Transocean posts $208M loss

By on September 28, 2020

first_imgFloating rig contractor Transocean has reported a net loss attributable to controlling interest of $208 million for the second quarter of 2019. The company’s loss in the second quarter of 2018 was around $1.1 billion.Illustration: A Transocean drillship; Photo by John/Flickr – Shared under CC BY-NC 2.0 licenseTotal contract drilling revenues were $758 million for the second quarter of 2019, down from $790 million in the corresponding quarter a year ago.Operating and maintenance expense was $510 million, an increase vs. Q2 2018 O&M expense of $431 million. Contract backlog was $11.4 billion as of the July 2019 Fleet Status Report. This is a decrease compared to July 2018 contract backlog of $11.7 billion.Second-quarter 2019 capital expenditures of $86 million were related to the company’s newbuild drillships and capital upgrades for some rigs in the existing fleet.The offshore drilling company’s rig fleet-wide average daily revenue for the quarter was $314,900, an increase compared to Q2 2018 when the average dayrate was $308,300.Ultra-deepwater floaters commanded an average daily revenue of $335,400, harsh-environment floaters had an average of $301,700, and midwater floaters had an average of $163,700 in Q2 2019. Utilization was 56 percent for the whole fleet, down from 57 percent a year ago.Transocean has total current assets of $4.2 billion. The offshore drilling company has long-term liabilities of $11,4 billion, and total current liabilities of $1,46 billion.Jeremy Thigpen, President, and Chief Executive Officer said: “We continued to operate at a high level throughout the second quarter, with strong rig uptime and attained performance bonuses producing revenue efficiency of approximately 98% across our global floater fleet.”“As importantly, we generated strong cash flows from operations of $153 million through the efficient conversion of our industry-best $11,4 billion backlog.”Thigpen said that despite some continued uncertainty around oil prices, offshore project economics remain compelling, driving increases in floater contracting and increasing dayrates in both the harsh environment and ultra-deepwater markets.Transocean last week released a fleet status report according to which it has recently managed to find work for two semi-submersible drilling rigs and three drillships. The contracts have added around $158 million to the company’s backlog.Offshore Energy Today StaffSpotted a typo? Have something more to add to the story? Maybe a nice photo? Contact our editorial team via email. Also, if you’re interested in showcasing your company, product, or technology on Offshore Energy Today, please contact us via our advertising form where you can also see our media kit.last_img read more

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DeAndre Jordan and Kevin Durant strengthened bond through shared circumstances

By on August 26, 2020

first_imgPLAYA VISTA >> DeAndre Jordan sat on a stationary bicycle inside of the Clippers’ practice facility when he said something that made him laugh.Jordan was speaking about Kevin Durant, his opponent Wednesday and one of his best friends, when he started talking about what he liked best about Durant.“He’s super cool, down to Earth,” Jordan said. “He’s a real loyal person.”And then, laughter. Durant’s “loyalty,” or perceived lack thereof, completely shifted the NBA’s landscape this summer, with the former MVP moving from Oklahoma City to Golden State, to join Steph Curry, Klay Thompson, Draymond Green and Steve Kerr on the heels of a 73-win regular season.Durant? Loyal? Tell it to the Thunder.But that’s not what Jordan means.“He is a really loyal person,” Jordan insisted. “He’s got a good heart, man. That’s how me and him hit it off.”Well, that and a shared circumstance. There are only a few people on this planet who can understand the backlash a controversial free-agency decision can create, and it just so happens that Jordan is one of them.“He was messed up about that situation, and I was like, ‘if anyone knows, it’s me,’ ” said Jordan, who famously reached a verbal agreement to join the Dallas Mavericks in July of 2015 before deciding to re-sign with the Clippers. ”We grew closer through that and USA Basketball.“I consider him one of my best friends.”The best friends will meet on the basketball court Wednesday night when the Clippers play host to the Golden State Warriors for the first time this season, a rivalry that’s certainly cooled from its dramatic heydays.“We were at the same point as those guys,” Jordan said of his team and the Warriors. “Obviously, they’ve won a championship. … It’s like two cars are going (at one another).”The Warriors ended up in the NBA Finals; the Clippers ended up skidded out in the postseason, trying to get back on course. Maybe that’s why it doesn’t seem like the same level of blood feud.Also, there are relationships, like Jordan and Durant’s, that have superseded a Pacific Division rivalry.The two players first met while Jordan was being recruited to play college basketball at Texas, where Durant was committed. They began spending more time together in the past few summers, and last season, Jordan began working with Durant’s former trainer, current Brooklyn assistant Adam Harrington.This past summer, the roles were reversed, with Jordan now trying to recruit Durant to the Clippers.“I thought he was what we were missing,” Jordan said. “And, I told him that.”And once he picked the Warriors, Durant leaned on his friend for support.“He took that (expletive) hard. I was like, ‘Man, at the end of the day, you made a decision that was for Kevin.’ It wasn’t for anybody else,” Jordan said. “You’re going to have one city, one team that’s going to hate your guts. Some other people, they’re going to dislike what you did. But at the end of the day, you’ve got a base that loves you to death. That’s what you have to focus on.”Then, the two players got the chance to finally be teammates, representing the United States this summer in the Rio de Janeiro Olympics, forming an even stronger bond.One night during training camp in Las Vegas, the two men went out and got tattoos featuring some of their favorite musicians. Durant’s calf was covered with Tupac Shakur’s likeness to go along with a Wu-Tang Clan tattoo. Jordan got images of Marvin Gaye and Ray Charles inked onto his body.From there, they grew even closer, sharing lifelong memories together in Rio – watching Michael Phelps swim, watching Kerri Walsh-Jennings play beach volleyball and, most importantly, winning a gold medal together.“You don’t forget about that stuff,” Jordan said. “To be there with people you’ll go down in history with, with people who you have a bond and a brotherhood with, that’s pretty cool. “But Jordan and Durant’s friendship – the memories from Rio, the tattoos, the phone calls – it won’t get in the way of what the Clippers want to do Wednesday against a rival that has beaten them six straight times.And, Jordan made sure Durant knew that the day he decided to sign with Golden State.“I’m super happy for you,” he texted his friend. “And, we’re going to try to kick your (expletives).”center_img Newsroom GuidelinesNews TipsContact UsReport an Errorlast_img read more

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