The Basic Principles Of Offshore Jack-up Rigs / Drill Ships - Allship - Shipbroker

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How Do Jackups Work? - Rigzone

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

Offshore oil rig Images, Stock Photos & Vectors - Shutterstock

Subsequently, competition is naturally becoming fiercer, because the offshore jack-up market (shallow waters) and the overseas floater market are oversupplied by a multitude of rigs, modern and old, that complete versus each other for an extremely restricted quantity of contracts at low day rate, typically near breakeven level. Transocean is the uncontested leader in the deep water sector (floaters) with an outstanding stockpile approximated at over $10.

Today, this article has to do with the jack-up part of Transocean which may be divested to Borr Drilling, a brand-new company formed in Norway.  Reference  learned on Friday by Evercore ISI's James West and group, who were commenting about a news initially revealed by Tradewinds: We kept in mind in our Recap and Weekly that Borr Drilling was reportedly interested in purchasing Transocean's jackup fleet.

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Get This Report on New Fortress Energy Acquires Maersk Jackup Rigs in $31

2 billion deal to acquire a fleet of 15 RIG jackups. The possible deal would require Transocean's entire active fleet of 10 high-specification jack-ups, plus another 5 newbuilds under building and construction at Singapore's Keppel FELS, for an overall price of $1. 2 billion. Another $1. 125 billion is due on the 5 newbuilds, which would be assumed by Borr Drilling as these rigs have actually been delayed until 2020.

Half of Transocean's active jack-up fleet is presently 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 overall $11. 3 billion). [note from Fun trading: backlog is now $10. 8 billion and JU stockpile represents $161 million] We would be aggressive purchasers of Transocean if this deal emerges, as it would generate income from an under-utilized jack-up fleet that averages 13.