Transocean Ltd. Announces Retirement of Six Floaters
September 22 2017 - 7:01AM
Transocean Ltd. (NYSE:RIG) announced today its intent to retire the
ultra-deepwater floaters GSF Jack Ryan, Sedco Energy, Sedco
Express, Cajun Express, and Deepwater Pathfinder, and the deepwater
floater Transocean Marianas. The rigs will be classified as held
for sale and will be recycled in an environmentally responsible
manner. All six rigs were previously cold stacked.
The company will recognize an impairment charge of approximately
$1.4 billion during the third quarter of 2017 associated with these
actions.
“We continue to enhance the quality of our fleet through the
addition of new, high-specification assets, and the retirement of
older, less competitive rigs,” said Jeremy Thigpen, President and
Chief Executive Officer. “We remain committed to providing our
customers with the most technically capable and highest quality
ultra-deepwater and harsh environment assets in the industry, and
will continue to objectively evaluate our rigs and high-grade our
fleet as the market evolves.”
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 38 mobile offshore drilling units consisting of
25 ultra-deepwater floaters, seven harsh environment floaters, two
deepwater floaters and four midwater floaters. In addition,
Transocean has four ultra-deepwater drillships under construction
or under contract to be constructed. The company also operates
two high-specification jackups that were under drilling
contracts when the rigs were sold, and the company continues to
operate these jackups until completion or novation of the drilling
contracts.
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
Transocean (NYSE:RIG)
Historical Stock Chart
From Aug 2024 to Sep 2024
Transocean (NYSE:RIG)
Historical Stock Chart
From Sep 2023 to Sep 2024