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...Last year Transocean, the world’s largest offshore-rig operator, jettisoned six of its rigs amid bleak predictions for deepwater drilling....
...Transocean will own 79 per cent of Ocean Rig on completion, with the company’s current shareholders retaining 21 per cent....
...Esa Ikaheimonen, an oil and gas industry veteran who has previously been finance director of listed of companies including Transocean and Seadrill, will replace Ben Monaghan....
...The offshore drilling business is in such distress that Transocean just sold at a steep discount a dozen rigs it does not need to a small Norwegian group....
...Transocean is paying $1.1bn for Norway’s Songa Offshore while US rival Ensco is buying Atwood Oceanics....
...The ratio for Transocean is three times. The wild card is septuagenarian billionaire shipping magnate and owner John Fredriksen, who has form in bailing out his companies....
...Other criticisms of Transocean levelled by the Coast Guard are also skated over or ignored....
...Chesapeake Energy shares fell 8.3 per cent to $7.38, Murphy Oil declined 7.5 per cent to $26.14, Transocean dropped 5.1 per cent to $9.31, and Marathon Oil declined 7.3 per cent to $14.34....
...BP had ultimate oversight of the Macondo well operated by Transocean. BHP splits responsibility for the Samarco mine with Brazilian giant Vale, via a joint venture company....
...Among the hardest-hit energy companies were oil-rig operators, such as Transocean, which slid 7.1 per cent. Exploration and production companies fell sharply as well....
...Chesapeake Energy shares climbed 9.6 per cent to $4.58 and Transocean rose 9 per cent to $12.84....
...Murphy Oil, Transocean, Chesapeake fell 6.6 per cent, 6.7 per cent and 6.1 per cent respectively....
...Shares in Transocean have slumped nearly 50 per cent since the start of 2015....
...Transocean, which operates offshore rigs on behalf of producers, shot up 8.1 per cent to $11.16....
...Oil and gas companies within the S&P 500 have declined on eight of the past 10 trading days, including 9 per cent-plus drops for Transocean, Marathon Oil, Diamond Offshore Drilling and Murphy Oil....
...Noble and Transocean have had their credit ratings cut from investment grade to junk status as a result of the downturn....
...That leaves the largest rig owners — SeaDrill, Transocean, and low cost provider Diamond Offshore, with $22bn in gross debt between them — watching nervously as newly restructured companies offer customers...
...Transocean, which operates offshore oil rigs, jumped 5.1 per cent to $8.65. Meanwhile, exploration and production company Marathon Oil added 8.7 per cent to $8.03....
...Transocean, one of the largest offshore drilling contractors, relocated from the US to the Cayman Islands in 1999, and then to Switzerland in 2008....
...Shares in Southwestern Energy jumped 19.24 per cent to $8.80, while Transocean shares climbed 7.05 per cent to $9.72....
...Marathon Oil was the biggest loser, falling 10.25 per cent to $8.14, shares in Chesapeake Energy declined 4.04 per cent to $3.56 while shares in Transocean dropped 6.45 per cent to $9.86....
...UBS analysts and others have pointed to the 2011 oil spill off the coast of Rio de Janeiro that prompted prosecutors to claim $11bn in damages from Chevron and its drilling partner Transocean — a case that...
...Transocean shares fell more than 10 per cent to $10.89 in after-hours trading....
...Ensco, Transocean and Diamond Offshore were comfortably among the top 10 decliners on the S&P 500 on Thursday as analysts at Barclays warned that the spending on which drillers rely is not going to pick...
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