11.95 +0.02 (0.17%)
After hours: 6:38PM EDT
|Bid||11.95 x 36200|
|Ask||12.09 x 47300|
|Day's Range||11.77 - 12.14|
|52 Week Range||8.70 - 14.34|
|PE Ratio (TTM)||N/A|
|Earnings Date||Oct 30, 2018 - Nov 5, 2018|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||12.80|
In the week that ended on September 14, the oil rig count rose by seven to 867, just two fewer than its three-and-a-half-year high.
Diamondback Energy (FANG) teamed up with private equity firm The Carlyle Group for the development of its assets in the region, while HollyFrontier (HFC) announced a $1 billion share buyback plan.
We may still be months away from 2019, but three Motley Fool energy analysts already see three big trends that will play out next year.
Transocean (RIG) agreed to buy Ocean Rig UDW for $2.7 billion, while Chevron (CVX) scored a big legal victory over pollution claims in Ecuador that immunized it from paying a $9.5 billion fine.
Investors initially cheered the deal, bidding up RIG stock and Ocean Rig stock. On further inspection, Transocean may not be getting its money’s worth and there’s a lot to dislike about the buyout. In the end, the owners of RIG stock are getting a very mixed bag, indeed.
Between August 31 and September 7, upstream stock Southwestern Energy Company (SWN) fell the most on our list of energy stocks. In fact, the SPDR S&P Oil & Gas Exploration & Production ETF (XOP) fell 5.6%, the second-largest fall among the major energy subsector ETFs we looked at in Part Two of this series.
Offshore driller Transocean Ltd expects rates to lease drilling rigs to improve and contracting activity to pick up in late 2019, an outlook that drove its recent decision to purchase rival Ocean Rig UDW Inc for $2.7 billion, Chief Executive Officer Jeremy Thigpen said on Wednesday. Transocean on Tuesday agreed to buy Ocean Rig, marking its second major acquisition this year. The acquisitions signal an improved outlook for the offshore drilling sector which has been slow to recover from the 2014 oil price crash.
Transocean Ltd. has agreed to buy fellow offshore-drilling contractor Ocean Rig UDW Inc., in a cash-and-stock transaction valued at roughly $2.7 billion and aimed at strengthening the company’s drillship fleet ahead of an expected market recovery. Switzerland-based Transocean—among the world’s five biggest offshore operators, with revenue of $7.4 billion last year—will give Ocean Rig shareholders 1.6128 newly issued shares in the combined business plus $12.75 in cash per share of Ocean Rig’s common stock. The agreement would value Ocean Rig’s shares at $32.28 apiece, representing a 20% premium over the 10-day volume-weighted average share price of the drilling contractor as of Aug. 31.
Oil prices rose Tuesday as Tropical Storm Gordon barrels toward the Gulf Coast and disruptions in Libya sparked supply concerns and Transocean announced plans to buy a smaller competitor.
The world’s biggest offshore oil driller may reactivate two to three mothballed rigs a year as the industry embarks on a full-fledged recovery for deepwater exploration. In announcing a $2.7 billion deal for a rival operator, Transocean Ltd. cited a forecast by energy consultant Wood Mackenzie Ltd. that day-rates in waters more than two miles deep will more than double by 2020.
Offshore oil driller Transocean Ltd said on Tuesday it would buy peer Ocean Rig UDW Inc in a $2.7 billion cash-and-stock deal, its second major acquisition this year as the company bets on a recovery in the offshore sector. The acquisition signals new optimism for offshore drillers, which were hit hard by the steep plunge in oil prices from 2014. Offshore projects, which are more costly than onshore work and take years to develop, became less attractive after oil prices fell to below $30 a barrel in 2016.
The top four Ocean Rig shareholders (representing approximately 48% of Ocean Rig’s outstanding shares), all of Ocean Rig’s directors that own shares of Ocean Rig, and Transocean’s third largest shareholder, Perestroika (Cyprus) Ltd., controlled by current Transocean board member, have executed voting and support agreements. STEINHAUSEN, Switzerland and GRAND CAYMAN, Cayman Islands, Sept. 04, 2018 (GLOBE NEWSWIRE) -- Transocean Ltd. ("Transocean" or the “Company”) (RIG) and Ocean Rig UDW Inc. (“Ocean Rig”) (ORIG) announced today that they have entered into a definitive merger agreement under which Transocean will acquire Ocean Rig in a cash and stock transaction valued at approximately $2.7 billion, inclusive of Ocean Rig’s net debt.