Transocean Ltd. Provides Fleet Status Report
October 24 2016 - 5:20PM
ZUG, SWITZERLAND-October 24, 2016-Transocean Ltd.
(NYSE: RIG) today issued a Fleet Status Report that provides the
current status of and contract information for the company's fleet
of offshore drilling rigs.
The report includes the following:
- Discoverer India - As
announced on October 3, 2016, the customer elected to early
terminate the contract effective December 2016, prior to its
expiration in January 2021. Estimated backlog associated with the
contract cancellation was approximately $760 million, excluding the
early termination lump-sum payment of approximately $160
million.
- Transocean Barents - Awarded
a 15 month contract offshore Canada at a dayrate of $260,000 ($119
million estimated backlog added, excluding mobilization).
- Sedco 712 -
- Awarded a 16 well contract in the U.K. sector of
the North Sea at an undisclosed dayrate.
- Awarded a one well contract in the U.K. sector of
the North Sea at an undisclosed dayrate.
- Transocean Spitsbergen - The
customer exercised options at an undisclosed dayrate.
- Estimated 2016 out of service time increased by a
net 113 days due primarily to contract preparation and mobilization
related to the Transocean Arctic and Jack Bates. The company is currently committed to 98
days of planned out of service time in 2017, including the contract
preparation and mobilization associated with the Transocean Barents.
- The midwater floaters Transocean
Driller, Transocean Winner and Sedco 704 were classified as held for sale. The rigs
will be recycled in an environmentally responsible manner.
The report can be accessed on the company's
website: www.deepwater.com.
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 57 mobile offshore drilling
units consisting of 29 ultra-deepwater floaters, seven
harsh-environment floaters, four deepwater floaters, seven midwater
floaters and 10 high-specification jackups. In addition, the
company has five ultra-deepwater drillships and five
high-specification jackups under construction or under contract to
be constructed.
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, effects or
results of the anticipated merger with Transocean Partners LLC, the
failure to obtain Transocean Partners LLC unitholder approval for
the merger and the satisfaction of other conditions to the
consummation of the merger 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, 2015, 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
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Transocean Ltd via Globenewswire
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