Transocean Ltd . (NYSE:RIG), a major player in the oil and gas drilling industry, announced amendments to its Articles of Association, reflecting an increase in share capital due to the issuance of additional shares. The changes were filed with the U.S. Securities and Exchange Commission (SEC) today, following the company's actions on Monday.
The Switzerland-based company, operating under the organization name 01 Energy & Transportation, has issued 22.5 million shares to be held in treasury. These shares are earmarked for fulfilling the company's obligations under its equity benefits plans. As a result, Transocean's total issued share capital now stands at $88,531,585.80, divided into 885,315,858 fully paid registered shares.
The updated Articles of Association, which govern the company's internal regulations, were submitted as part of an 8-K filing—a requirement for publicly traded companies to report significant events that shareholders should know about. The document detailing these changes, Exhibit 3.1, has been made available within the filing for reference.
Transocean's business address is listed in Steinhausen, Switzerland, with the company's fiscal year ending on December 31. The SEC filing confirms that the changes to the Articles of Association took effect on June 18, 2024, and were formally filed on June 21, 2024.
In other recent news, Transocean, a major player in offshore drilling services, has made notable strides in its operations. The company reported an adjusted EBITDA of $199 million and adjusted contract drilling revenues of $767 million in Q1 2024. Amid this, Transocean secured new contracts for three of its harsh environment semisubmersible rigs, amassing a firm backlog of approximately $161 million.
Significant contract extensions include a three-well extension for the Transocean Spitsbergen rig from Equinor, contributing $72 million to the backlog, and a three-well extension by Wintershall Dea for the Transocean Norge, adding roughly $71 million to the backlog. In addition, Woodside (OTC:WOPEY) exercised its second option for the Transocean Endurance rig, increasing the backlog by an estimated $18 million.
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