Transocean Ltd. Provides Quarterly Fleet Status Report
July 23 2018 - 04:27PM
Transocean Ltd. (NYSE:RIG) today issued a quarterly Fleet Status
Report that provides the current status of, and contract
information for, the company’s fleet of offshore drilling rigs.
Since the prior Fleet Status Report, the company has added
approximately $405 million in contract backlog. As of today, the
company’s backlog is $11.7 billion, which includes dayrate
reductions on four of the company’s newbuild drillships related to
cost de-escalations attributable to down-manning.
The ultra-deepwater semisubmersible Development Driller III was
awarded a 180-day contract offshore Equatorial Guinea. Following
maintenance, reactivation and a contract preparation period, the
floater is expected to commence operations in the first quarter of
2019.
This report also includes the following new contracts:
- Deepwater Asgard – Customer exercised a one-well option;
- GSF Development Driller I – Awarded an 11-well contract plus
four one-well options offshore Australia;
- Deepwater Nautilus – Customer exercised two one-well options
offshore Malaysia;
- Transocean Spitsbergen – Awarded a three-well contract plus six
one-well options offshore Norway. In addition, customer exercised
two one-well options;
- Transocean Barents – Awarded a six-month contract extension
plus an option offshore Eastern Canada;
- Transocean Leader – Awarded a one-well contract in the U.K.
North Sea;
- Transocean Arctic – Customer exercised a one-well option
offshore Norway; and
- Transocean 712 – Awarded a 13-well contract plus a one-well
option in the U.K. North Sea.
As previously announced, the company has retired, in an
environmentally responsible manner, the following four floaters:
Deepwater Discovery, Deepwater Frontier, Deepwater Millennium and
Songa Trym.
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 43 mobile offshore drilling units consisting of
24 ultra-deepwater floaters, 12 harsh environment floaters, two
deepwater floaters and five midwater floaters. In addition,
Transocean is constructing two ultra-deepwater drillships; and one
harsh environment semisubmersible in which the company has a 33
percent interest. The company also operates one high-specification
jackup that was under a drilling contract when the rig was sold,
and the company will continue to operate the jackup until
completion or novation of the drilling contract.
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, 2017, 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
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