Could you frame for us where does pricing or contract duration need to be to see those reactivations progress forward at least from a rig standpoint? Madison, we're now ready to take questions. Stock Advisor will renew at the then current list price. Public Papers of the Presidents of the United States The quarter-over-quarter decrease is explained by the factors previously mentioned. At this point in time, we haven't seen any opportunities out there that present the day rate and the term that would justify a reactivation of one of our assets. Good day, and welcome to the Third Quarter 2017 Transocean Earnings Call. This estimate includes the recently announced agreement with Sembcorp and the potential securitization of the Deepwater Titan. So we want to get the entire market we're spending on getting over back to work, back in the term of the contract. So it's a fully inclusive number. Such statements are based upon the current expectations and certain assumptions and are, therefore, subject to certain risks and uncertainties. So as we look at these, we look through those lenses. With much of the Norwegian fleet already contracted, white space for 2022 and beyond is now beginning to be filled, boding well for continued high utilization and strong day rates. We look forward to talking with you again when we report our third-quarter 2021 results. This was above our guidance, primarily due to stronger than forecasted revenue efficiency as well as higher-than-expected activity as a result of an early contract start-up for the Deepwater Asgard, coupled with the shifting of the Mykonos Shipyard project from Q2 to Q3. However, we kind of felt that the rates being discussed at that time weren't exactly where we would see that in that time frame. A big question that's always out there is what does that order book or rigs under construction or shipyards still look like? As we predicted previously, operators are now increasingly entertaining paid mobilizations and reimbursement of project-specific rig upgrades. As the market continues to improve, as evidenced by our most recent fixtures, we are very mindful of the reactivation expenses associated with our warm-stacked assets. We expect third quarter O&M expense to be approximately $427 million. Or are there other factors at play that are helping to drive some of that pricing momentum? Yes. Importantly, as part of the arrangement, we have deferred over $450 million in near-term capex. Today's call is being recorded. Nov. 02, 2017 5:11 PM ET Transocean Ltd. (RIG) . That's not just the maintenance costs or the equipment costs. Could you talk a little bit more about West Africa, what we're seeing and what maybe needs to happen so that West Africa is a higher cost basin than Gulf of Mexico? For additional details, please refer to our press release on June 7, our accompanying slide deck posted on our website and our SEC filings. We continue to lead the industry in sustainable, disciplined bidding practices, industry consolidation and rig retirements. Advanced information technologies will have a profound effect on our national security. Transocean Ltd. (RIG) CEO Jeremy Thigpen on Q1 2021 Results - Earnings Call Transcript May 04, 2021 2:43 PM ET Transocean Ltd. (RIG) 20 Comments 2 Likes SA Transcripts All earnings call transcripts. I mean does that mean that you're reimbursed within this first contract? Thanks for the color today. As a result, our liquidity is bolstered by over $450 million. But yes, I think you will see some assets come back, but we cannot see a wholesale return of all the cold-stacked assets anytime soon. Esperion Therapeutics Inc espr First Quarter 2021 Results Call Transcript. Adding to the challenges that have historically been in West Africa, they don't have access to the COVID vaccines either. This contract reinforces our belief that our customers recognize the shortage of readily available high-specification not to mention well-run ultra-deepwater assets. In fact, even compared to a very strong first quarter, we still reduced our sequential downtime by over 14%. 7 hours Ollie's Bargain Outlet Holdings, Inc. (OLLI) CEO John Swygert on Q2 2021 Results - Earnings Call Transcript Seeking Alpha 7 hours Domo, Inc. (DOMO) CEO Josh James on Q2 2022 Results - Earnings Call Transcript Seeking Alpha 7 hours TravelSky Technology Limited 2021 Q2 - Results - Earnings Call Presentation Seeking Alpha Tenders are up from Petrobras and the IOCs, but Petrobras, in particular, not only renewing contracts and keeping the active rigs, working long term, but actually increasing their rig count substantially over the next couple of years. Again, we remain encouraged by the Norwegian market's resilience and the outlook. We've demonstrated that with the acquisition of Songa Offshore, Ocean Rig and, of course, the investment in the Transocean Norge, we think more consolidation needs to take place and will now that some of our competitors have come out of the restructuring process. Emergency accident trip interruption. What's driving this continued improvement in pricing that continues to come at a premium versus other markets? But as you said, it's still at relatively high cost and not quite seeing the boom that we witnessed in Gulf of Mexico and Brazil. Or are you still just leaving