LONDON, UK / ACCESSWIRE / September 25, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for Transocean Ltd (NYSE: RIG), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/?symbol=RIG. The Company announced on September 22, 2017, that it intends to retire 5 ultra-deep floaters and 1 deepwater floater. The Company stated that it will recognize an impairment charge of about $1.4 billion during Q3 2017 associated with this action. Transocean is a leading provider of offshore contract drilling services for oil and gas wells. The Company specializes in technically demanding sectors of the global offshore drilling business with primary focus on deepwater and harsh environment drilling services, where it states that it operates one of the most versatile offshore drilling fleets in the world. For immediate access to our complimentary reports, including today's coverage, register for free now at:

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The Announcement

Transocean stated that it intends to retire the ultra-deepwater floaters, namely, GSF Jack Ryan, Sedco Energy, Sedco Express, Cajun Express, and Deepwater Pathfinder, and the deepwater floater Transocean Marianas. The rigs, according to the Company, will be classified as held for sale and will be recycled in an environmentally responsible manner, where all the six rigs were previously cold stacked.

The Company announced that it continues to enhance the quality of its fleet through the addition of new, high-specification assets, and the retirement of older, less competitive rigs. Transocean stated that it remains committed to delivering the customers with the most technically capable and high-quality ultra-deepwater and harsh environment assets in the industry, and would continue to objectively evaluate the rigs and high-grade the fleet according to the evolution in the market.

The Discoverer Clear Leader Early Termination Notice

Prior to the announcement, on September 20, 2017, Transocean announced that a subsidiary of Chevron elected to exercise its contractual option to terminate the drilling contract for the ultra-deepwater drillship Discoverer Clear Leader, effective November 2017, prior to its expiration in October 2018. In accordance with the contract terms, Transocean will be compensated in Q4 2017, through a lump sum payment of about $148 million in contract termination fees, which is the present value of the operating day rate less the operating costs per day.

Company Growth Prospects

On August 15, 2017, Transocean announced an agreement with Songa Offshore SE, whereby it will make a Voluntary Exchange Offer, subject to certain conditions, to acquire 100% of the issued and outstanding shares of Songa Offshore, including shares issued before expiry of the offer period, as a result of the exercise of the warrants, convertible loans, and other subscription rights.

The transaction enabled Transocean to strengthen its industry-leading position with the addition of the Songa Offshore's four ?Cat-D? harsh environment, semisubmersible drilling rigs on long-term contracts with Statoil in Norway. The acquired Company's fleet also includes three additional semisubmersible drilling rigs. The transaction was expected to be accretive on earnings before interest, tax, depreciation, and amortization (EBITDA), operating cash flow, and net Debt/EBITDA basis, where the Company anticipated annual expense synergies of about $40 million.

Last Close Stock Review

On Friday, September 22, 2017, the stock closed the trading session at $9.32, rising 2.64% from its previous closing price of $9.08. A total volume of 16.04 million shares have exchanged hands. Transocean's stock price surged 22.15% in the last one month and 15.20% in the past three months. The stock currently has a market cap of $3.64 billion.

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