the offshore driller's future..
The incident which occurred on Thursday in the Madura Straits, offshore East Java, was caused by an uncontrollable release of natural gas which subsequently ignited. At its extraordinary general meeting held Dec. Shareholders approved an increase in authorized ordinary share capital, the issuance of ordinary shares in the merger, anincrease in the maximum size of the company's board of directors to 13 persons and an increase in the number of ordinary shares reserved for issuance under the company's Long-Term Incentive Plan and Employee Stock Purchase Plan.
On Aug. Cole has been name executive vice president, Shallow and Inland Water Operations, overseeing the company's industry-leading presence in the shallow and inland waters of the U. Cole joined the company in in Corporate Planning and has since held a number of management roles in the company's Operations and Marketing departments, including Division Manager in Egypt ad Scotland and Senior vice President of European Operations.
Transocean Sedco Forex Inc.
He is a graduate of the University of Virginia in Charlottesville, Va. Production Company in the U. All three rigs are designed to drill in water depths of up to 10, ft. The company also announced that Victor E. Grijalva would continue to serve as the chairman of the board of directors of Transocean Sedco Forex….
PPLS' business is primarily in oil rig and vessel construction as well as steel fabrication. There are also options for four additional jack-up drilling rigs to be built for Sante Fe International Corporation. DEVCO concurs with previously announced reserve estimates of million boe in several oil reservoirs extending across portions of East Breaks Blocks , , and Platform, production facilities and pipeline contracts are being evaluated, and development drilling is scheduled to begin in the second quarter of this year. The partners anticipate first production in the first quarter of ABN AMRO raised its earnings estimates for several offshore drillers and said the oil service industry was in the early stages of a multiyear growth phase.
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Accordingly, we would use any periods of significant near-term weakness as buying opportunities," he added. Transocean Sedco Forex, Inc. Oil was observed on the surface at the site, approximately 75 miles south of Houma, La. All appropriate government agencies were notified, and the pipelne was shut in by Equilon Pipeline Company, which operates the pipeline.
Transocean Sedco Forex worked with Equilon's emergency response team and with all appropriate governmental agencies with respect to remediation efforts. The company expects insurance will substantially cover any potential liability associated with the matter.