Transocean Relinquishes Interests in Samsung Drillships Under Construction
September 23 2019 - 4:16PM
Transocean Ltd. (NYSE: RIG) announced today that two of its
indirect, wholly-owned subsidiaries will relinquish their
respective interests in two drillships under construction – the
Ocean Rig Santorini and the Ocean Rig Crete (the “Drillships”) – to
Samsung Heavy Industries Co., Ltd. (“SHI”). Upon
relinquishment of the Drillships, Transocean’s indirect,
wholly-owned subsidiaries will not make further payments to SHI
under the construction contracts. The total estimated future costs
associated with the delivery and placing the Drillships into
service would have been approximately $1.1 billion, which includes
future payments to SHI under the construction contracts and costs
related to spares, materials and supplies, and to the commissioning
and mobilization of the rigs. The construction contracts are not
guaranteed by Transocean Ltd. or any of its affiliates.
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
the highest specification floating offshore drilling fleet in the
world.
Transocean owns or has partial ownership
interests in, and operates a fleet of 45 mobile offshore drilling
units consisting of 28 ultra-deepwater floaters, 14 harsh
environment floaters, and three midwater floaters. In addition,
Transocean is constructing two ultra-deepwater drillships.
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 and Section 21E of the Securities Exchange Act of 1934.
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, 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 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, 2018, 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.
For more information about Transocean, please visit:
www.deepwater.com.
Analyst Contacts:Bradley
Alexander+1 713-232-7515
Lexington May+1 832-587-6515
Media Contact:Pam Easton+1
713-232-7647
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