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CORPORATE PARTICIPANTS Jeremy D. Thigpen Transocean Ltd. - CEO, President and Executive Director Mark-Anthony Lovell Mey Transocean Ltd. - CFO and EVP CONFERENCE CALL PARTICIPANTS John David Anderson Barclays PLC, Research Division - Research Analyst PRESENTATION John David Anderson Barclays PLC, Research Division - Research Analyst So up next we have Transocean. It's my pleasure to introduce Jeremy Thigpen. He's President and CEO. Most of you are very familiar with Mr. Thigpen. He's previously CFO of National Oilwell Varco, where he spent 18 years in various management capacities. Now he's a customer. So while he was CFO... Jeremy D. Thigpen Transocean Ltd. - CEO, President and Executive Director (inaudible) John David Anderson Barclays PLC, Research Division - Research Analyst (inaudible) buying too much. We also have Mark Mey with us here as well. He's the CFO as well. So again, looking forward to hear your thoughts on the market and especially expanding on all the M&A out there. Jeremy D. Thigpen Transocean Ltd. - CEO, President and Executive Director Yes. Thank you, Dave. All right. Thank you for the introduction. Thank you for the invitation to come here with you and Barclays, and it's always a pleasure to share our story. Thank you all for being in attendance to hear our story. It's a pretty good crowd. I'll start as we always do with these presentations with the legal disclaimer. It's a customary language. So I won't read it to you and won't make you read it. But we have a bonus slide, a second slide of more legalese. And basically, this is stating that we're going to show you some pro forma data that's based on the successful acquisition of Songa Offshore. So obviously, subject to closing. With that, let me tell you why we think Transocean is the undisputed leader in the offshore space. And I don't mean it to be braggadocious. It's fact. The size and quality of our fleet, the size and quality of our backlog, our liquidity position right now is enviable in our space, and then we have vast amounts of experience well more than our next nearest competitor. I'm going to walk through each of these and explain why this differentiates us from the rest of the pack. But before I do that, my guess is many of you in here are interested to learn a little bit more about the recently announcing Songa transaction. So I'm going to go through that first. For the past several quarters, we've stated our interest to upgrade our fleet, both in terms of size and quality, and we've had a specific focus on ultra-deepwater and harsh environment. So we said ultra-deepwater, harsh environment, that's our focus, that's where we think we can differentiate. We're interested in asset quality in addition to increasing the size of our fleet. But we recognized that we don't know the exact timing of the recovery, and we don't know the magnitude of that recovery. So whatever we do, we don't want to significantly compromise our near-term liquidity. So that kind of brings that filter in pretty tight and maybe only a handful of opportunities out there that really fit into that filter, but Songa Offshore screened exceptionally well across the board. So at Songa Offshore, we picked up 7 Norway-based semisubmersible units. 4 of those are brand-new, high specification, harsh environment that were designed in conjunction with Statoil for Statoil, and they have long-term contracts. These contracts run out into 2024. They also have up to 12 years of options behind those for each of those 4 rigs. So just to confirm, the backlog right now is $4.1 billion. I like that number. $4.1 billion in backlog; 4 high-quality, harsh environment, high-specification assets. And just our initial review of what we think are cost synergies, it looks like at least $40 million annualized in just cost synergies, and that doesn't take into account what we can do on the revenue efficiency front. So you take all that together, you look at the valuation of this particular acquisition, and it's accretive --instantly accretive on an EBITDA basis, a cash flow from operation basis and a net debt to THOMSON REUTERS Contact Us 2 ©2017 Thomson Reuters. All rights reserved. Republication or redistribution of Thomson Reuters content, including by framing or similar means, is prohibited without the prior written consent of Thomson Reuters. 'Thomson Reuters' and the Thomson Reuters logo are registered trademarks of Thomson Reuters and its affiliated companies. 09/07/2017 09:05 AM GMT, Transocean Ltd at Barclays CEO Energy-Power Conference