Transocean Ltd. Announces Contracts for the Transocean Spitsbergen
April 05 2017 - 4:16PM
ZUG, SWITZERLAND-April 5, 2017-Transocean Ltd.
(NYSE: RIG) announced today that the harsh-environment
semisubmersible Transocean Spitsbergen was
awarded two contracts with Statoil. The estimated firm backlog
associated with these contracts is $83 million, which excludes
performance incentive opportunities, integrated services and
mobilization. The initial contract is expected to commence in the
third quarter of 2017.
The first contract is for three wells with an estimated duration of
90 days in the U.K. sector of the North Sea. This contract includes
a priced option for an additional well with an estimated duration
of 30 days. The second contract is for six wells with an estimated
duration of one year in the Norwegian North Sea. This contract
includes priced options for an additional six wells with an
estimated total duration of 180 days.
"We are very pleased to contract the Transocean
Spitsbergen with Statoil for multiple well programs in both the
U.K. and Norway," said President and Chief Executive Officer Jeremy
Thigpen. "The Spitsbergen has delivered some
of the best harsh-environment wells in the industry, and we are
excited to be contracting her in conjunction with an integrated
package of related services. This arrangement furthers our
strategic relationship with Statoil and again provides us the
opportunity to exceed their drilling expectations."
The report can be accessed on the company's website:
www.deepwater.com.
About Transocean
Transocean is a leading international provider of offshore contract
drilling services for oil and gas wells. The company specializes in
technically demanding sectors of the global offshore drilling
business with a particular focus on deepwater and harsh environment
drilling services, and believes that it operates one of the most
versatile offshore drilling fleets in the world.
Transocean owns or has partial ownership interests in, and operates
a fleet of 56 mobile offshore drilling units consisting of 30
ultra-deepwater floaters, seven harsh-environment floaters, three
deepwater floaters, six midwater floaters and 10 high-specification
jackups. In addition, the company has four ultra-deepwater
drillships and five high-specification jackups under construction
or under contract to be constructed.
For more information about Transocean, please visit:
www.deepwater.com.
Forward-Looking Statements
The statements described in this press release that are not
historical facts are forward-looking statements within the meaning
of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended.
These statements contain words such as "possible," "intend,"
"will," "if," "expect," or other similar expressions.
Forward-looking statements are based on management's current
expectations and assumptions, and are subject to inherent
uncertainties, risks and changes in circumstances that are
difficult to predict. As a result, actual results could differ
materially from those indicated in these forward-looking
statements. Factors that could cause actual results to differ
materially include, but are not limited to, estimated duration of
customer contracts, contract dayrate amounts, future contract
commencement dates and locations, planned shipyard projects and
other out-of-service time, sales of drilling units, timing of the
company's newbuild deliveries, operating hazards and delays, risks
associated with international operations, actions by customers and
other third parties, the future prices of oil and gas, the
intention to scrap certain drilling rigs, the benefits, and other
factors, including those and other risks discussed in the company's
most recent Annual Report on Form 10-K for the year ended December
31, 2016, and in the company's other filings with the SEC, which
are available free of charge on the SEC's website at: www.sec.gov.
Should one or more of these risks or uncertainties materialize (or
the other consequences of such a development worsen), or should
underlying assumptions prove incorrect, actual results may vary
materially from those indicated or expressed or implied by such
forward-looking statements. All subsequent written and oral
forward-looking statements attributable to the company or to
persons acting on our behalf are expressly qualified in their
entirety by reference to these risks and uncertainties. You should
not place undue reliance on forward-looking statements. Each
forward-looking statement speaks only as of the date of the
particular statement, and we undertake no obligation to publicly
update or revise any forward-looking statements to reflect events
or circumstances that occur, or which we become aware of, after the
date hereof, except as otherwise may be required by law. All
non-GAAP financial measure reconciliations to the most comparative
GAAP measure are displayed in quantitative schedules on the
company's website at: www.deepwater.com.
This press release, or referenced documents, do not constitute an
offer to sell, or a solicitation of an offer to buy, any
securities, and do not constitute an offering prospectus within the
meaning of article 652a or article 1156 of the Swiss Code of
Obligations. Investors must rely on their own evaluation of
Transocean and its securities, including the merits and risks
involved. Nothing contained herein is, or shall be relied on as, a
promise or representation as to the future performance of
Transocean.
Analyst Contacts:
Bradley Alexander
+1 713-232-7515
Diane Vento
+1 713-232-8015
Media Contact:
Pam Easton
+1 713-232-7647
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Transocean Ltd via Globenewswire
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