Transocean Eyes Improved Day Rates, Contract in Late 2019

Offshore driller Transocean (RIG) expects rates to lease drilling rigs to improve and contracting activity to pick up in late 2019, an outlook that drove its decision for the recently announced $2.7 billion purchase of rival Ocean Rig, Chief Executive Officer Jeremy Thigpen said on Wednesday.

The company expects the market for offshore drilling vessels to move back into balance in the coming years, as some 60 units are going to be un-contracted and retire, he said.

Reporting by Liz Hampton