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Mackenzie Roderick James, the Executive Vice President and Chief Commercial Officer of Transocean Ltd . (NYSE:RIG), recently reported the sale of 22,000 registered shares. The transaction, which took place on January 10, 2025, was executed at a price of $4.05 per share, amounting to a total value of $89,100. According to InvestingPro data, the stock is currently trading near $4.07, significantly below its 52-week high of $6.88, reflecting the company's challenging year with a -26.57% return over the past 12 months.
Following this transaction, James holds 229,596 shares of Transocean. The sale was conducted as part of a pre-established Rule 10b5-1 trading plan, which James adopted on November 11, 2024. InvestingPro analysis reveals that while the company operates with a significant debt burden, its current ratio of 1.64 indicates sufficient liquidity to meet short-term obligations. Investors seeking deeper insights into Transocean's financial health and detailed analysis can access the comprehensive Pro Research Report, available exclusively to InvestingPro subscribers.
In other recent news, Transocean Ltd. has been the subject of several significant developments. Barclays (LON:BARC) has upgraded Transocean's stock from Equalweight to Overweight, backed by the company's ability to secure contracts for its entire fleet of deepwater rigs through 2026. The firm's analysis indicates that Transocean is expected to generate $700 million in free cash flow next year, a positive step towards reducing the company's debt.
Transocean has also reported strong third quarter financial results, with an adjusted EBITDA of $342 million and contract drilling revenues of $948 million. Despite a net loss of $494 million for the quarter, the company's total backlog increased by 7.5% to $9.3 billion, indicating significant contracts secured for the coming years.
In a strategic move, Transocean has relocated certain subsidiaries to Bermuda, continuing to operate under the same rights and obligations. The company's fourth-quarter contract drilling revenue is forecasted between $950 million and $970 million, with 2025 revenue projections between $3.85 billion and $4 billion. The company is also targeting a gross debt reduction to approximately $6.2 billion. These developments reflect Transocean's commitment to financial stability and operational efficiency.
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