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In a recent filing with the Securities and Exchange Commission, Transocean Ltd . (NYSE:RIG) reported that Mackenzie Roderick James, the company’s Executive Vice President and Chief Commercial Officer, sold 22,000 shares. The shares were sold at a price of $2.94 each, totaling $64,680. The transaction comes as Transocean’s stock trades near $2.98, with the company showing strong revenue growth of 24% in the last twelve months despite challenging market conditions. Following this transaction, James retains ownership of 384,841 shares. The sales were conducted under a Rule 10b5-1 trading plan that James adopted in November 2024. According to InvestingPro analysis, Transocean currently trades at a Price/Book ratio of just 0.25, suggesting potential undervaluation. While the company wasn’t profitable in the last twelve months, analysts expect a return to profitability this year. Get deeper insights into Transocean’s valuation and 10+ additional ProTips with an InvestingPro subscription.
In other recent news, Transocean Ltd has released its annual financial results for the year ending December 31, 2024. The company disclosed consolidated financial statements, offering a comprehensive view of its financial activities over the past three years. For the fourth quarter of 2024, Transocean reported an adjusted EBITDA of $323 million and a net income of $7 million, translating to a loss of $0.11 per diluted share. The earnings per share (EPS) of -$0.09 fell short of the expected EPS of $0.0029, and contract drilling revenues reached $952 million, slightly below the forecast of $961.51 million.
Transocean has projected its 2025 contract drilling revenues to be between $3.85 billion and $3.95 billion. Benchmark analyst reiterated a Hold rating on Transocean shares, noting the stability in pricing for their advanced drillships, with 7G drillships maintaining day rates in the mid-to-high $400,000 range and potential rates for drillships with 20k psi blowout preventers surpassing $500,000 per day. The analyst emphasized the importance of these rates for Transocean’s revenue generation, despite a perceived discrepancy between investor sentiment and the company’s business performance. These developments provide investors with critical insights into Transocean’s current financial health and market position.
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