| Seadrill The Driller For Mad Dogs And Englishmen and Transocean Announces Pricing of Senior Notes |
| News - Financial News |
|
Investors in stocks like Transocean (NYSE:RIG) or Diamond Offshore (NYSE:DO) might not be feeling the love yet, but the offshore drilling market is actually starting to get better. With a very modern fleet, aggressive leverage and a healthy dollop of devil-may-care operating philosophy, Seadrill (NYSE:SDRL) is ready for that turn. The question for investors, though, is whether they can handle the risk and valuation that comes with arguably the most aggressive player in a highly cyclical sector. Investopedia Markets: Explore the best one-stop source for financial news, quotes and insights. A Ho-Hum Third QuarterThe markets are still expecting the offshore drilling market to be more of a 2012 event, so Seadrill's third quarter earnings are not likely to be examined quite so closely. Revenue was okay, falling 4% from last year and rising 3% from the second quarter. [Read the full article] ZUG, SWITZERLAND--(Marketwire - November 30, 2011) - Transocean Ltd. (NYSE: RIG - News) (SIX: RIGN.VX - News) today announced that its wholly-owned subsidiary, Transocean Inc., priced a public offering of $1.0 billion of 5.050% Senior Notes due 2016, issued at a price of 99.906% of the principal amount, $1.2 billion of 6.375% Senior Notes due 2021, issued at a price of 99.946% of the principal amount, and $300 million of 7.350% Senior Notes due 2041, issued at a price of 99.996% of the principal amount (together, the "Senior Notes"). Transocean Ltd. will fully and unconditionally guarantee the Senior Notes. The offering is expected to close on December 5, 2011, subject to the satisfaction of customary closing conditions.Transocean will have the right to redeem all or part of the Senior Notes at any time prior to maturity at a redemption price equal to 100% of the principal amount plus accrued and unpaid interest and a "make-whole premium."Transocean Inc. [Read the full article] By David Lee Smith | More Articles November 30, 2011 | Comments (2) Keep track of the stocks that matter to you. Help yourself with the Fool's FREE and easy new watchlist service today. It's been terribly difficult year-and-a-half for the world's largest offshore drilling contractor, Transocean (NYSE: RIG ) , and, unfortunately, it's impossible to predict with any sort of accuracy when its mounting tribulations will be reversed. On Tuesday, following the commencement of a public offering of 26 million new shares, the company's per-share price slid 9.4% to $41.43. As such, for the year, the company's common shares have tumbled by 40% thus far in 2011. In addition to the primary offering, the company's underwriters will have the option to purchase as much as an additional overallotment of 3.9 million shares. The shares will be sold at a public offering price of $40.50 each. [Read the full article] 
|