RIG - Transocean Decides To Cold Stack More Rigs; Restructuring Risks Are Significant
Transocean (RIG) has recently reported its second-quarter results and held its conference call. The company reported revenue of $930 million which was boosted by a legal settlement, and net loss of $497 million which was driven by an asset impairment of $429 million. In the second-quarter, the company generated $87 million of operating cash flow and finished the quarter with $1.5 billion of unrestricted cash on the balance sheet and $1.3 billion available under the credit facility. Now that we are done with “obligatory” numbers, let’s look at the key catalysts:
- Transocean