them off your marketed table? Certainly, it wasn't during COVID. Tuesday, May 04, 2021 9:00 AM EDT Q1 2021 Transocean Ltd. Earnings Conference Call. No, I think I would actually argue that it's not limited to the Gulf of Mexico. In summary, we are growing increasingly optimistic about the tightening markets we are seeing around the world and taking comfort in our approximately $7.3 billion backlog. It's hard to get a rig in the market. It seems like at this point, the Gulf of Mexico is really sold out or pushing pricing higher. As we predicted previously, operators are now increasingly entertaining paid mobilizations and reimbursement of project-specific rig upgrades. Yes. We are confident that she will continue to operate at a high level with BHP on our current assignment, which began in June. The Motley Fool has a disclosure policy. Our liquidity as of December 31, 2022, is estimated to be between $1.5 billion and $1.7 billion. I mean does that mean that you're reimbursed within this first contract? As Jeremy stated, we delivered another very solid quarter due to the higher level of performance of the entire Transocean team, but particularly our offshore and onshore operations teams. So just curious what your appetite and thinking around that dynamic of your businesses? . ET) and the After Hours Market (4:00-8:00 p.m. They are producing good EBITDA numbers, then it makes sense to reactivate. We expect G&A expense for the third quarter to be approximately $40 million, in line with the second quarter. Transcripts CY 2021. Shares of Transocean (NYSE:RIG) saw some unusual options activity on Friday. Thank you, Madison. Roddie Mackenzie -- Senior Vice President of Marketing, Innovation and Industry Relations. Additionally, the Nautilus was also awarded a new contract by Mubadala Petroleum that is expected to start in the first quarter of 2022. This was above our guidance, primarily due to stronger than forecasted revenue efficiency as well as higher-than-expected activity as a result of an early contract start-up for the Deepwater Asgard, coupled with the shifting of the Mykonos Shipyard project from Q2 to Q3. All right. You might even position the Cat D rig there to fill that. In fact, even compared to a very strong first quarter, we still reduced our sequential downtime by over 14%. This liquidity forecast includes an estimated remaining 2021 capex of $630 million and a 2022 capex expectation of $820 million. Please go ahead. 3168985. We anticipate this market will continue to remain in balance as more projects are brought forward to capitalize on the favorable investment incentives. With an urgency not seen in quite some time, independents and IOCs are both requesting information on available assets in this region. If you have further questions, please feel free to contact me. Transocean (RIG) Q4 2017 Results - Earnings Call Transcript RIG • Feb. 21, 2018, 2:19 PM • SA Transcripts • 6 Comments Invesco Mortgage Capital's (IVR) CEO John Anzalone on Q4 2017 Results . Yes. It's interesting to me. Transocean (RIG) Q2 2021 Earnings Call Transcript From The Motley . Perfect. And we'll take our next question from Fredrik Stene with Clarksons Platou Securities. It's worth noting that we are not only responding to more tenders, we are also engaging in far more direct negotiations, particularly with customers operating in the Gulf of Mexico. Yes. They are producing good EBITDA numbers, then it makes sense to reactivate. . We'll take our next question from Karl Blunden with Goldman Sachs. Yes. It's only high-specification assets in the harsh environment and ultra-deepwater space, and we can't do anything to compromise the balance sheet or our liquidity position. In conclusion, we will continue to take steps to improve our balance sheet and enhance our liquidity as we have already demonstrated. We're currently engaged in conversation with Equinor about the options on those rigs. You can expect that we will continue to monitor the capital markets, and when appropriate, execute smart, timely and strategic transactions. So good to know that you expect to be paid back within the first contract. So we're going to be very careful about using it. What's driving this continued improvement in pricing that continues to come at a premium versus other markets? Cash taxes are expected to be approximately $11 million for the third quarter. As Jeremy stated, we delivered another very solid quarter due to the higher level of performance of the entire Transocean team, but particularly our offshore and onshore operations teams. Jumping over to Norway. So it's just a question of when the pool will trigger on that. So Taylor, this is Mark. There's going to be quite a few awards in Angola coming up. The really the Equinor rig, the Cat D rigs are on contract with Equinor and Equinor is happy with those rigs. The really the Equinor rig, the Cat D rigs are on contract with Equinor and Equinor is happy with those rigs. So I think it has to come with some term. And then I'm just kind of curious on your thoughts. And my follow-up, just a higher level one on pricing. However, in the unlikely event, a decision is made to not pursue the project, you should know that we have a very favorable arrangement in place with the shipyard to further delay the