Intrinsic value of Transocean - RIG

Previous Close

$8.15

  Intrinsic Value

$6.88

stock screener

  Rating & Target

hold

-16%

Previous close

$8.15

 
Intrinsic value

$6.88

 
Up/down potential

-16%

 
Rating

hold

We calculate the intrinsic value of RIG stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 0001), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 3.8

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  12.10
  11.39
  10.75
  10.18
  9.66
  9.19
  8.77
  8.40
  8.06
  7.75
  7.48
  7.23
  7.01
  6.80
  6.62
  6.46
  6.32
  6.18
  6.07
  5.96
  5.86
  5.78
  5.70
  5.63
  5.57
  5.51
  5.46
  5.41
  5.37
  5.33
Revenue, $m
  3,333
  3,712
  4,111
  4,530
  4,967
  5,424
  5,900
  6,395
  6,910
  7,446
  8,003
  8,581
  9,182
  9,807
  10,457
  11,132
  11,835
  12,567
  13,330
  14,124
  14,952
  15,816
  16,717
  17,658
  18,641
  19,668
  20,742
  21,865
  23,039
  24,268
Variable operating expenses, $m
  2,426
  2,703
  2,993
  3,298
  3,616
  3,949
  4,295
  4,656
  5,031
  5,421
  5,826
  6,247
  6,685
  7,139
  7,612
  8,104
  8,616
  9,149
  9,704
  10,282
  10,885
  11,514
  12,170
  12,855
  13,571
  14,318
  15,100
  15,917
  16,772
  17,667
Fixed operating expenses, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  2,426
  2,703
  2,993
  3,298
  3,616
  3,949
  4,295
  4,656
  5,031
  5,421
  5,826
  6,247
  6,685
  7,139
  7,612
  8,104
  8,616
  9,149
  9,704
  10,282
  10,885
  11,514
  12,170
  12,855
  13,571
  14,318
  15,100
  15,917
  16,772
  17,667
Operating income, $m
  907
  1,010
  1,118
  1,232
  1,351
  1,475
  1,605
  1,739
  1,880
  2,025
  2,177
  2,334
  2,498
  2,667
  2,844
  3,028
  3,219
  3,418
  3,626
  3,842
  4,067
  4,302
  4,547
  4,803
  5,070
  5,350
  5,642
  5,947
  6,267
  6,601
EBITDA, $m
  1,841
  2,050
  2,271
  2,502
  2,743
  2,995
  3,258
  3,532
  3,816
  4,112
  4,420
  4,739
  5,071
  5,416
  5,775
  6,148
  6,536
  6,940
  7,361
  7,800
  8,257
  8,734
  9,232
  9,752
  10,295
  10,862
  11,455
  12,075
  12,723
  13,402
Interest expense (income), $m
  351
  459
  529
  603
  682
  764
  850
  940
  1,034
  1,132
  1,233
  1,339
  1,448
  1,562
  1,680
  1,803
  1,931
  2,064
  2,203
  2,347
  2,497
  2,653
  2,816
  2,986
  3,164
  3,349
  3,543
  3,745
  3,956
  4,177
  4,409
Earnings before tax, $m
  448
  481
  515
  550
  587
  625
  664
  705
  748
  792
  838
  886
  936
  987
  1,041
  1,097
  1,155
  1,216
  1,279
  1,345
  1,414
  1,485
  1,561
  1,639
  1,721
  1,807
  1,897
  1,991
  2,089
  2,192
Tax expense, $m
  121
  130
  139
  149
  158
  169
  179
  190
  202
  214
  226
  239
  253
  267
  281
  296
  312
  328
  345
  363
  382
  401
  421
  443
  465
  488
  512
  538
  564
  592
Net income, $m
  327
  351
  376
  402
  428
  456
  485
  515
  546
  578
  612
  647
  683
  721
  760
  801
  843
  887
  934
  982
  1,032
  1,084
  1,139
  1,197
  1,256
  1,319
  1,385
  1,453
  1,525
  1,600

