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Newbuilt Jack-up Drilling Rig 300 ft- Allship - Shipbroker - Sale &  Purchase

Image: The Jack-up Transocean Constellation II. New about Transocean Ltd. (NYSE:RIG) The overseas drilling Industry is suffering through the worst bear cycle in history. The oil crash that started late in 2014 has actually had a dreadful result particularly on the offshore drilling players such as Transocean, Seadrill (NYSE:SDRL), Rowan Companies (NYSE:RDC), Ensco Plc.

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Consequently, competition is naturally becoming fiercer, because the offshore jack-up market (shallow waters) and the overseas floater market are oversupplied by a wide range of rigs, contemporary and old, that contend versus each other for a very limited quantity of agreements at low day rate, often near to breakeven level. Transocean is the uncontested leader in the deep water sector (floaters) with a remarkable stockpile approximated at over $10.

Today, this short article is about the jack-up part of Transocean which might be divested to Borr Drilling, a new company formed in Norway. We learned on Friday by Evercore ISI's James West and group, who were commenting about a news initially announced by Tradewinds: We noted in our Wrap-up and Weekly that Borr Drilling was apparently interested in purchasing Transocean's jackup fleet.

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2 billion deal to obtain a fleet of 15 RIG jackups. The prospective transaction would entail Transocean's entire active fleet of 10 high-specification jack-ups, plus another 5 newbuilds under building at Singapore's Keppel FELS, for an overall rate of $1. 2 billion.  Source  is due on the five newbuilds, which would be assumed by Borr Drilling as these rigs have actually been deferred till 2020.

Half of Transocean's active jack-up fleet is currently stacked while the other half is contracted for 38 rig months (average 7. 6 months per rig) for $172 million in stockpile (only 1. 5% of RIG's total $11. 3 billion). [note from Enjoyable trading: stockpile is now $10. 8 billion and JU stockpile represents $161 million] We would be aggressive buyers of Transocean if this transaction materializes, as it would monetize an under-utilized jack-up fleet that averages 13.