Transocean Ltd. (RIG - Free Report) , the Vernier, Switzerland-based American offshore driller, recently declared that it won two drilling contracts for its ultra-deepwater drillship — Deepwater Asgard — in the U.S. Gulf of Mexico.
The two deals are from separate operators and have a combined worth of $181 million. Per RIG, the awards will keep the drillship employed for about 14 months.
The first of the two deals is a one-well contract with Murphy Oil Corporation at $395,000 per day. Anticipated to begin late this fall after the rig completes its current obligation and a planned out-of-service period, the contract also comprises an option for a second well at the same day rate. The backlog for the firm contract is about $20 million.
The second award is expected to begin in the first half of 2023. It is a one-year contract with another operator at $440,000 per day, with the provision of another $40,000 per day for additional products and services.
The second deal also contains three, one-year option periods at mutually agreed day rates. The firm backlog associated with the contract is projected at roughly $161 million without considering revenues associated with additional products and services.
Built in South Korea, Deepwater Asgard is a DSME 12000 ultra-deepwater drillship. It is capable of drilling in waters as deep as 12,000 feet to a maximum depth of 40,000 feet.
Transocean is the world’s largest offshore drilling contractor and a leading provider of drilling management services. The company provides rigs on a contractual basis to explore and develop oil and gas. RIG offers offshore drilling rigs, equipment, services and manpower (with a particular emphasis on ultra-deepwater and harsh environment drilling services) to exploration and production companies worldwide.
Transocean currently has a Zacks Rank #3 (Hold). Some better-ranked stocks from the energy space that warrant a look include PBF Energy (PBF - Free Report) , Shell (SHEL - Free Report) and Valero (VLO - Free Report) . While PBF sports a Zacks Rank #1 (Strong Buy), Shell and Valero each carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for PBF Energy’s 2022 earnings has been revised upward by about 92% over the past 60 days from $10.06 to $19.31 per share.
The Zacks Consensus Estimate for PBF’s 2022 earnings stands at $19.31 per share, implying an increase of about 872.4% from the year-ago loss of $2.50.
The Zacks Consensus Estimate for Shell’s 2022 earnings is pegged at $11.41 per share, implying an increase of about 130.5% from the year-ago earnings of $4.95.
The Zacks Consensus Estimate for SHEL’s 2022 earnings has been revised upward by about 8% over the past 60 days from $10.57 to $11.41 per share.
Valero beat the Zacks Consensus Estimate for earnings in all the trailing four quarters, the average being around 33.5%.
The Zacks Consensus Estimate for VLO’s 2022 earnings stands at $26.69 per share, indicating an increase of about 849.8% from the year-ago earnings of $2.81.
Zacks Names "Single Best Pick to Double"
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It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
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Transocean Ltd. (RIG - Free Report) , the Vernier, Switzerland-based American offshore driller, recently declared that it won two drilling contracts for its ultra-deepwater drillship — Deepwater Asgard — in the U.S. Gulf of Mexico.
The two deals are from separate operators and have a combined worth of $181 million. Per RIG, the awards will keep the drillship employed for about 14 months.
The first of the two deals is a one-well contract with Murphy Oil Corporation at $395,000 per day. Anticipated to begin late this fall after the rig completes its current obligation and a planned out-of-service period, the contract also comprises an option for a second well at the same day rate. The backlog for the firm contract is about $20 million.
The second award is expected to begin in the first half of 2023. It is a one-year contract with another operator at $440,000 per day, with the provision of another $40,000 per day for additional products and services.
The second deal also contains three, one-year option periods at mutually agreed day rates. The firm backlog associated with the contract is projected at roughly $161 million without considering revenues associated with additional products and services.
Built in South Korea, Deepwater Asgard is a DSME 12000 ultra-deepwater drillship. It is capable of drilling in waters as deep as 12,000 feet to a maximum depth of 40,000 feet.
Transocean is the world’s largest offshore drilling contractor and a leading provider of drilling management services. The company provides rigs on a contractual basis to explore and develop oil and gas. RIG offers offshore drilling rigs, equipment, services and manpower (with a particular emphasis on ultra-deepwater and harsh environment drilling services) to exploration and production companies worldwide.
Transocean currently has a Zacks Rank #3 (Hold). Some better-ranked stocks from the energy space that warrant a look include PBF Energy (PBF - Free Report) , Shell (SHEL - Free Report) and Valero (VLO - Free Report) . While PBF sports a Zacks Rank #1 (Strong Buy), Shell and Valero each carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for PBF Energy’s 2022 earnings has been revised upward by about 92% over the past 60 days from $10.06 to $19.31 per share.
The Zacks Consensus Estimate for PBF’s 2022 earnings stands at $19.31 per share, implying an increase of about 872.4% from the year-ago loss of $2.50.
The Zacks Consensus Estimate for Shell’s 2022 earnings is pegged at $11.41 per share, implying an increase of about 130.5% from the year-ago earnings of $4.95.
The Zacks Consensus Estimate for SHEL’s 2022 earnings has been revised upward by about 8% over the past 60 days from $10.57 to $11.41 per share.
Valero beat the Zacks Consensus Estimate for earnings in all the trailing four quarters, the average being around 33.5%.
The Zacks Consensus Estimate for VLO’s 2022 earnings stands at $26.69 per share, indicating an increase of about 849.8% from the year-ago earnings of $2.81.
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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