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  22,518
  25,083
  27,780
  30,607
  33,563
  36,648
  39,864
  43,210
  46,692
  50,311
  54,072
  57,980
  62,041
  66,263
  70,653
  75,218
  79,969
  84,914
  90,065
  95,432
  101,027
  106,863
  112,953
  119,312
  125,953
  132,893
  140,147
  147,733
  155,669
  163,973
Adjusted assets (=assets-cash), $m
  22,518
  25,083
  27,780
  30,607
  33,563
  36,648
  39,864
  43,210
  46,692
  50,311
  54,072
  57,980
  62,041
  66,263
  70,653
  75,218
  79,969
  84,914
  90,065
  95,432
  101,027
  106,863
  112,953
  119,312
  125,953
  132,893
  140,147
  147,733
  155,669
  163,973
Revenue / Adjusted assets
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
Average production assets, $m
  21,576
  24,034
  26,617
  29,326
  32,158
  35,115
  38,195
  41,402
  44,738
  48,205
  51,809
  55,554
  59,445
  63,490
  67,696
  72,070
  76,622
  81,360
  86,296
  91,438
  96,799
  102,391
  108,227
  114,319
  120,682
  127,332
  134,282
  141,551
  149,154
  157,111
Working capital, $m
  57
  63
  70
  77
  84
  92
  100
  109
  117
  127
  136
  146
  156
  167
  178
  189
  201
  214
  227
  240
  254
  269
  284
  300
  317
  334
  353
  372
  392
  413
Total debt, $m
  8,527
  9,732
  11,000
  12,328
  13,718
  15,168
  16,679
  18,252
  19,888
  21,589
  23,357
  25,194
  27,102
  29,087
  31,150
  33,296
  35,528
  37,853
  40,273
  42,796
  45,426
  48,169
  51,031
  54,020
  57,141
  60,403
  63,812
  67,378
  71,107
  75,010
Total liabilities, $m
  10,584
  11,789
  13,057
  14,385
  15,775
  17,225
  18,736
  20,309
  21,945
  23,646
  25,414
  27,251
  29,159
  31,144
  33,207
  35,353
  37,585
  39,910
  42,330
  44,853
  47,483
  50,226
  53,088
  56,077
  59,198
  62,460
  65,869
  69,435
  73,164
  77,067
Total equity, $m
  11,935
  13,294
  14,723
  16,222
  17,788
  19,424
  21,128
  22,902
  24,747
  26,665
  28,658
  30,729
  32,882
  35,120
  37,446
  39,866
  42,383
  45,004
  47,734
  50,579
  53,544
  56,637
  59,865
  63,235
  66,755
  70,433
  74,278
  78,299
  82,504
  86,906
Total liabilities and equity, $m
  22,519
  25,083
  27,780
  30,607
  33,563
  36,649
  39,864
  43,211
  46,692
  50,311
  54,072
  57,980
  62,041
  66,264
  70,653
  75,219
  79,968
  84,914
  90,064
  95,432
  101,027
  106,863
  112,953
  119,312
  125,953
  132,893
  140,147
  147,734
  155,668
  163,973
Debt-to-equity ratio
  0.710
  0.730
  0.750
  0.760
  0.770
  0.780
  0.790
  0.800
  0.800
  0.810
  0.820
  0.820
  0.820
  0.830
  0.830
  0.840
  0.840
  0.840
  0.840
  0.850
  0.850
  0.850
  0.850
  0.850
  0.860
  0.860
  0.860
  0.860
  0.860
  0.860
Adjusted equity ratio
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  327
  351
  376
  402
  428
  456
  485
  515
  546
  578
  612
  647
  683
  721
  760
  801
  843
  887
  934
  982
  1,032
  1,084
  1,139
  1,197
  1,256
  1,319
  1,385
  1,453
  1,525
  1,600
Depreciation, amort., depletion, $m
  934
  1,040
  1,152
  1,270
  1,392
  1,520
  1,653
  1,792
  1,937
  2,087
  2,243
  2,405
  2,573
  2,748
  2,931
  3,120
  3,317
  3,522
  3,736
  3,958
  4,190
  4,433
  4,685
  4,949
  5,224
  5,512
  5,813
  6,128
  6,457
  6,801
Funds from operations, $m
  1,261
  1,392
  1,528
  1,671
  1,820
  1,976
  2,138
  2,307
  2,483
  2,665
  2,855
  3,052
  3,256
  3,469
  3,690
  3,921
  4,160
  4,409
  4,669
  4,940
  5,222
  5,517
  5,824
  6,145
  6,481
  6,831
  7,198
  7,581
  7,982
  8,402
Change in working capital, $m
  6
  6
  7
  7
  7
  8
  8
  8
  9
  9
  9
  10
  10
  11
  11
  11
  12
  12
  13
  14
  14
  15
  15
  16
  17
  17
  18
  19
  20
  21
Cash from operations, $m
  1,255
  1,385
  1,521
  1,664
  1,813
  1,968
  2,130
  2,299
  2,474
  2,656
  2,845
  3,042
