Transocean Announces Retirement of John Stobart
June 04 2018 - 6:31AM
Transocean Ltd. (NYSE:RIG) announced today that John Stobart,
Executive Vice President, Chief Operating Officer and Chief
Performance Officer, is retiring. Keelan Adamson, the company’s
Senior Vice President – Operations, has assumed Mr. Stobart’s
responsibilities, effective June 1, 2018.
“It has been my sincere pleasure to work with John over these
past three years,” said Jeremy Thigpen, President and Chief
Executive Officer. “Under John’s leadership, Transocean
re-established itself as the standard for excellence, delivering
industry-leading performance in safety, uptime and drilling
efficiency. As a direct result of John’s unwavering commitment to
both operational performance and procedural discipline, and to the
development of the next generation of leadership, I have every
confidence that Transocean will continue to build upon the solid
foundation that John helped to establish. On behalf of Transocean’s
board of directors and all Transocean employees, I want to thank
John for his immeasurable contributions, and wish him the very best
in his much-deserved retirement.”
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 ultra-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 is constructing two ultra-deepwater drillships; and one
harsh environment semisubmersible that the company has a one-third
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.
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 expected benefits
from the acquisition of Songa Offshore SE ("Songa"), the ability to
successfully integrate the Transocean and Songa businesses 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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