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Transocean Ltd (NYSE:RIG) shares are trading lower after the company entered asset sale deals and disclosed non-cash charges in the third quarter.
The company announced that a subsidiary has agreed to sell the Development Driller III and associated assets for $195 million and the Discoverer Inspiration and related assets for $147 million.
The company stated that the total sale amount of $342 million will result in a non-cash charge of $630 million—$645 million in the third quarter due to asset impairment.
Transocean plans to use the proceeds to repay existing debt mainly. The transactions, subject to customary conditions, are expected to close in the third quarter of 2024.
In July, the company reported an adjusted EPS of $(0.15), missing the estimate of $(0.10), and sales of $861 million, falling short of the $862.6 million estimate.
As of June-end, the company’s long-term debt stood at $6.78 billion.
Investors can gain exposure to the stock via Exchange Traded Concepts Trust Range Global Offshore Oil Services Index ETF (NYSE:OFOS) and SPDR Series Trust SPDR S&P Oil & Gas Equipment & Services ETF (NYSE:XES).
Price Action: RIG shares are down 9.8% at $4.275 at the last check Tuesday.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
