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Aandeel Transocean Ltd ZSE:RIGN.CH, CH0048265513

Laatste koers (chf) 6,220 30 jun 2019 17:30

Verschil +2,220 (+55,50%) Dagrange 0,000 - 0,000

Volume 0

Gaston Lagaffe 30 augustus 2017 10:15

Operator

And we'll take our next question from Haithum Nokta with Clarksons Platou Securities.

Haithum Nokta

Mark, definitely agree with your last statement there. Can you guys speak to, more than just buying the backlog, I think what's interesting is buying the Statoil relationship and becoming essentially their top supplier. But can you speak to the value of having that kind of a major kind of anchored customer, like you have now with Shell and like you have with Chevron? Like what does that do for Transocean in terms of derisking kind of the outlook long term?

Jeremy Thigpen

I think it's a great question. We've certainly factored it into our calculus as we were looking at this opportunity. Seadrill has done such, as many of our customers have, has done such a nice job of taking casts out of their development And so they are being more front-footed than a lot of operators in this space. And so we see a lot of opportunities with Statoil, both in the Norwegian market but also globally. And this just gives us even more exposure to them and more opportunity to demonstrate our differentiated performance.

Operator

We'll take our next question from J.B. Lowe with Bank of America Merrill Lynch.

J.B. Lowe

I just wanted to follow up on Ian's question just about kind of the sanctity of the backlog. I appreciate that you guys have a good relationship with Statoil. Is there anything in the contract terms that if there was, for some reason down the road, to be a cancellation of any sort, you guys get full cash flow of the contract, something like that in the contracts?

Jeremy Thigpen

Yes. The contracts are really solid.

J.B. Lowe

Okay. My only other one was, what is the -- could you just give me a general number on what the OpEx per day is that they're running right now across those 4 rigs?

Mark Mey

Yes, I can. That's about $140,000 a day.

John Lowe

$140,000 a day. Okay, Thanks very much.

Operator

And we'll take our final question today from Colin Davies with Bernstein.

Colin Davies

Hi, good morning. Just in terms of the implication to the wider portfolio, the press release alluded to sort of another relook at the combined portfolio. Can you just talk through you r thoughts about where you might go with that, in terms of some of the --perhaps components of the portfolio, where you might go next --?

Jeremy Thigpen

Yes. As we've talked about in the past -- on past calls, we constantly update our model based on our thinking about the market recovery, the trajectory, what we think future day rates might look like and then also what our assumptions are around reactivation. And we do that on a very regular basis. And as our thought process changes or we get new data points, some rigs that we thought we may ultimately reactivate because we thought they'd be marketable going forward, we decide, You know what, it's probably time to stop putting the money into stacking and let's just scrap that asset: And so as we bring on these new rigs, obviously, the 4 Cat-Ds, they are great rigs, new, high specification, under contract They're certainly keepers. Rut we need to really get in and look at the 3 other rigs within Songa's fleet to better understand what their capabilities and marketabilities will be --marketability will be. And then we need to look at that in context of our own fleet --existing Transocean fleet as well. And so once we get through the transaction and get a better feel for those assets and how they relate to our own assets, there could be -- we may look at some of our assets and say, Okay, these aren't going to be marketable in the future and we're going to retire them.

Colin Davies

That's great. And then just one follow-up, if I may, just more broadly around Statoil. You mentioned that you've not yet had deep conversations with Statoil, specifically around the transaction, and you're about to. What's your view of perhaps how they might look at the future competitive dynamics of the Norwegian shale, particularly the harsh environment market, and their view of, obviously, consolidation occurring within that space?

Jeremy Thigpen

I think they're going to view it favorably just because of our past experience with them. I mean, Songa has a great reputation with them. We have a great reputation with them. You put those together and you can hopefully get an even better performance, and that's what we'll strive to do. I think that's going to be favorably received. The other thing I would say is there are currently 30 floaters in Norway, and no single player represents more than 25% of the market And so it's still a fairly fragmented market, and Statoil will still have choices. And so I don't think there'll be a negative view on this.

Colin Davies

That's great. Thanks very much.

Jeremy Thigpen

Thank you.

Operator

And at this time, f would like to turn the call back to Bradley Alexander for any additional or closing remarks.

Bradley Alexander

Thank you, Dana, and thank you to everyone for your participation and questions on today's call. If you have any further questions, please feel free to contact me. Have a good day.

Operator

Thank you. And that does conclude today's conference. Thank you for your participation. You may now disconnect.

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