Transocean Ltd. Provides Fleet Status Report
ZUG, SWITZERLAND, July 17, 2013 - Transocean Ltd. (NYSE: RIG) (SIX: RIGN) today issued a comprehensive Fleet Status Report which provides the current status and contract information for the company's entire fleet of offshore drilling rigs. The total value of new contracts since the June 13, 2013 fleet update summary is approximately $180 million.
Estimated 2013 out-of-service time increased by a net 76 days primarily due to work to be performed on the Sedco 704. Forecasted out-of-service time for 2014 is also provided on a rig by rig basis. Relative to preliminary guidance provided in February, out-of-service time for 2014 decreased by a net 381 days due to refinements in the timing and scope of projects, including the previously disclosed acceleration of the Deepwater Millennium shipyard project which is expected to commence later in the third quarter of 2013.
Other highlights are as follows:
- Deepwater Frontier - Contract modified to be well-based with an associated extension into the fourth quarter of 2014. Effective March 1, 2013 the contract dayrate increased to $534,000 from $475,000. The rate will increase to $565,000 effective March 1, 2014 (incremental backlog of approximately $152 million).
- Transocean Rather - Awarded a one-well contract extension for work offshore Angola at a dayrate of $400,000 ($28 million estimated backlog).
- The C.K. Rhein, Sedco 703, and Sedco 709 are currently held for sale. The floaters were previously stacked.
- GSF Arctic I is currently stacked.
The report can be accessed at www.deepwater.com by clicking on the Fleet Status Report link found in the toolbar.
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 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements which could be made 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, and sales of drilling units. 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, including those discussed in the company's most recent Form 10-K for the year ended December 31, 2012 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. 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 does not constitute an offer to sell, or a solicitation of an offer to buy, any securities, and it does not constitute an offering prospectus within the meaning of article 652a or article 1156 of the Swiss Code of Obligations or a listing prospectus within the meaning of the listing rules of the SIX Swiss Exchange. Investors must rely on their own evaluation of Transocean Ltd. 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 Ltd.
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, 81 mobile offshore drilling units consisting of 47 High-Specification Floaters (Ultra-Deepwater, Deepwater and Harsh-Environment drilling rigs), 23 Midwater Floaters and 11 High-Specification Jackups. In addition, we have six Ultra-Deepwater Drillships and one High-Specification Jackup under construction.
For more information about Transocean, please visit the website www.deepwater.com.