Transocean Ltd. (RIG) filed a Form 8K - Material Impairments -
with the U.S Securities and Exchange Commission on December 18,
2014.
On December 18, 2014, Transocean Ltd. (the "Company") announced
that it intends to scrap the following seven lower-specification
deepwater and midwater floaters: Sedco 710, Sovereign Explorer,
Sedco 700, Sedco 601, J.W. McLean, GSF Arctic I and Falcon 100.
These rigs are classified as held for sale. As a result of the
Company's decision to scrap these seven rigs, on December 18, 2014,
the Company concluded that it expects its fourth quarter 2014
results to include an estimated non-cash charge of $100 million to
$140 million, net of taxes. As the Company continues to evaluate
the long-term competitiveness of its fleet, additional rigs may be
identified as candidates for scrapping.
A copy of the press release regarding the announcement is filed
as Exhibit 99.1 to this Current Report on Form 8-K and is
incorporated herein by reference.
The full text of this SEC filing can be retrieved at:
http://www.sec.gov/Archives/edgar/data/1451505/000145150514000166/fsr-rigdec2014.htm
Any exhibits and associated documents for this SEC filing can be
retrieved at:
http://www.sec.gov/Archives/edgar/data/1451505/000145150514000166/0001451505-14-000166-index.htm
Public companies must file a Form 8-K, or current report, with
the SEC generally within four days of any event that could
materially affect a company's financial position or the value of
its shares.
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