For many, the misfortune and missteps that have befallen Transocean in recent years have been painful to watch. The bludgeoning began with fallout from the company’s role in the Macondo disaster. Since then, the formerly top-rated offshore driller in EnergyPoint’s surveys has been waylaid by internal and external setbacks — poorly timed investments, credit downgrades, agitation from activist investors, low employee morale — leaving a battered operation to withstand the current downturn.
In an effort to right the ship, the company is aggressively scrapping older rigs and reducing expenses. Plans for future capex have been cut, as have dividends. Leadership changes have been made as well. Continue reading “Can a Struggling Transocean Reclaim Its Edge?”