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Bond Market News
Transocean’s Bonds Jump on Merger Talks with Seadrill
October 25, 2024
Transocean’s bonds jumped by 2-3 points across the curve after the company was said to be in discussions for a merger with its rival Seadrill Ltd., according to sources. The companies are exploring various merger structures as offshore drilling, particularly in deep water, is booming again due to steady oil prices and slower production growth from US shale fields. However, no final decision has been made, and the companies may choose to remain independent, the sources added. Both companies were once leaders in offshore drilling but have struggled amid industry challenges and competition, with Transocean notably avoiding bankruptcy during the 2020 downturn. Transocean’s shares have dropped 35% this year, valuing the company at approximately $3.6bn, while Seadrill’s shares are down 26%, with a market value of about $2.4bn. Following news of the talks, Seadrill’s shares rose about 10%, while Transocean’s increased by 3.7%.
Transocean’s 7.5 2031s jumped by 2.5 points to 92.99, yielding 8.95%.
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