by Amruth Sundarkumar | Oct 11, 2022 | Corporates, Credit Ratings
After downgrading Transocean to SD last week, S&P has reversed its ratings on the driller and upgraded it to CCC. After exchanging its near term maturities for longer dated bonds due 2029, the rating agency is of the view that Transocean has enhanced its...
by Amruth Sundarkumar | Oct 4, 2022 | Corporates, Credit Ratings
Transocean, the American offshore driller was downgraded to SD by S&P after completing a series of distressed debt exchanges. S&P views the exchange as tantamount to default. It was downgraded to CC from CCC- when it had initially made the offer to its...
by Amruth Sundarkumar | Sep 19, 2022 | Corporates, Credit Ratings, Global
American drilling company Transocean was downgraded to CC from CCC- by S&P upon its distressed debt exchange (DDE). The bonds involved in the exchange were also downgraded to CC. The offer was as follows: An exchange of $73mn of its existing 0.5% bonds due 2023...
by Amruth Sundarkumar | Aug 2, 2022 | Corporates, Global
US-based offshore drilling company Transocean reported a reduction in net loss for the June quarter to $68mn vs. a net loss of $103mn in the previous year. Total contract drilling revenues rose 5.5% YoY to $692mn, and revenue efficiency was 97.8% against 94.9% in Q1....
by Amruth Sundarkumar | Jul 8, 2022 | Corporates, Credit Ratings
Offshore drilling company Transocean was downgraded to CCC- from CCC by S&P with a negative outlook as the rating agency sees the company likely going for a debt restructuring, a debt exchange, or another transaction due to unsustainable leverage. The potential...
