Transocean Ltd. Announces Updates for Transocean Leader
February 15 2018 - 4:21PM
Transocean Ltd. (NYSE:RIG) announced today that an agreement has
been reached with the incumbent customer to amend the drilling
contract on the harsh environment semisubmersible Transocean
Leader.
The rig experienced equipment breakdown that
could not be repaired timely, providing the customer with the right
to cancel the contract. However, given the otherwise efficient
performance of the rig, the customer elected to complete its
program with the Leader and Transocean agreed to amend the drilling
contract, signed today and effective January 13, 2018, whereby the
dayrate and contract duration were modified.
The rig is currently in the shipyard for these
repairs and will not earn a dayrate during the first quarter of
2018. It is expected to return to work in April of 2018, for
approximately 300 days, 210 of which are with the incumbent
customer and 90 days with Dana Petroleum.
Contract backlog is reduced by approximately
$112 million ($73 million in 2018 and the remainder in 2019) as a
result of the contract renegotiation and a new fixture with
Dana Petroleum.
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 47 mobile offshore drilling units consisting of
27 ultra-deepwater floaters, 12 harsh environment floaters, two
deepwater floaters and six midwater floaters. In addition,
Transocean has two 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 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, changes in tax
estimates, impairment of goodwill, asset impairments, operating
hazards and delays, risks associated with international operations,
actions by customers and other third parties, fleet utilization,
the future prices of oil and gas, capital markets 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.
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 or a listing prospectus within the meaning of the
listing rules of the SIX Swiss Exchange. 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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