Transocean Pockets $232M Drillship Contract For Deepwater Atlas: Details
Portfolio Pulse from Lekha Gupta
Transocean Ltd (NYSE:RIG) has secured a $232 million contract with BP for the Deepwater Atlas in the Gulf of Mexico, boosting its backlog. The company also announced asset sales totaling $342 million, resulting in a significant non-cash charge. RIG shares rose 4.59% premarket.
September 11, 2024 | 10:59 am
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POSITIVE IMPACT
Investors can gain exposure to Transocean's developments through the Exchange Traded Concepts Trust Range Global Offshore Oil Services Index ETF (OFOS).
OFOS provides exposure to Transocean, which has seen positive developments. The ETF may benefit from Transocean's contract and asset sales.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 30
POSITIVE IMPACT
Transocean Ltd has secured a $232 million contract with BP for the Deepwater Atlas, adding to its backlog. The company also announced asset sales totaling $342 million, resulting in a significant non-cash charge. RIG shares rose 4.59% premarket.
The $232 million contract with BP is a positive development, adding to Transocean's backlog and indicating future revenue. However, the asset sales result in a significant non-cash charge, which could impact financials. The premarket share price increase reflects investor optimism.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
Investors can gain exposure to Transocean's developments through the SPDR S&P Oil & Gas Equipment & Services ETF (XES).
XES provides exposure to Transocean, which has seen positive developments. The ETF may benefit from Transocean's contract and asset sales.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 30
NEUTRAL IMPACT
BP has entered into a $232 million contract with Transocean for the Deepwater Atlas in the Gulf of Mexico, indicating continued investment in deepwater drilling.
The contract with Transocean suggests BP's ongoing commitment to deepwater projects, but the direct impact on BP's stock is less pronounced compared to Transocean.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 50