| Transocean Fleet Update: To Scrap 4 Rigs, Book Charge in Q1 - Analyst Blog | |
| | |
|
Offshore drilling giant, Transocean Ltd. RIG has provided a monthly fleet status report for the period from Feb 17, 2015. The value of all the new deals and extensions in contracts, during the aforesaid time frame, is estimated at roughly $9 million. The update covers the company's offshore drilling rig status and contract information.
Transocean disclosed that the expected out-of-service time for 2015 has been lowered by 102 days, primarily due to the semisubmersible Henry Goodrich, which is currently idle.
Per the report, Sedco Express – a fifth generation semisubmersible rig – has received a one-well contract extension, under which it will work in offshore Nigeria. Sedco Express is expected to work at a dayrate of $300,000. The award has added $9 million to the company’s existing project backlog.
The company added that it has stacked the previously idle ultra-deepwater floaters Discoverer Spirit, GSF Jack Ryan, Deepwater Discovery, and Deepwater Pathfinder. Transocean also announced its plans to scrap the rigs Deepwater Expedition, Transocean Legend, Transocean Rather, and GSF Arctic III. The company intends to scrap a total of 16 floaters – including the above-mentioned rigs.
Transocean expects a non-cash charge of about $300–$325 million in its first quarter result as it plans to scrap the rigs.
Although the reduction in fleet may seem like bad news for the company, one should consider the fact that scrapping and stacking rigs mean lower operating costs for the firm. In the current turbulent times cost containment plays an important role and the move should give the company the much needed cash flow.
Currently, Transocean carries a Zacks Rank #3 (Hold).
Better-ranked players from the energy sector include Ferrellgas Partners LP FGP, Alon USA Partners, LP ALDW and Valero Energy Partners LP VLP. All these stocks sport a Zacks Rank #1 (Strong Buy). Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report FERRELLGAS -LP (FGP): Free Stock Analysis Report TRANSOCEAN LTD (RIG): Free Stock Analysis Report ALON USA PTNRS (ALDW): Free Stock Analysis Report VALERO EGY PTNR (VLP): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research
|
|
|
Ferrellgas
|
|
|
CODE : FGP |
ISIN : US3152931008 |
|
| |
ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Ferrellgas is a producing company based in United states of america. Ferrellgas is listed in United States of America. Its market capitalisation is US$ 31.1 millions as of today (€ 28.0 millions). Its stock quote reached its highest recent level on January 09, 2009 at US$ 9.98, and its lowest recent point on January 10, 2020 at US$ 0.20. Ferrellgas has 97 152 665 shares outstanding. |