Transocean Ltd. Provides Fleet Update Summary
ZUG, SWITZERLAND--(Marketwire - Sep 18, 2012) - Transocean Ltd. (NYSE: RIG) (SIX: RIGN) today issued a monthly fleet update summary which includes new contracts, significant changes to existing contracts, and changes in estimated planned out of service time of 15 or more days since August 15, 2012. Total backlog associated with new contracts or extensions since the August 15, 2012 fleet update summary is approximately $1.7 billion. Estimated out of service time for 2012 increased by a net 36 days, primarily due to unexpected repairs on a Harsh Environment semisubmersible. The increase in 2013 estimated out of service time of a net 151 days includes 86 days (57 percent) related to the acceleration of shipyards from 2014 and 45 days (30 percent) associated with the preparation of rigs for new or potential contracts.
The ultra-deepwater newbuild drillship, Deepwater Invictus, was awarded a three-year contract at a dayrate of $595,000 ($652 million contract backlog) and is expected to commence operations in the second quarter of 2014 upon delivery from the shipyard and customer acceptance. The Deepwater Invictus is currently under construction at the DSME shipyard in Korea and will be capable of operating in water depths up to 12,000 feet and drilling wells up to 40,000 feet deep. The newbuild will include a second blow-out preventer system requested by the customer for which the company will be compensated. The rig is one of two ultra-deepwater newbuild drillships acquired in the October 2011 Aker Drilling ASA transaction.
Other highlights are as follows:
GSF Development Driller I -- Awarded an estimated 20-month contract extension at a dayrate of $580,000 ($348 million contract backlog). The rig's prior dayrate was $522,000.
GSF Rig 135 -- Awarded a two-year contract for work offshore Congo at a dayrate of $365,000 ($266 million contract backlog). The rig's prior dayrate was $340,000.
Transocean Prospect -- Awarded a four-well contract for work in the U.K. sector of the North Sea at a dayrate of $405,000 for the first two wells and $375,000 for the remaining two wells ($146 million contract backlog). The rig's prior contract dayrate was $252,000.
GSF Parameswara -- Awarded a two-year contract extension for work offshore Indonesia at a dayrate of $136,000 ($99 million contract backlog). The rig's prior contract dayrate was $122,000.
Two deepwater floaters, the Jim Cunningham and Discoverer 534, were sold. Both rigs were stacked and previously held for sale. The details of the transactions have not been disclosed.
On September 10, 2012, the company committed to discontinue operations in the standard jackup and swamp barge markets. All standard jackups and the swamp barge are currently held for sale.
The fleet update summary can be accessed at www.deepwater.com by clicking on the Fleet Status Report link found in the toolbar.
Forward-Looking Statements
Statements regarding the 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, as well as any other statements that are not historical facts in the report, are forward-looking statements that involve certain risks, uncertainties and assumptions. These include but are not limited to operating hazards and delays, risks associated with international operations, actions by customers and other third parties, the future prices of oil and gas and other factors detailed in the company's most recent Form 10-K and other filings with the Securities and Exchange Commission. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated.
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.
At September 18, 2012, Transocean owns or has partial ownership interests in, and operates a fleet of, 115 mobile offshore drilling units consisting of 48 High-Specification Floaters (Ultra-Deepwater, Deepwater and Harsh-Environment drilling rigs), 25 Midwater Floaters, nine High-Specification Jackups, 32 Standard Jackups and one swamp barge. Included in the 115 drilling units, the company has 32 Standard Jackups and one swamp barge classified as discontinued operations. An additional 12 Standard Jackups have been classified as held for sale. We have two Ultra-Deepwater Drillships and three High-Specification Jackups under construction.
Additional information about Transocean can be found at www.deepwater.com.
