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Transocean (RIG) Stock Down, Submits SEC Filing to Buy Master-Limited Partnership

NEW YORK (TheStreet) -- Shares of Transocean (RIG) were dropping mid-Friday afternoon after the company filed an SEC form regarding its acquisition of its master-limited partnership Transocean Partners (RIGP) this week.

The company previously announced it would pay $514 million in an all-stock deal for the company. Under the deal, Transocean will issue about 22.7 million new shares.

In the filing from this week, Transocean estimated that the company will have 54 operating rigs in 2020 and that earnings before interest, taxes, depreciation and amortization (EBITDA) will be $1.8 billion this year.

Analysts at RBC, however, are...