PBR - Transocean Bags An Important Contract Extension With Petrobras
Source: ShipSpotting - Ultra-Deepwater Drillship Petrobras 10000
Investment Thesis
Transocean (RIG) continues to be one of the best offshore drillers with a considerable backlog estimated (Fun Trading personal estimate) at ~$11.5 billion as of 09/30/2018. The company is focusing on the floaters' segment exclusively after selling its entire Jack-ups' fleet to Borr Drilling (BDRLF).
Note: This amount doesn't include options that could add over $8 billion after the acquisition of Songa Offshore (SGAZF).
Transocean announced this month that it acquired Ocean Rig UDW (ORIG) for a total of approximately $2.7 billion.