  3,246
  3,458
  3,679
  3,909
  4,148
  4,397
  4,656
  4,927
  5,208
  5,502
  5,809
  6,129
  6,464
  6,814
  7,179
  7,562
  7,962
  8,381
Maintenance CAPEX, $m
  -833
  -934
  -1,040
  -1,152
  -1,270
  -1,392
  -1,520
  -1,653
  -1,792
  -1,937
  -2,087
  -2,243
  -2,405
  -2,573
  -2,748
  -2,931
  -3,120
  -3,317
  -3,522
  -3,736
  -3,958
  -4,190
  -4,433
  -4,685
  -4,949
  -5,224
  -5,512
  -5,813
  -6,128
  -6,457
New CAPEX, $m
  -2,329
  -2,458
  -2,584
  -2,709
  -2,832
  -2,956
  -3,081
  -3,207
  -3,335
  -3,467
  -3,604
  -3,745
  -3,892
  -4,045
  -4,206
  -4,374
  -4,552
  -4,738
  -4,935
  -5,142
  -5,361
  -5,592
  -5,835
  -6,092
  -6,363
  -6,649
  -6,951
  -7,269
  -7,604
  -7,957
Cash from investing activities, $m
  -3,162
  -3,392
  -3,624
  -3,861
  -4,102
  -4,348
  -4,601
  -4,860
  -5,127
  -5,404
  -5,691
  -5,988
  -6,297
  -6,618
  -6,954
  -7,305
  -7,672
  -8,055
  -8,457
  -8,878
  -9,319
  -9,782
  -10,268
  -10,777
  -11,312
  -11,873
  -12,463
  -13,082
  -13,732
  -14,414
Free cash flow, $m
  -1,907
  -2,006
  -2,103
  -2,197
  -2,289
  -2,380
  -2,470
  -2,562
  -2,654
  -2,748
  -2,845
  -2,946
  -3,050
  -3,160
  -3,275
  -3,396
  -3,524
  -3,658
  -3,801
  -3,952
  -4,111
  -4,280
  -4,459
  -4,648
  -4,848
  -5,060
  -5,283
  -5,520
  -5,769
  -6,033
Issuance/(repayment) of debt, $m
  1,131
  1,205
  1,267
  1,329
  1,389
  1,450
  1,511
  1,573
  1,636
  1,701
  1,768
  1,837
  1,909
  1,984
  2,063
  2,146
  2,233
  2,324
  2,421
  2,523
  2,630
  2,743
  2,862
  2,988
  3,121
  3,262
  3,410
  3,565
  3,730
  3,903
Issuance/(repurchase) of shares, $m
  967
  1,008
  1,053
  1,097
  1,138
  1,179
  1,219
  1,259
  1,299
  1,340
  1,381
  1,425
  1,470
  1,517
  1,567
  1,619
  1,675
  1,734
  1,796
  1,863
  1,934
  2,009
  2,089
  2,173
  2,263
  2,359
  2,460
  2,567
  2,681
  2,801
Cash from financing (excl. dividends), $m  
  2,098
  2,213
  2,320
  2,426
  2,527
  2,629
  2,730
  2,832
  2,935
  3,041
  3,149
  3,262
  3,379
  3,501
  3,630
  3,765
  3,908
  4,058
  4,217
  4,386
  4,564
  4,752
  4,951
  5,161
  5,384
  5,621
  5,870
  6,132
  6,411
  6,704
Total cash flow (excl. dividends), $m
  191
  207
  218
  228
  239
  249
  260
  270
  281
  292
  304
  316
  328
  341
  355
  369
  384
  400
  416
  434
  452
  472
  492
  514
  537
  561
  586
  613
  641
  671
Retained Cash Flow (-), $m
  -1,294
  -1,359
  -1,429
  -1,498
  -1,567
  -1,635
  -1,704
  -1,774
  -1,845
  -1,918
  -1,993
  -2,071
  -2,153
  -2,238
  -2,326
  -2,420
  -2,518
  -2,621
  -2,730
  -2,845
  -2,966
  -3,093
  -3,228
  -3,370
  -3,520
  -3,678
  -3,845
  -4,021
  -4,206
  -4,401
Prev. year cash balance distribution, $m
  2,066
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  963
  -1,152
  -1,211
  -1,270
  -1,328
  -1,386
  -1,444
  -1,503
  -1,564
  -1,626
  -1,689
  -1,756
  -1,824
  -1,896
  -1,972
  -2,051
  -2,134
  -2,221
  -2,314
  -2,411
  -2,513
  -2,622
  -2,736
  -2,856
  -2,983
  -3,117
  -3,259
  -3,408
  -3,565
  -3,730
Discount rate, %
  5.10
  5.36
  5.62
  5.90
  6.20
  6.51
  6.83
  7.18
  7.54
  7.91
  8.31
  8.72
  9.16
  9.62
  10.10
  10.60
  11.13
  11.69
  12.27
  12.89
  13.53
  14.21
  14.92
  15.66
  16.45
  17.27
  18.13
  19.04
  19.99
  20.99
PV of cash for distribution, $m
  916
  -1,038
  -1,028
  -1,009
  -983
  -949
  -909
  -864
  -813
  -759
  -702
  -644
  -584
  -524
  -466
  -409
  -355
  -304
  -256
  -213
  -175
  -141
  -112
  -87
  -66
  -50
  -36
  -26
  -18
  -12
Current shareholders' claim on cash, %
  88.5
  79.0
  70.9
  64.1
  58.3
  53.2
  48.9
  45.0
  41.7
  38.7
  36.0
  33.6
  31.5
  29.5
  27.7
  26.1
  24.7
  23.3
  22.0
  20.9
  19.8
  18.8
  17.8
  17.0
  16.1
  15.4
  14.6
  13.9
  13.3
  12.7

