Transocean Ltd. Shareholders Approve Acquisition of Ocean Rig UDW Inc.
November 29 2018 - 12:04PM
Transocean Ltd. (NYSE: RIG) announced today that its shareholders
approved the acquisition of Ocean Rig UDW Inc. (“Ocean Rig”), by
approving the proposals presented at Transocean’s Extraordinary
General Meeting.
“We are extremely pleased that our shareholders have
overwhelmingly approved our acquisition of Ocean Rig,” said Jeremy
Thigpen, President and CEO. “Through this combination, Transocean
further enhances our industry-leading fleet of high specification
floaters, thus improving our competitive position. We are excited
to begin actively marketing these assets into the growing list of
opportunities we continue to see emerging across our global
customer base.” Thigpen concluded, “We look forward to closing the
transaction in the coming days and welcoming Ocean Rig’s
experienced crews into the company.”
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 41 mobile offshore drilling units consisting of
23 ultra-deepwater floaters, 12 harsh environment floaters, two
deepwater floaters and four midwater floaters. In addition,
Transocean is constructing two ultra-deepwater drillships; and one
harsh environment semisubmersible in which the company has a 33.0%
interest.
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 timing and likelihood
of the completion of the contemplated acquisition of Ocean Rig, the
benefits from the transaction, the ability to successfully
integrate the Transocean and Ocean Rig business, our ability to
successfully integrate our business with that of Songa
Offshore SE (“Songa”), 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, Ocean Rig's most recent
Annual Report on Form 20-F, and in Transocean's or Ocean Rig'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. 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
Lexington May+1 832-587-6515
Media Contact:Pam Easton+1
713-232-7647
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