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RIG.N

ISIN: KYG900731004
SEDOL: B29LKF2

Rating:

BUY

Target Price:

97.09 USD

Investment Horizon:

6 to 12 months
7th May 2009 View Report   Download

1Q 09 News Alert

Transocean Inc.'s (Transocean) revenues and adjusted1 operating income remained flat on a y-o-y basis in 1Q 09. However, 1Q 09 earnings were better than our expectations as the idling of rigs in response to slowing demand resulted in lower-than-expected operating and maintenance costs. We are likely to revise our estimates upwards in our next update report in view of the company's cost reduction measures. Hence, based on the better-than-expected results…

8th Apr 2009 View Report   Download

4Q 08 & FY 2008 Update Report

Low commodity prices have led to a decline in global E&P;activities, resulting in a decline in demand for Transocean’s services, particularly in the North Sea and the Gulf of Mexico. Going forward, we expect a continued slowdown in midwater floater and standard jackup markets. While demand for midwater floaters and standard jackup currently remains low, we anticipate strong demand for highspecification…

18th Feb 2009 View Report   Download

4Q 08 and FY 2008 News Alert

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Although Transocean Inc. (Transocean) reported strong revenue growth during 4Q 08 & FY 2008 given a rise in dayrates, its adjusted net income declined with an increase in tax expenses during 4Q 08. The company’s 4Q 08 & FY 2008 results were in line with our estimates. Going forward, despite an…

23rd Dec 2008 View Report   Download

3Q 08 Update Report

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During 3Q 08, Transocean, Inc.’s (Transocean) revenues and operating income increased significantly, in line with our estimates, while adjusted net income was marginally below our estimate due to higher-than-expected tax expenses during the quarter. The recent financial crisis has increased concerns over weakening in the global economy and its potential impact on global hydrocarbon demand....

21st Nov 2008 View Report   Download

Company News Alert

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Transocean Inc.’s (Transocean) NYSE common stock has declined significantly since our last update report reflecting ongoing turmoil in global equity markets and a fall in global crude oil prices over the same period. However, as we believe that this decline in NYSE common stock price has left it significantly undervalued, we maintain our BUY rating for NYSE common stock until we fully reassess the company in our next update report. As…