Transocean: Is Now The Time To Buy?
By Benjamin Hoffman:Transocean Ltd. (RIG) provides offshore contract drilling services for oil and gas wells worldwide. It offers deepwater and harsh environment drilling, oil and gas drilling management, and drilling engineering and drilling project management services. The company also offers well and logistics services. In addition, it engages in oil and gas exploration, development and production activities worldwide. As of October 17, 2011, per the company's 10-Q, Transocean owned or had partial ownership interests in and operated 135 mobile offshore drilling units. As of this date, their fleet consisted of 50 High-Specification Floaters (Ultra-Deepwater, Deepwater and Harsh Environment semisubmersibles and drillships), 25 Midwater Floaters, nine High-Specification Jackups, 50 Standard Jackups and one Other Rig. In addition, two Ultra-Deepwater drillships and four High-Specification Jackups are under construction. These numbers include the company's newest Acquisition of Aker Drilling for $1.43 BN (announced August 15, closed October 4) plus $800MM in debt.
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