Transocean LTD (NYSE:RIG) reported that the company along with Transocean Inc. obtained regulatory nod of its supplemental prospectus linked to the required acquisition of the remaining stock in Songa Offshore SE that are not with Transocean. The company anticipates to complete the required acquisition by the close of Q1 2018.
The supplemental prospectus combines updated information from Transocean’s 10-K filings and quarterly Fleet Status Report, and was passed by the Financial Supervisory Authority of Norway in the first week of March. The supplemental prospectus will be considered a vital part of the prospectus issued on February 16, 2018. In unrelated news, Transocean reported that Jeremy Thigpen, the CEO and President, will showcase at the Scotia Howard Weil upcoming 46th Annual Energy Conference on March 26, 2018.
During the release of Q4 2017 results, the CEO of Transocean stated that despite challenging market scenario, the company recorded great progress in 2017. Just recently, they upgraded their fleet with the new build additions of the Deepwater Poseidon and Deepwater Pontus, both of which are supported by 10-year contracts. Thigpen expressed that they reported the acquisition of Songa Offshore, bringing another seven semisubmersibles to their fleet. They divested their jackup fleet; and, they retired another 9 assets.
In addition to enhancing fleet, Transocean team continued to function at a high level for its customers, recording FY2017 revenue efficiency of over 96%. This consistently robust performance helped them to obtain 25 new floater awards across the year, adding nearly $900 million to company’s industry-leading backlog.
Thigpen added that as they enter 2018, their ongoing balance sheet management has offered them the source to continue carrying out their strategic goals, while extending their liquidity runway. They are thrilled by the upward momentum they persist to see in oil prices, and the subsequent increase in demand for their assets and services.