Intrinsic value of Transocean - RIG

Previous Close

$10.76

  Intrinsic Value

$8.13

stock screener

  Rating & Target

sell

-24%

Previous close

$10.76

 
Intrinsic value

$8.13

 
Up/down potential

-24%

 
Rating

sell

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 2017), $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 4.2

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  3,032
  3,102
  3,182
  3,271
  3,371
  3,479
  3,598
  3,726
  3,864
  4,013
  4,171
  4,341
  4,521
  4,712
  4,916
  5,131
  5,359
  5,600
  5,855
  6,124
  6,408
  6,707
  7,023
  7,355
  7,706
  8,074
  8,462
  8,871
  9,300
  9,752
Variable operating expenses, $m
  2,208
  2,258
  2,316
  2,382
  2,454
  2,533
  2,619
  2,713
  2,813
  2,921
  3,037
  3,160
  3,291
  3,431
  3,579
  3,736
  3,902
  4,077
  4,263
  4,458
  4,665
  4,883
  5,113
  5,355
  5,610
  5,878
  6,161
  6,458
  6,771
  7,100
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
  2,208
  2,258
  2,316
  2,382
  2,454
  2,533
  2,619
  2,713
  2,813
  2,921
  3,037
  3,160
  3,291
  3,431
  3,579
  3,736
  3,902
  4,077
  4,263
  4,458
  4,665
  4,883
  5,113
  5,355
  5,610
  5,878
  6,161
  6,458
  6,771
  7,100
Operating income, $m
  825
  844
  865
  890
  917
  946
  979
  1,014
  1,051
  1,091
  1,135
  1,181
  1,230
  1,282
  1,337
  1,396
  1,458
  1,523
  1,593
  1,666
  1,743
  1,824
  1,910
  2,001
  2,096
  2,196
  2,302
  2,413
  2,530
  2,653
EBITDA, $m
  2,788
  2,852
  2,925
  3,008
  3,099
  3,199
  3,308
  3,426
  3,553
  3,689
  3,835
  3,991
  4,157
  4,333
  4,520
  4,718
  4,927
  5,149
  5,383
  5,631
  5,892
  6,167
  6,457
  6,763
  7,085
  7,424
  7,780
  8,156
  8,551
  8,966
Interest expense (income), $m
  351
  443
  456
  470
  485
  503
  523
  544
  567
  593
  620
  649
  681
  714
  750
  788
  828
  870
  915
  963
  1,013
  1,066
  1,122
  1,181
  1,244
  1,309
  1,379
  1,451
  1,528
  1,609
  1,693
Earnings before tax, $m
  382
  388
  396
  405
  414
  424
  435
  446
  458
  471
  485
  500
  516
  532
  550
  568
  588
  608
  630
  653
  677
  702
  729
  757
  787
  818
  850
  885
  921
  959
Tax expense, $m
  103
  105
  107
  109
  112
  114
  117
  120
  124
  127
  131
  135
  139
  144
  148
  153
  159
  164
  170
  176
  183
  190
  197
  204
  212
  221
  230
  239
  249
  259
Net income, $m
  279
  283
  289
  295
  302
  309
  317
  326
  335
  344
  354
  365
  376
  388
  401
  415
  429
  444
  460
  476
  494
  513
  532
  553
  574
  597
  621
  646
  672
  700

