Mon, Nov. 21, 4:59 PM
- Transocean Partners (NYSE:RIGP) +6.8% AH after Transocean (NYSE:RIG) says it will increase to 1.2 shares from 1.1427 the consideration for its pending acquisition of each RIGP common unit it does not already own.
- The move follows the recent failure to receive 50.1% of shareholder votes necessary to approve the RIG-RIGP merger.
- RIG expects to issue ~23.8M shares in the merger.
Jun. 12, 2015, 10:29 AM
- The year-long oil price rout has depressed Pacific Drilling’s (PACD +4.9%) market value by nearly two-thirds, making it an attractive takeover target for operators looking to strengthen their presence in ultra-deepwater drilling, Bloomberg writes.
- PACD already has garnered interest from larger rivals such as Ensco (ESV -1.2%), Transocean (RIG -2.8%) and Seadrill (SDRL -1.9%) in the last 12-18 months, with one of the approaches coming as recently as this year, according to the report.
- PACD is not believed to be actively exploring a sale, but the shares are trading well below replacement value for the rigs that they own, Evercore analyst James West points out.
Nov. 17, 2014, 3:59 PM
- In the wake of Halliburton's (NYSE:HAL) $34.6B offer for Baker Hughes (NYSE:BHI), it appears the next hot sector for M&A action is energy: More consolidation is likely, given the weakness for stocks in the oilfield services subsector, low interest rates, and as a drop in demand for oil increases cutthroat pricing competition.
- Speculation is running rampant as investors try to figure out who is next in an industry that is sure to undergo some more consolidation; some names identified as possible candidates include Kodiak Oil and Gas (NYSE:KOG), Marathon Oil (NYSE:MRO), Northern Oil and Gas (NYSEMKT:NOG), Anadarko Petroleum (NYSE:APC), Pioneer Natural Resources (NYSE:PXD).
- GE could go after National Oilwell Varco (NYSE:NOV) to show it is serious about the energy industry after last year’s purchase of pumpmaker Lufkin, Royal Bank of Canada says, and Oppenheimer says even BP could be an acquisition candidate.
- But Morgan Stanley does not see offshore drillers getting in on the action, as larger players like Diamond Offshore (NYSE:DO), Transocean (NYSE:RIG) and Seadrill (NYSE:SDRL) are still addressing dividend concerns while smaller companies such as Atwood Oceanics (NYSE:ATW) and Pacific Drilling (NYSE:PACD) still trade close to replacement value.
Mar. 20, 2013, 11:14 AM
Transocean (RIG +1.2%) would be better off ignoring Carl icahn's call for a fatter dividend and using some of its extra cash on acquisitions to upgrade its fleet and improve sales growth, some analysts say. Purchasing a company - such as ORIG or PACD - with more modern rigs could help trim RIG’s maintenance costs and allow it to charge higher rates to customers.| Mar. 20, 2013, 11:14 AM | 2 Comments
Jan. 14, 2013, 4:16 AM
Transocean's (RIG) management could be facing an attempt at a shake-up after Carl Icahn acquired a 1.56% stake in the rig operator and said he is looking to receive regulatory approval to acquire stock worth over $682.1M. That would give the activist investor a holding of just above 5% and turn him into one of Transocean's largest shareholders. (PR)| Jan. 14, 2013, 4:16 AM
Sep. 10, 2012, 4:20 AM
Transocean (RIG) agrees to sell 38 shallow-water drilling rigs to P-E backed Shelf Drilling International for $1.05B, with the amount comprising $855M in cash and $195M of seller financing in the form of preference shares. Following the deal, Transocean will take a Q3 impairment charge. (PR)| Sep. 10, 2012, 4:20 AM
Jun. 14, 2012, 12:07 PMTransocean (RIG +0.9%) puts 30 Middle East rigs up for sale in a deal that could fetch $1B, Reuters reports. The main bidders are U.S. P-E firms Lime Rock and Castle Harlan. The auction follows Transocean CEO Steven Newman saying in March that the company would look to sell $500M-$1B worth of older rigs. | Jun. 14, 2012, 12:07 PM | 2 Comments
Jan. 24, 2012, 11:54 AM
Nov. 30, 2011, 1:38 PM
Shares of Transocean (RIG +2.6%) are stable today after the company prices its 26M share secondary offering at $40.50, just a 2.7% discount to Tuesday's close. The drilling giant is using the funds to help refinance its recent acquisition of Norwegian rival Aker Drilling ASA.| Nov. 30, 2011, 1:38 PM | 2 Comments
Aug. 15, 2011, 2:12 AM
Transocean (RIG) agrees to buy Aker Drilling in a deal that values the latter at 7.93B Norwegian Kroner ($1.43B). Aker also has net debt of $800M. Shareholders representing 60.5% of Aker's stock have pledged to sell their holdings to Transocean.| Aug. 15, 2011, 2:12 AM