HOUSTON—Mackenzie Roderick James, Executive Vice President and Chief Commercial Officer at Transocean Ltd . (NYSE:RIG), recently sold 37,261 registered shares of the company. The shares were sold at a price of $4.38 each, totaling $163,203. Following this transaction, James retains ownership of 273,596 shares in the offshore drilling contractor.
This activity was disclosed in a recent SEC Form 4 filing, highlighting the ongoing financial maneuvers by key executives within the company.
In other recent news, Transocean Ltd., a prominent offshore drilling contractor, delivered impressive financial results for the third quarter of 2024. The company announced an adjusted EBITDA of $342 million and contract drilling revenues of $948 million. Despite a net loss of $494 million for the quarter, the firm's total backlog saw an increase of 7.5% to $9.3 billion. The company's fleet utilization is projected to be nearly full for the year, indicating a strong operational performance.
Transocean's CEO Jeremy Thigpen highlighted the company's commitment to reducing debt and the potential for shareholder distributions by late 2026. The firm's robust year is attributed to securing substantial contracts, including those from BP (NYSE:BP) and Reliance Industries (NS:RELI). The company is engaged in advanced discussions for projects starting in 2026, driven by favorable market conditions.
Transocean anticipates a Q4 contract drilling revenue forecast between $950 million and $970 million. The firm's 2025 revenue projections range between $3.85 billion and $4 billion, with year-end liquidity projected between $1.35 billion and $1.4 billion. These recent developments underscore Transocean's operational discipline and financial stability.
InvestingPro Insights
In light of Mackenzie Roderick James's recent stock sale, it's worth examining Transocean Ltd.'s (NYSE:RIG) current financial position. According to InvestingPro data, Transocean's market capitalization stands at $3.91 billion, with the stock trading at $4.34 as of the previous close. This price represents about 65% of its 52-week high, indicating some downward pressure on the stock.
InvestingPro Tips reveal that Transocean operates with a significant debt burden and has not been profitable over the last twelve months. These factors may contribute to the stock's volatility, which is noted as another key characteristic. Despite these challenges, the company's revenue growth is noteworthy, with a 22.84% increase over the last twelve months and a robust 32.96% growth in the most recent quarter.
The company's price-to-book ratio of 0.38 suggests that the stock may be undervalued relative to its book value. However, investors should consider that analysts do not anticipate the company will be profitable this year, which could explain the executive's decision to sell shares.
For those seeking a more comprehensive analysis, InvestingPro offers additional tips and insights that could provide valuable context to Transocean's financial situation and stock performance. The platform lists 7 more tips for RIG, which could be crucial for investors looking to make informed decisions about the company's stock.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.