Transocean Ltd. is an international provider of offshore contract drilling services for oil and gas wells. The Company's primary business is to contract its drilling rigs, related equipment and work crews on a dayrate basis to drill oil and gas wells. As of February 9, 2017, it owned or had partial ownership interests in and operated 56 mobile offshore drilling units. As of February 9, 2017, its fleet consisted of 30 floaters, seven harsh environment floaters, three deepwater floaters, six midwater floaters and 10 high-specification jackups. As February 9, 2017, it also had four ultra-deepwater drillships and five high-specification jackups under construction or under contract to be constructed. Its contract drilling services operations are spread across oil and gas exploration and development areas throughout the world. The Company's drilling fleet can be characterized as floaters, including drillships and semisubmersibles, and jackups.

FINANCIAL RATIOS  of  Transocean (RIG)

Valuation Ratios
P/E Ratio 4.1
Price to Sales 0.8
Price to Book 0.2
Price to Tangible Book
Price to Cash Flow 1.7
Price to Free Cash Flow 5.6
Growth Rates
Sales Growth Rate -43.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -32.8%
Cap. Spend. - 3 Yr. Gr. Rate -9.7%
Financial Strength
Quick Ratio 4
Current Ratio 0.3
LT Debt to Equity 49%
Total Debt to Equity 53.6%
Interest Coverage 4
Management Effectiveness
Return On Assets 4.1%
Ret/ On Assets - 3 Yr. Avg. 1.4%
Return On Total Capital 3.3%
Ret/ On T. Cap. - 3 Yr. Avg. -0.1%
Return On Equity 5.1%
Return On Equity - 3 Yr. Avg. -0.3%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 54.9%
Gross Margin - 3 Yr. Avg. 53.1%
EBITDA Margin 52.3%
EBITDA Margin - 3 Yr. Avg. 27.7%
Operating Margin 27.2%
Oper. Margin - 3 Yr. Avg. 10.3%
Pre-Tax Margin 22.4%
Pre-Tax Margin - 3 Yr. Avg. 5.6%
Net Profit Margin 18.7%
Net Profit Margin - 3 Yr. Avg. 3.5%
Effective Tax Rate 11.5%
Eff/ Tax Rate - 3 Yr. Avg. 6%
Payout Ratio 0%

