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Image: The Jack-up Transocean Constellation II. New about Transocean Ltd. (NYSE:RIG) The offshore drilling Market is suffering through the worst bear cycle in history. The oil crash that started late in 2014 has had a dreadful result particularly on the offshore drilling players such as Transocean, Seadrill (NYSE:SDRL), Rowan Business (NYSE:RDC), Ensco Plc.

Bassoe Rig Analytics weekly rig market round-up (week 50) - Bassoe Offshore

Subsequently, competition is naturally becoming fiercer, due to the fact that the overseas jack-up market (shallow waters) and the overseas floater market are oversupplied by a wide variety of rigs, modern and old, that compete against each other for an extremely restricted quantity of contracts at low day rate, typically near breakeven level. Transocean is the uncontested leader in the deep water sector (floaters) with a remarkable backlog estimated at over $10.

Today, this short article has to do with the jack-up part of Transocean which might be divested to Borr Drilling, a new business formed in Norway. We learned on Friday by Evercore ISI's James West and group, who were commenting about a news at first revealed by Tradewinds: We kept in mind in our Recap and Weekly that Borr Drilling was supposedly interested in buying Transocean's jackup fleet.

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2 billion deal to get a fleet of 15 RIG jackups. The possible deal would require Transocean's whole active fleet of 10 high-specification jack-ups, plus another five newbuilds under building at Singapore's Keppel FELS, for an overall rate of $1. 2 billion. Another $1. 125 billion is due on the five newbuilds, which would be presumed by Borr Drilling as these rigs have actually been delayed till 2020.

Half of Transocean's active jack-up fleet is presently stacked while the other half is contracted for 38 rig months (average 7. 6 months per rig) for $172 million in stockpile (just 1. 5% of RIG's overall $11. 3 billion). [ Click Here For Additional Info from Enjoyable trading: backlog is now $10. 8 billion and JU stockpile represents $161 million] We would be aggressive purchasers of Transocean if this transaction materializes, as it would monetize an under-utilized jack-up fleet that averages 13.