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Transocean Ltd. Message Board

  • anthowilson6 anthowilson6 Apr 15, 2013 2:10 AM Flag

    Transocean to lay off 40 % of work force..

    I heard from a good source at Transocean in Houston that they are selling most of their rigs in Brazil. Also heard they were going to lay off 40% of their workforce.
    Staff have being informed and are not sure which of them will be affected by this down sizing.
    Anyone heard a similar news?

    Sentiment: Hold

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    • Transocean Ltd. announced April 30 that it will cut jobs and close some of its onshore facilities in order to improve operating margins. While the number of workers expected to be cut has not been specified, the company said it will save approximately $300 million.
      The cost reduction initiative is also intended to "align the company's shore-based support infrastructure with the post-divestiture size, composition and geographic location of its fleet," according to Transocean's statement. Transocean hopes the restructuring will result in a more efficient and focused organization. The company also wants to offer support to its rig operations without compromising safety or operational integrity.
      The reduction in onshore costs will come from the consolidation of facilities, the streamlining of business functions and processes and from programs and tasks that are not central to supporting the company's core business of safely operating rigs.
      The company said the realization of the shore-based initiative are expected to begin in early 2014. Transocean said the organizational efficiency initiative of onshore operations as well as an offshore operations initiative will improve the company's competitiveness.
      Visit PennEnergy's research area to lean more about active drilling rigs in the United States.

    • Here is the link:

    • Guys so what I heard has some truth...see below:

      Transocean will cut positions, consolidate onshore business
      PennEnergy (press release)
      Transocean Ltd. announced April 30 that it will cut jobs and close some of
      its onshore facilities in order to improve operating margins. While the
      number of workers expected to be cut has not been specified, the company
      said it will save approximately ...

      See all stories on this topic:

    • oh I forgot to say: I actually wouldn't blame RIG for pulling out of Brazil. The #$%$ those guys pulled las year will shy away any smart driller; who on earth wants that kind of absurd risk? Sure, it will stink to pull away from that cash flow, but the pain Brazil will feel when drillers require day rates triple current pricing will be far worse. Brazil is about to reap the rewards from their efforts. And it couldn't happen to a nicer bunch of folk.

    • Hopefully the layoffs start with Newman and his cronies.....

    • I head that anthony wilson has been caught smoking crack and is now in jail!

 
RIG
21.01-2.26(-9.71%)Nov 28 1:02 PMEST

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