Transocean Ltd.: Initiation Of Coverage – Are Their Growth Prospects Good Enough? 

Transocean made notable progress in 2023, delivering robust performance, with adjusted EBITDA of $738 million on $2.9 billion of adjusted contract drilling revenues, reflecting an adjusted EBITDA margin of approximately 26%. Further, it strategically refinanced 4 senior secured notes averaging to about $1.2 billion and raised $525 million from debt investors, enhancing its liquidity position and garnering positive investor reception.