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Offshore rig market in turmoil-I: Transocean deal shows market has not improved
Mar 23:   The sale by Transocean of its entire Jackup fleet to Norwegian newcomer Borr Drilling came as a surprise to everyone. The deal also involves assuming Transocean's newbuild obligations with rig builder Keppel.
8The Transocean sale has come as confirmation that the offshore rig market is yet to bottom out. The sale thwarts Transocean CEO Jeremy Thigpen's ongoing narrative of an industry recovery being close at hand
8The entity to watch is Borr Drilling as the company has remained debt free so far and will most likely keep its current, basically unlimited access to the capital markets by picking up more distressed assets around the globe going forward. The longer the downturn lasts, the cheaper Borr Drilling will be able to purchase additional rigs. Over time, the company might very well become a leading industry player simply by going against the grain at a time when incumbent players are struggling with large debt loads and liquidity concerns.
8Transocean's Indian operations will change as a consequence of the sale.
8The Bhartia Group, who represent Transocean in India, will have a significantly reduced footprint
Click on Details and on Reports for more information on the deal
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