Transocean (RIG) Wins 2 Ultra-Deepwater Drillship Contracts
Transocean Ltd. RIG recently declared that it won two drilling contracts for its ultra-deepwater drillships — Deepwater Corcovado and Deepwater Orion — for work offshore Brazil with a national oil firm.
Per the Vernier, Switzerland-based American offshore driller, the two deals represent roughly $1.04 billion in the firm’s backlog.
Transocean mentioned that its Deepwater Corcovado drillship was given a four-year contract, adding $583 million to the backlog. The contract is anticipated to commence in the third quarter of 2023 in direct continuation of the rig’s current contract.
Meanwhile, the Deepwater Orion drillship was granted a three-year contract for a projected $456 million in the backlog. The contract is expected to begin in the fourth quarter of 2023.
Transocean is the world’s largest offshore drilling contractor and a leading provider of drilling management services. It provides rigs on a contractual basis to explore and develop oil and gas. RIG offers offshore drilling rigs, equipment, services and manpower (with a particular emphasis on ultra-deepwater and harsh environment drilling services) to exploration and production companies worldwide.
Transocean currently has a Zacks Rank #3 (Hold). Investors interested in the energy space might look at some better-ranked stocks — Helmerich & Payne HP, DCP Midstream Partners DCP and Patterson-UTI PTEN, each sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Helmerich’s 2022 earnings stands at $4.46 per share, which indicates an increase of about 4,360% from the year-ago profit of 10 cents.
HP beat estimates for earnings in three of the trailing four quarters, the average being around 124.2%.
The consensus mark for DCP’s 2022 earnings stands at $4.47 per share, which indicates an increase of about 181.1% from the year-ago loss of $1.59.
DCP beat estimates for earnings in three of the trailing four quarters, the average being around 25.5%.
The consensus estimate for Patterson’s 2022 earnings is pegged at 54 cents per share, suggesting an increase of about 128% from the year-ago loss of $1.93.
PTEN beat the consensus mark for earnings in three of the trailing four quarters, the average being around 169.2%.
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