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RIG

Transocean Ltd.

5/18/2013, 11:17 AM ET

Quote & Headlines Market Currents StockTalk

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| On the move

Saturday, May 18, 9:15 AM Leon Cooperman and partner Steve Einhorn keep it simple: Stocks (VTI) are cheap relative to interest rates and inflation. The guy who bought T-bills (SHY) has migrated to T-bonds (TLT), the guy who bought T-bonds has moved to investment grade corporates (LQD), the guy who bought IG is now in high-yield (HYG, JNK), and so on (glasses clink in the FOMC board room). Their largest position is Sprint Nextel (S) - as fans of Masayoshi Son and long-time owners of DISH, the duo like seeing two industry titans both wanting the same asset. New Citigroup (C) management should be able to double ROE over the next 2-3 years, and Transocean (RIG) sells for a significant discount to asset value. 2 Comments [Quick Ideas]
Friday, May 17, 2:07 PM Michael Talbert is voted out as board chairman at Transocean (RIG -1.7%) and will be replaced by Icahn-nominee Samuel Merksamer. But that was Icahn's only victory, as shareholders re-elected the other four company nominees. Earlier today, shareholders rejected Icahn's $4 annual dividend proposal, supporting the company's more modest $2.24. Comment! [Energy, On the Move]
Friday, May 17, 12:49 PM Transocean (RIG -1.2%) shareholders reject Carl Icahn's proposal for a $4/share annual dividend and vote in favor of the company's proposed $2.24/share dividend. More than 75% of all voted shares reportedly were in favor of the company’s proposal. Comment! [Energy]
Friday, May 17, 10:49 AM Transocean (RIG) CEO Steve Newman's people skills have been tested trying to convince shareholders to reject Carl Icahn's call to replace three board members at today's annual meeting, but he says it's nothing compared to visiting the homes of the nine RIG workers who died at the Deepwater Horizon explosion. While Icahn might appreciate the treatment of the families, he disagrees with just about everything else Newman and the board has done. Comment! [Energy]
Thursday, May 16, 9:59 AM T. Boone Pickens added nearly 125K shares in Apache (APA) and more than 500K shares in Goodrich Petroleum (GDP) to his energy fund during Q1. He bought new stakes in MPC, PSX and HK, and sold positions in SWC, RRC and RIG. The fund’s top holding Pioneer Natural Resources (PXD); Pickens added ~43K shares. 1 Comment [Energy]
Wednesday, May 15, 4:31 PM In its monthly fleet status report, Transocean (RIG) says the value of new contracts or extensions since the April 18 update totals ~$662M. The Deepwater Millennium was awarded a two-year contract for work offshore Australia at a dayrate of $605K; the rig's prior dayrate was $545K. Comment! [Energy]
Monday, May 13, 2:41 PM Transocean (RIG -0.6%) releases an investor presentation ahead of its May 17 shareholder meeting, refuting Carl Icahn's claims as based on "overly simplistic and highly flawed analysis" and noting Icahn's board nominees are "captive to his misguided agenda." Icahn urges shareholders to vote against Chairman Mike Talbert, whose promise to resign if elected is "utterly absurd." 3 Comments [Energy]
Monday, May 13, 7:49 AM Transocean (RIG) Chairman and former CEO Michael Talbert says he plans to step down in the next year, days before a fierce proxy fight with Carl Icahn comes to a head. Icahn has opposed Talbert's re-election, and has been calling for major changes to the company's board ahead of the May 17 annual meeting. Comment! [Energy]
Thursday, May 9, 3:59 PM Transocean (RIG -0.6%) cuts its full-year capex forecast to $2.4B from $3B, because of a change in the timing of payments on rigs being built. During today's conference call, RIG says ~$1.3B will be used to build new rigs and ~$400M will go for major upgrades of existing rigs. RIG sold three standard jackups in Q1 with four left for sale; it plans to exit the jackup market by year-end. 1 Comment [Energy]
Thursday, May 9, 3:18 PM U.K. mobile banking specialist Monitise PLC (MONIF.PK +9.1%) pops as Lee Cooperman - presenting at SALT in Las Vegas - calls it his top conviction pick: "no financial risk .. no debt ... the blessing of Visa." He owns more than 10% of the company. Other top picks: ESRX, QCOM, C, AIG, MET, and RIG. 3 Comments [Quick Ideas]
Wednesday, May 8, 5:33 PM More on Transocean's (RIG) Q1 results: Net income soared to $321M from $10M a year ago, when it took a big charge on the value of its fleet, but missed estimates as some of its rigs could not work due to a third-party equipment problem. Operating and maintenance expenses rose 11%. Average daily revenue rose 0.9% Y/Y but fell 5.4% Q/Q. Fleet utilization rate was 80% vs. 74% in the prior year. Shares -1% AH. 3 Comments [Energy, Earnings]
Wednesday, May 8, 4:40 PM Transocean (RIG): Q1 EPS of $0.93 misses by $0.08. Revenue of $2.19B (-5.5% Y/Y) misses by $130M. (PR) 3 Comments [Earnings, Energy, Breaking News]
Wednesday, May 8, 12:10 AM Notable earnings after Wednesday’s close: AHT, ALJ, ATLS, ATVI, AVNR, CF, CLNE, CLR, CTL, CTRP, CUZ, CXW, DEPO, DK, ERII, ETE, ETP, GMCR, GRPN, GSS, HALO, HEK, HNSN, JOE, LPSN, MBLX, MDR, MED, MIDD, MM, MNST, MNTX, MWE, NWSA, OSUR, PPO, PVA, QTM, RAX, RGP, RIG, RST, SGMO, SPRD, SSRI, STEC, SXL, SZYM, TCAP, TSLA, WR, XTEX Comment! [Earnings]
Tuesday, May 7, 5:35 PM Notable earnings after Wednesday’s close: AHT, ALJ, ATLS, ATVI, AVNR, CF, CLNE, CLR, CTL, CTRP, CUZ, CXW, DEPO, DK, ERII, ETE, ETP, GMCR, GRPN, GSS, HALO, HEK, HNSN, JOE, LPSN, MBLX, MDR, MED, MIDD, MM, MNST, MNTX, MWE, NWSA, OSUR, PPO, PVA, QTM, RAX, RGP, RIG, RST, SGMO, SPRD, SSRI, STEC, SXL, SZYM, TCAP, TSLA, WR, XTEX Comment! [Earnings]
Wednesday, May 1, 6:36 PM Proxy advisory firm Glass Lewis says it supports Transocean's (RIG) proposed $2.24 dividend over Carl Icahn's proposal for a $4/share payout, which it calls "too aggressive, exposing the company to unnecessary risk." But it recommends shareholders vote for one of Icahn's three board nominees, saying RIG's board and management bear responsibility for the company's underperformance. 1 Comment [Energy]
Wednesday, May 1, 2:37 PM Transocean's (RIG +1.8%) proposed $2.24/share dividend is "sustainable" for now but the offshore drilling contractor plans to raise the dividend rate in future years as earnings increase, CEO Steve Newman tells FT. But until then, he says the industry's moves into deeper water and more challenging conditions means RIG needs to retain the financial strength to invest in new drillships, which can cost $750M each. 4 Comments [Energy, On the Move]

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