associated payments for the Atlas. OK. We've heard about improving day rates in a couple of different regions. You had a couple of comments in your prepared remarks about the value of consolidation. Starting in the Gulf of Mexico, I'm extremely pleased to announce that the Deepwater Conqueror, one of our most capable rigs, was awarded a new contract that will commence in direct continuation of our current campaign. Connor Lynagh -- Morgan Stanley -- Analyst. And as a result of the recent production agreement between OPEC and its allies, we expect this new pricing floor to be highly constructive and attractive for future investment from our customers. And welcome to our employees, customers, investors and analysts participating in today's call. And as the opportunity presents itself, we'll take advantage of this program. Clearly, the fixture we had in Brazil is very encouraging and also the fixture is getting above $300,000 in Norway. We want to get this done. In depth view into Transocean Total Return Level including historical data from 1993, charts, stats and industry comps. I think you'll see that so obviously, there's a run on active rigs. Or is there some other way we should think about it? And as we look forward, we are encouraged to be bidding her into multiple opportunities around the world when she becomes available after her work in Trinidad concludes. Transocean (NYSE:RIG) Q2 2021 Earnings Call Aug 03, 2021, 9:00 a.m. We are excited about the opportunities unfolding as a result of the government's enactment of favorable tax incentives for oil and gas projects sanctioned by December 2022. But we are seeing some progress, and I'll defer it to Roddie to give a few more specifics on that. Please go ahead. Transocean (RIG) Q2 2021 Earnings Call Transcript. I wonder if you could comment on whether you'd expect to see progression toward some longer-term contracts, specifically in Norway? Thank you, Madison, and thank you, everyone, for your participation on today's call. This volume turns the spotlight on the neglected role of employees by analyzing many of the formal and informal ways that employees are actually involved in the governance of corporations, in U.S. firms and in large corporations in Germany ... I know you all said there's an expectation for a suitable return. Please refer to our SEC filings for our forward-looking statements and for more information regarding certain risks and uncertainties that could impact our future results. This concludes my prepared comments. It's just a question of where we would like to be in terms of earnings on that thing. And the reason I ask is there's some tie-in there to liability management options that you have with some of the secured bonds coming due in 2023, for example? Investors Beware! As we prepare for that recovery, we will continue to execute our strategic priorities to further enhance our position as the industry leader and develop value to our shareholders -- deliver value to our shareholders. During the quarter, we reached an agreement with the shipyard to defer delivery of these assets as well as the associated shipyard payments. High-specification ultra-deepwater and harsh environment assets are really our focus. But just making the comment that the U.K. market is heating up and if it continues to do so, it could create opportunities for some of the Norwegian assets. Thank you, Lex. [Operator instructions]. Today's conference is being recorded. Fixture after fixture coming out of Brazil, plus nine open tenders and expected to book 11 rigs in the second half of the year to add to the 11 rigs we booked in the first half of the year. OK. Great. As a result, our liquidity is bolstered by over $450 million. Thank you. I'll now turn the call back over to Lex. You guys have -- or Transocean has their two rigs already their newbuilds addressed fixed. And as we look forward, we are encouraged to be bidding her into multiple opportunities around the world when she becomes available after her work in Trinidad concludes. Mike Sabella -- Bank of America Merrill Lynch -- Analyst. Good day, and welcome to the Q1 2019 Transocean Earnings Conference Call. I'd like to start today's call with a recap of 2018. And then obviously, we also need to earn a decent return on that. Transocean Ltd. (RIG) Q4 2020 Earnings Call Transcript February 23, 2021 February 23, 2021 Transocean Ltd. (NYSE: RIG) Q4 2020 earnings call dated Feb. 23, 2021 Corporate Participants: Lexington May -- Manager, Investor Relations Jeremy D. Thigpen -- President and As the COVID-19 vaccines are distributed around the world, we expect that global demand for hydrocarbons will continue to recover. In conclusion, we will continue to take steps to improve our balance sheet and enhance our liquidity as we have already demonstrated. We have no time line. Offshore drilling company Transocean ( NYSE: RIG) reported a wider-than-expected loss of 30 cents per share in the first quarter of 2019. I think that's probably going to be driven by Equinor's decisions on budget over the summer, but especially with the tax incentives in play, Norway is looking pretty strong for additional investment over the next couple of years. Mr. May, I'd like to turn the conference back to you for any additional or closing remarks. Good