Transocean Ltd. Receives Early Termination Notice on GSF Development Driller I
ZUG, SWITZERLAND-February 23, 2016-Transocean Ltd. (NYSE: RIG) (SIX: RIGN) announced today that the company has received a notice of early termination from Esso Exploration Angola (Block 15) Limited for the ultra-deepwater semisubmersible GSF Development Driller I. The rig's drilling contract is expected to end in May 2016 with the demobilization completed in June 2016. In accordance with the terms of this contract, the company will not receive a payment compensating it for the remaining contract term.
The company does not have other contracts in its backlog that permit uncompensated cancellation for convenience.
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 61 mobile offshore drilling units consisting of 28 ultra-deepwater floaters, seven harsh-environment semisubmersibles, five deepwater semisubmersibles, 11 midwater semisubmersibles, and 10 high-specification jackups. In addition, the company has six 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.
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