RIG stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the RIG stock intrinsic value calculation we used $2973 million for the last fiscal year's total revenue generated by Transocean. The default revenue input number comes from 0001 income statement of Transocean. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our RIG stock valuation model: a) initial revenue growth rate of 12.1% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 5.1%, whose default value for RIG is calculated based on our internal credit rating of Transocean, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Transocean.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of RIG stock the variable cost ratio is equal to 72.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for RIG stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 6.2% for Transocean.

Corporate tax rate of 27% is the nominal tax rate for Transocean. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the RIG stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for RIG are equal to 647.4%.

Life of production assets of 23.1 years is the average useful life of capital assets used in Transocean operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for RIG is equal to 1.7%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $12707 million for Transocean - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 461.868 million for Transocean is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Transocean at the current share price and the inputted number of shares is $3.8 billion.

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COMPANY NEWS

▶ Arnold Van Den Berg Buys Dollar Tree, Transocean   [Dec-10-18 03:09PM  GuruFocus.com]
▶ Should You Buy Transocean Ltd (RIG)?   [Dec-09-18 03:48AM  Insider Monkey]
▶ Oil is surging after word of OPEC production cut   [Dec-07-18 10:24AM  Yahoo Finance Video]
▶ Transocean Acquires Ocean Rig   [Dec-04-18 07:00PM  Rigzone.com]
▶ Is Transocean a Buy?   [Dec-01-18 10:05AM  Motley Fool]
▶ Transocean closes $2.7B acquisition early   [Nov-29-18 02:41PM  American City Business Journals]
▶ 3 Top Energy Stocks to Buy Right Now   [Nov-09-18 06:03AM  Motley Fool]
▶ Third Avenue Management Comments on Ocean Rig UDW   [Nov-01-18 04:01PM  GuruFocus.com]
▶ Transocean: 3Q Earnings Snapshot   [05:21PM  Associated Press]
▶ Transocean Ltd. Announces Offering of Notes   [06:58AM  GlobeNewswire]
▶ See the largest office leases signed in Houston so far this year   [Oct-19-18 02:49PM  American City Business Journals]
▶ With major tenant departures, Greenway Plaza to transform into 24/7 hub   [09:12AM  American City Business Journals]
▶ Oil Price Rally Revives Offshore Oil Sector   [Oct-17-18 06:00PM  Oilprice.com]
▶ Offshore drillers eye recovery by 2020   [Oct-15-18 12:03PM  Reuters]
▶ Exclusive: Tenant revealed for recent 300,000 SF Energy Corridor lease   [Oct-12-18 03:41PM  American City Business Journals]
▶ An Investor's Guide to Offshore   [Oct-06-18 07:30PM  Motley Fool]
▶ Why Transocean, Novavax, and Steelcase Jumped Today   [Sep-21-18 04:30PM  Motley Fool]
▶ How Financially Strong Is Transocean Ltd (NYSE:RIG)?   [Sep-20-18 10:44AM  Simply Wall St.]
▶ 3 Cheap Stocks I'd Buy Right Now   [Sep-17-18 04:17PM  Motley Fool]
▶ Transoceans Acquisition Is a Mixed Bag   [12:41PM  InvestorPlace]
▶ Why RigNet Inc.'s Stock Continued Rallying on Friday   [Sep-10-18 01:33PM  Motley Fool]
▶ 3 Top Oil Stocks to Buy in September   [Sep-07-18 10:20AM  Motley Fool]
▶ Company News For Sept 5, 2018   [09:57AM  Zacks]
▶ Transocean Agrees to Acquire Ocean Rig UDW for $2.7 Billion   [Sep-04-18 10:17PM  The Wall Street Journal]
▶ What Happened in the Stock Market Today   [05:04PM  Motley Fool]
▶ Transocean Agrees to Acquire Ocean Rig for $2.7 Billion   [01:14PM  The Wall Street Journal]

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