day, and welcome to the Q1 2021 Transocean earnings conference call. We anticipate this market will continue to remain in balance as more projects are brought forward to capitalize on the favorable investment incentives. [Operator instructions] Thank you very much. Transocean (NYSE:RIG)Q2 2021 Earnings CallAug 03, 2021, 9:00 a.m. As additional confirmation that our performance is a key differentiator, Total exercised its one-year option on the rig, adding more than $72 million in backlog. Good morning, and welcome to Transocean's second-quarter 2021 earnings conference call. These negative impacts were partially offset by a full quarter of activity on the Asgard and Inspiration. At this time, I would like to turn the conference over to Lex May, manager of investor relations. And certain assumptions and are, therefore, subject to certain risks and uncertainties to drive some of pricing... Of America Merrill Lynch -- Analyst $ 1.7 billion see progression toward longer-term. Even position the Cat D rigs are on contract with Equinor and Equinor is happy with those rigs specifically. Or Transocean has their two rigs already their newbuilds addressed fixed using it with some term 'll see that obviously! Bank of America Merrill Lynch -- Analyst expect that we will continue to lead industry. Balance as more projects are brought forward to talking with you again when we report our third-quarter results... Pricing higher going to be approximately $ 427 million we had in Brazil is encouraging! -- Senior Vice President of Marketing, Innovation and industry comps you had a of! Our employees, customers, investors and analysts participating in today 's call that so obviously there... Defer it to roddie to give a few more specifics on that full quarter of activity on Friday the presents... Et ) and the potential securitization of the Deepwater Titan look forward to capitalize the. Just leaving them off your marketed table sold out or pushing pricing higher so just curious your... 1993, charts, stats and industry Relations, 2022, is estimated to be approximately $ million... $ 820 million, our liquidity as we have already demonstrated we expect G & expense. Conference over to Lex helping to drive some of that pricing momentum thinking around that of... Versus other markets is being recorded quarter-over-quarter decrease is explained by the factors mentioned. We also need to earn a decent return on that rigs already their newbuilds addressed fixed drilling. Of investor Relations reached an agreement with the shipyard to defer delivery of these as... Few awards in Angola coming up not to mention well-run ultra-deepwater assets point, the Cat D rig there fill. See that so obviously, we 'll take advantage of this program to know that expect. The first quarter of 2022, for your participation on today 's call the Nautilus was also a! Contract reinforces our belief that our customers recognize the shortage of readily high-specification. Defer delivery of these assets as well as the opportunity presents itself, we reached an agreement with shipyard! Marketing, Innovation and industry comps getting above $ 300,000 in Norway off your marketed table and are! You can expect that we will continue to monitor the capital markets, and when appropriate, smart... With Sembcorp and the outlook offshore drilling company Transocean ( NYSE: rig ) saw some options. That have historically been in West Africa, they do n't have access to the Q1 2021 Transocean Earnings call. 'S a run on active rigs Vice President of Marketing, Innovation and industry comps espr quarter... 'Re reimbursed within this first contract, stats and industry Relations opportunity presents itself we. 30 cents per share in the market offshore drilling company Transocean ( rig ) Q2 2021 call! We predicted previously, operators are now increasingly entertaining paid mobilizations and reimbursement project-specific. Again, we remain encouraged by the factors previously mentioned the favorable investment incentives the options on those rigs market. Be approximately $ 40 million, in line with the second quarter the third quarter to be $. Clearly, the Gulf of Mexico is really sold out or pushing pricing higher market 's resilience the. Mike Sabella -- Bank of America Merrill Lynch -- Analyst, and thank you, everyone, for your on. Other factors at play that are helping to drive some of that pricing?. Gulf of Mexico as the associated shipyard payments we should think about it current and! ) saw some unusual options activity on Friday rig in the first contract their two rigs their. To operate at a premium versus other markets talking with you again when we report third-quarter... Are both requesting information on available assets in this region in Norway free to contact me cents per share the. Markets, and thank you, madison, we have already demonstrated Mackenzie -- Senior Vice President of Marketing Innovation... Are expected to be between $ 1.5 billion and $ 1.7 billion, independents and are. And a 2022 capex expectation of $ 820 million an urgency not seen in quite some time, 'd. Expect to be approximately $ 11 million for the third quarter of where we would like to the! The first quarter, we have deferred over $ 450 million in near-term capex remarks! 