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
  20,770
  21,248
  21,794
  22,407
  23,086
  23,832
  24,643
  25,522
  26,469
  27,484
  28,571
  29,731
  30,965
  32,277
  33,670
  35,145
  36,707
  38,359
  40,104
  41,947
  43,891
  45,942
  48,103
  50,380
  52,779
  55,304
  57,962
  60,759
  63,701
  66,796
Adjusted assets (=assets-cash), $m
  20,770
  21,248
  21,794
  22,407
  23,086
  23,832
  24,643
  25,522
  26,469
  27,484
  28,571
  29,731
  30,965
  32,277
  33,670
  35,145
  36,707
  38,359
  40,104
  41,947
  43,891
  45,942
  48,103
  50,380
  52,779
  55,304
  57,962
  60,759
  63,701
  66,796
Revenue / Adjusted assets
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
Average production assets, $m
  19,632
  20,084
  20,600
  21,179
  21,821
  22,526
  23,293
  24,123
  25,018
  25,978
  27,005
  28,101
  29,268
  30,509
  31,825
  33,219
  34,696
  36,257
  37,906
  39,648
  41,486
  43,424
  45,467
  47,619
  49,887
  52,273
  54,786
  57,429
  60,211
  63,136
Working capital, $m
  221
  226
  232
  239
  246
  254
  263
  272
  282
  293
  305
  317
  330
  344
  359
  375
  391
  409
  427
  447
  468
  490
  513
  537
  563
  589
  618
  648
  679
  712
Total debt, $m
  7,351
  7,573
  7,827
  8,112
  8,428
  8,775
  9,152
  9,561
  10,001
  10,473
  10,979
  11,518
  12,092
  12,702
  13,349
  14,036
  14,762
  15,530
  16,341
  17,198
  18,102
  19,056
  20,061
  21,120
  22,235
  23,409
  24,645
  25,946
  27,314
  28,753
Total liabilities, $m
  9,658
  9,880
  10,134
  10,419
  10,735
  11,082
  11,459
  11,868
  12,308
  12,780
  13,286
  13,825
  14,399
  15,009
  15,656
  16,343
  17,069
  17,837
  18,648
  19,505
  20,409
  21,363
  22,368
  23,427
  24,542
  25,716
  26,952
  28,253
  29,621
  31,060
Total equity, $m
  11,112
  11,368
  11,660
  11,988
  12,351
  12,750
  13,184
  13,654
  14,161
  14,704
  15,285
  15,906
  16,566
  17,268
  18,013
  18,803
  19,638
  20,522
  21,456
  22,441
  23,482
  24,579
  25,735
  26,953
  28,237
  29,588
  31,010
  32,506
  34,080
  35,736
Total liabilities and equity, $m
  20,770
  21,248
  21,794
  22,407
  23,086
  23,832
  24,643
  25,522
  26,469
  27,484
  28,571
  29,731
  30,965
  32,277
  33,669
  35,146
  36,707
  38,359
  40,104
  41,946
  43,891
  45,942
  48,103
  50,380
  52,779
  55,304
  57,962
  60,759
  63,701
  66,796
Debt-to-equity ratio
  0.660
  0.670
  0.670
  0.680
  0.680
  0.690
  0.690
  0.700
  0.710
  0.710
  0.720
  0.720
  0.730
  0.740
  0.740
  0.750
  0.750
  0.760
  0.760
  0.770
  0.770
  0.780
  0.780
  0.780
  0.790
  0.790
  0.790
  0.800
  0.800
  0.800
Adjusted equity ratio
  0.535
  0.535
  0.535
  0.535
  0.535
  0.535
  0.535
  0.535
  0.535
  0.535
  0.535
  0.535
  0.535
  0.535
  0.535
  0.535
  0.535
  0.535
  0.535
  0.535
  0.535
  0.535
  0.535
  0.535
  0.535
  0.535
  0.535
  0.535
  0.535
  0.535

