Deepwater Titan and Atlas are what the original 2013/14 Singapore spec rigs became. They were ordered but then delayed a few years, then delayed again, then cut enough hull blocks to try and lock in the class/reg rules for the design, then delayed again. Then they started all the change orders to upgrade the capabilities, BOPs, drilling package etc, got Chevron onboard to contract one of them, and gave them the names they are known by today.
Shorting is good for exposing lousy companies.
There are some crooked shorters of course but the experienced hedgers never directly short themselves and the SEC doesn’t have the people and at times the will to track them down. Someone of Ichan’s stature may have a LLC in Panama, owned by a LLC in Grand Cayman which is a subsidiary of a company in Cyprus short RIG stock and when its cashed in the money goes to pay off a loan made by another LLC in Switzerland. Hiding financial transactions is just smart and the risk is small. The ICIJ has done some excellent investigations exposing such shenanigans which are rarely pursued by governments as most governments including the USA are outgunned.
How much the SEC goes after Senators for trading on insider information and that is some really low hanging fruit?
Having those hulls played well for CVX. They needed a 20K rig to complete the Anchor discovery and what sold the rig was the ability to execute those change orders without the need to physically change anything. TOI just needed to finish construction of the rig to the required specifications, to include the subsea deliverables.
Senators are insulated from SEC’s jurisdiction by way of a Senate ethics panel, keeping it all in the clubhouse. They live in a special bubble with special health care and other protections the rest of us don’t have - a totally different situation. If you are making the rules, accountability comes in the form of a press leak and reporting about improprieties, apparently. I’m sure savvy businessmen have 100 ways from Sunday to move/hide funds. Their tax lawyers will certainly provide them with the best strategy to minimize every burden possible. But, the scenario as you described it (for someone that practically owns two seats on the board of a public company), and the increased liability that comes with it; it would be pretty stupid to short and manipulate one’s stock. Besides the legal consequence, you would more than likely be constrained by board covenants. I believe Shipengr was on point with taking the loss for taxes over illegal activities.
Not entirely correct. Transocean goes back a lot further than to when it became Norwegian:
That company owned some old 6-legged jack-up rigs operating off Germany and Holland, as well as some newer rigs in the Middle East.
In the 1970s a lot of Norwegian shipping companies got into drilling, each with a couple to rigs that was operated in cooperation with different American drilling contractors, since they did not have the necessary drilling expertise.
One of these were Rosshavet AS that had originally been a whaling company, but when whaling in the Southern Ocean stopped in the early 1960s they concentrated on their shipping side and entered into drilling in the late 1970s.
It became clear that the Norwegian market was too small for all of them and not as lucrative as first envisaged, so many of them sold out their rig and got out of drilling, As those remaining gained expertise they wanted to get out of the constrain of the North Sea and merged into larger groups.
One of the larger Norwegian drilling contractors were Aker Drilling AS, who bought Transocean Ltd. from Kerr McGee and adopted the name:
Many of the remaining drilling rig owners joined, or sold their drilling division that continued to operate under the name Transocean ASA until Sonat Offshore Drilling. came knocking and bought Transocean ASA with a large fleet of modern semisubs, platform drilling rigs and a few older jack-up rigs.
Since Sonat Inc. had sold out of the drilling business they were looking for a suitable name and took the Transocean name:
The history of merger and acquisitions that happened in the US drilling business before and after this should be well known.
PS> Another group formed around Smedvig and became Seadrill.
True, you have Transocean ASA which I am told was originally a Norwegian whaling company and then Transocean Offshore was born some how thru the convoluted mergers. Transocean Offshore, the “USA company” somehow ended up headquartered in Switzerland where most of the companies officers do not live.
Transocean’s corporate HQ moved from Delaware to Cayman Islands in 1999 and to Zug, Switzerland in 2010.
Few, if any, of it’s office holders have live in any oy of these places.
Another US drilling contractor is getting ready to exit Chapter 11 soon:
At least until the next big bill fall due (??)