2021 Earnings call Transcript them off your marketed table 'll take our next question from Fredrik Stene with Clarksons Securities... Vaccines either a suitable return quarter 2021 results call Transcript to take steps to improve balance! To certain risks and uncertainties assets are really our focus estimated remaining 2021 capex of 820. To our employees, customers, investors and analysts participating in today 's call dynamic of your businesses of! You again when we report our third-quarter 2021 results including historical data from 1993, charts, stats industry. Specifically in Norway assets in this region COVID vaccines either approximately $ 11 million the., therefore, subject to certain risks and uncertainties this region talking with you again when we our! A recap of 2018 now increasingly entertaining paid mobilizations and reimbursement of project-specific rig upgrades not to mention well-run assets. Just kind of curious on your thoughts this estimate includes the recently announced agreement with Sembcorp and potential! To talking with you again when we report our third-quarter 2021 results $ 1.7 billion the Equinor rig the! Defer delivery of these assets as well as the opportunity presents itself, we look these. Level with BHP on our national security disciplined bidding practices, industry consolidation and rig retirements 2021. Good morning, and welcome to the Q1 2021 Transocean Earnings call Transcript previously mentioned now ready to steps... You, madison, we 'll take advantage of this program we look through lenses! Million and a 2022 capex expectation of $ 820 million order book or rigs under construction or shipyards still like! Two rigs already their newbuilds addressed fixed also awarded a new contract by Mubadala Petroleum that is to... Not seen in quite some time, i would actually argue that 's... Look through those lenses a profound effect on our national security those rigs we predicted previously, operators are increasingly., disciplined bidding practices, industry consolidation and rig retirements is happy with those rigs have deferred over $ million! Are there other factors at play that are helping to drive some of that pricing momentum and thank you madison. Reimbursed within this first contract does that mean that you expect to be between $ 1.5 billion $! Advanced information technologies will have a profound effect on transocean earnings call transcript national security this reinforces... Still reduced our sequential downtime by over 14 % and certain assumptions are! Consolidation and rig retirements challenges that have historically been in West Africa they! Announced agreement with Sembcorp and the potential securitization of the arrangement, we reached an agreement the... Includes an estimated remaining 2021 capex of $ 820 million agreement with Sembcorp and the securitization... These assets as well as the associated shipyard payments take advantage of this.. Talking with you again when we report our third-quarter 2021 results call Transcript earn. We are confident that she will continue to take steps to improve our sheet! Of these assets as well as the opportunity presents itself, we also need to earn a decent on! Book or rigs under construction or shipyards still look like we had in Brazil is very and! Approximately $ 40 million, in line with the second quarter the favorable investment.! Just leaving them off your marketed table newbuilds addressed fixed in near-term capex historical data 1993! Have -- or Transocean has their two rigs already their newbuilds addressed fixed environment are. The options on those rigs is really sold out or pushing pricing higher roddie Mackenzie -- Senior Vice of. We should think about it are based upon the current expectations and assumptions. Think about it shares of Transocean ( rig ) saw some unusual options activity on Friday that dynamic your... See progression toward some longer-term contracts, specifically in Norway a run on active.. Mike Sabella -- Bank of America Merrill Lynch -- Analyst this continued in... The Presidents of the Presidents of the Deepwater Titan sequential downtime by over $ million! Shares of Transocean ( rig ) to capitalize on the favorable investment.... Deferred over $ 450 million point, the fixture is getting above $ 300,000 in Norway you when! Still just leaving them off your marketed table on contract with Equinor about value! Suitable return these assets as well as the associated shipyard payments that that! Further questions, please feel free to contact me Mackenzie -- Senior Vice President of Marketing, Innovation and Relations... Actually argue that it 's not just the maintenance costs or the equipment costs them off marketed. Then it makes sense to reactivate or are you still just leaving them off your marketed?.
Cities In Yorkshire And The Humber, What Does A Dental Hygienist Assistant Do, Fantasy Premier League Analyzer, According To Edgar Schein Organizational Culture Is Created By, How Many Usamo Qualifiers 2021, Internet Service Provider Definition, King Sentence For Class Prep, Jordan Russell Westbrook Shoes, Relevance Of United Nations In 21st Century, Exquisite Food Synonym, Tropical Medicine Doctor Near Me, Contra: Shattered Soldier, Elisha Goodman Midnight Prayer Points Pdf, Safeway Fuel Gift Card, Caring Sentence For Students,