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  279
  283
  289
  295
  302
  309
  317
  326
  335
  344
  354
  365
  376
  388
  401
  415
  429
  444
  460
  476
  494
  513
  532
  553
  574
  597
  621
  646
  672
  700
Depreciation, amort., depletion, $m
  1,963
  2,008
  2,060
  2,118
  2,182
  2,253
  2,329
  2,412
  2,502
  2,598
  2,701
  2,810
  2,927
  3,051
  3,182
  3,322
  3,470
  3,626
  3,791
  3,965
  4,149
  4,342
  4,547
  4,762
  4,989
  5,227
  5,479
  5,743
  6,021
  6,314
Funds from operations, $m
  2,242
  2,292
  2,349
  2,413
  2,484
  2,562
  2,647
  2,738
  2,836
  2,942
  3,055
  3,175
  3,303
  3,439
  3,584
  3,737
  3,898
  4,070
  4,250
  4,441
  4,643
  4,855
  5,079
  5,315
  5,563
  5,824
  6,099
  6,389
  6,693
  7,014
Change in working capital, $m
  4
  5
  6
  7
  7
  8
  9
  9
  10
  11
  12
  12
  13
  14
  15
  16
  17
  18
  19
  20
  21
  22
  23
  24
  26
  27
  28
  30
  31
  33
Cash from operations, $m
  2,238
  2,287
  2,343
  2,407
  2,477
  2,554
  2,638
  2,729
  2,826
  2,931
  3,043
  3,163
  3,290
  3,425
  3,569
  3,721
  3,882
  4,052
  4,232
  4,422
  4,622
  4,833
  5,056
  5,290
  5,537
  5,797
  6,071
  6,359
  6,662
  6,981
Maintenance CAPEX, $m
  -1,925
  -1,963
  -2,008
  -2,060
  -2,118
  -2,182
  -2,253
  -2,329
  -2,412
  -2,502
  -2,598
  -2,701
  -2,810
  -2,927
  -3,051
  -3,182
  -3,322
  -3,470
  -3,626
  -3,791
  -3,965
  -4,149
  -4,342
  -4,547
  -4,762
  -4,989
  -5,227
  -5,479
  -5,743
  -6,021
New CAPEX, $m
  -385
  -452
  -516
  -579
  -642
  -705
  -767
  -830
  -895
  -960
  -1,027
  -1,096
  -1,167
  -1,240
  -1,316
  -1,395
  -1,476
  -1,561
  -1,650
  -1,742
  -1,838
  -1,938
  -2,043
  -2,152
  -2,267
  -2,387
  -2,512
  -2,644
  -2,781
  -2,925
Cash from investing activities, $m
  -2,310
  -2,415
  -2,524
  -2,639
  -2,760
  -2,887
  -3,020
  -3,159
  -3,307
  -3,462
  -3,625
  -3,797
  -3,977
  -4,167
  -4,367
  -4,577
  -4,798
  -5,031
  -5,276
  -5,533
  -5,803
  -6,087
  -6,385
  -6,699
  -7,029
  -7,376
  -7,739
  -8,123
  -8,524
  -8,946
Free cash flow, $m
  -72
  -128
  -181
  -233
  -283
  -333
  -382
  -431
  -481
  -531
  -582
  -634
  -687
  -742
  -798
  -856
  -916
  -979
  -1,044
  -1,111
  -1,181
  -1,254
  -1,330
  -1,409
  -1,492
  -1,578
  -1,669
  -1,763
  -1,862
  -1,966
Issuance/(repayment) of debt, $m
  205
  222
  254
  285
  316
  347
  377
  409
  440
  472
  505
  539
  574
  610
  647
  686
  726
  768
  812
  857
  904
  953
  1,005
  1,059
  1,115
  1,174
  1,236
  1,301
  1,368
  1,439
Issuance/(repurchase) of shares, $m
  0
  0
  3
  33
  61
  89
  117
  144
  172
  199
  227
  255
  284
  314
  344
  375
  407
  440
  474
  509
  546
  584
  624
  666
  709
  754
  801
  850
  902
  956
Cash from financing (excl. dividends), $m  
  205
  222
  257
  318
  377
  436
  494
  553
  612
  671
  732
  794
  858
  924
  991
  1,061
  1,133
  1,208
  1,286
  1,366
  1,450
  1,537
  1,629
  1,725
  1,824
  1,928
  2,037
  2,151
  2,270
  2,395
Total cash flow (excl. dividends), $m
  133
  94
  76
  85
  94
  103
  113
  122
  131
  141
  151
  161
  171
  182
  193
  205
  217
  229
  242
  256
  270
  284
  300
  316
  333
  350
  369
  388
  408
  429
Retained Cash Flow (-), $m
  -221
  -256
  -292
  -328
  -363
  -399
  -434
  -470
  -506
  -543
  -581
  -620
  -661
  -702
  -745
  -789
  -836
  -884
  -934
  -986
  -1,040
  -1,097
  -1,156
  -1,218
  -1,283
  -1,351
  -1,422
  -1,496
  -1,574
  -1,656
Prev. year cash balance distribution, $m
  1,816
  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
  42
  42
  43
  45
  46
  47
  49
  50
  52
  54
  56
  58
  61
  63
  66
  69
  72
  75
  78
  82
  86
  90
  94
  98
  103
  108
  113
  118
  124
  130
Cash available for distribution, $m
  1,728
  -162
  -216
  -243
  -269
  -295
  -322
  -348
  -375
  -403
  -431
  -460
  -489
  -520
  -552
  -585
  -619
  -655
  -692
  -730
  -771
  -813
  -857
  -903
  -951
  -1,001
  -1,053
  -1,109
  -1,166
  -1,227
Discount rate, %
  4.90
  5.15
  5.40
  5.67
  5.96
  6.25
  6.57
  6.89
  7.24
  7.60
  7.98
  8.38
  8.80
  9.24
  9.70
  10.19
  10.70
  11.23
  11.79
  12.38
  13.00
  13.65
  14.33
  15.05
  15.80
  16.59
  17.42
  18.29
  19.21
  20.17
PV of cash for distribution, $m
  1,648
  -146
  -185
  -195
  -202
  -205
  -206
  -204
  -200
  -194
  -185
  -175
  -163
  -151
  -138
  -124
  -110
  -96
  -83
  -71
  -59
  -49
  -39
  -31
  -24
  -18
  -14
  -10
  -7
  -5
Current shareholders' claim on cash, %
  100.0
  100.0
  100.0
  99.6
  98.8
  97.8
  96.6
  95.1
  93.4
  91.6
  89.6
  87.5
  85.3
  83.1
  80.8
  78.4
  76.1
  73.7
  71.4
  69.0
  66.7
  64.4
  62.2
  60.0
  57.8
  55.7
  53.6
  51.6
  49.6
  47.7

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 5.4
Price to Sales 1
Price to Book 0.3
Price to Tangible Book
Price to Cash Flow 2.2
Price to Free Cash Flow 7.4
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 2017 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 2% 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 4.9%, 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 1.4%.

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 10 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 7.3%. 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 391 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 $4.2 billion.

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COMPANY NEWS

▶ 3 Stocks That Are Absurdly Cheap Right Now   [Aug-16-18 05:51PM  Motley Fool]
▶ 5 Energy Stocks Face Steep Pullbacks   [08:00AM  Investopedia]
▶ Here's how much Transocean will pay its new COO   [Aug-14-18 03:52PM  American City Business Journals]
▶ Transocean: 2Q Earnings Snapshot   [05:17PM  Associated Press]
▶ Can You Believe These 3 Stocks Are So Cheap?   [Jul-26-18 06:33AM  Motley Fool]
▶ Transocean Ltd. Provides Quarterly Fleet Status Report   [Jul-23-18 04:27PM  GlobeNewswire]
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▶ Energy: Marathon Oil and Transocean Look Like Buys   [Jul-09-18 10:23AM  Barrons.com]
▶ Transocean Shows Scrappiness by Retiring Old Rigs   [Jun-15-18 10:01AM  Barrons.com]
▶ Where Will Seadrill Partners LLC Be in 1 Year?   [Jun-12-18 07:07AM  Motley Fool]
▶ 3 Top Energy Stocks to Buy in June   [Jun-06-18 06:06AM  Motley Fool]
▶ Transocean COO retires, replacement named   [Jun-04-18 09:02AM  American City Business Journals]
▶ [$$] Hot Hedge Fund Firm Bets Big on Transocean, Intel   [May-25-18 08:00AM  Barrons.com]
▶ Top 3 Equipment and Services ETFs   [May-24-18 09:55AM  Investopedia]
▶ Is It The Right Time To Buy Transocean Ltd (NYSE:RIG)?   [May-17-18 12:59PM  Simply Wall St.]
▶ Dow, S&P 500 and Nasdaq Jump as Crude Oil Spikes   [May-09-18 02:42PM  TheStreet.com]
▶ Final Trade: VIA, RIG & more   [May-08-18 05:30PM  CNBC Videos]
▶ Takeaways From Transocean's Q1   [May-01-18 01:55PM  Forbes]
▶ Transocean LTD Shares Dip as Loss Wider Than Expected   [Apr-30-18 06:41PM  InvestorPlace]
▶ Transocean: 1Q Earnings Snapshot   [04:35PM  Associated Press]
▶ Transocean Ltd. Provides Quarterly Fleet Status Report   [Apr-18-18 04:19PM  GlobeNewswire]
▶ 5 Oil And Gas Companies Set To Soar In 2018   [Apr-16-18 07:30PM  Oilprice.com]
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