A message from Jeremy Thigpen
PRESIDENT AND CHIEF EXECUTIVE OFFICER
The COVID-19 pandemic has significantly impacted all aspects of life throughout most of the world. The energy industry is no different. Travel bans, cancelled flights, and stay-at-home orders, among other things, have led to a significant decline in global oil and gas demand. This reduction in demand, when coupled with the decisions by Russia and the Kingdom of Saudi Arabia to increase production, has resulted in a substantially oversupplied market, driving an unprecedented drop in energy prices. In addition to driving oil prices to lows not experienced in almost 20 years, the global spread of the virus has also presented Transocean, and every other oilfield service provider, numerous obstacles in delivering customers the level of service to which they are accustomed.
At Transocean, we are working around the clock to do everything we can to support our employees and their families to assure they are safe, and where necessary, providing the medical attention and care they need during this most challenging of times. As has always been the case, we are simultaneously focused on continuing to deliver incident-free operations to our customers throughout the world. We are safely overcoming many different obstacles in various jurisdictions while mitigating risks to assure business continuity through ongoing liaison with our customers.
As the undisputed leader in offshore drilling, we have consistently taken the necessary steps to remain our customers' preferred choice for their most demanding drilling operations. We have also made the strategic decisions required to fortify our financial position to withstand the most daunting challenges, even ones that are unforeseen. There is no doubt that 2020 will be one of the most challenging years that our company, and for that matter, our industry, will face, but we are confident that our steadfast approach provides us the best opportunity to succeed for our employees, our customers, our investors, and our company.
TRANSOCEAN'S FOCUS IN RELATION TO COVID-19
- Our priority is the safety and health of our offshore crews, onshore employees, customers, and contractors.
- Our business continuity plans are constantly re-assessed and updated in maximum collaboration with our customers.
- For our rig crews and employees whose work requires them to be offshore or at a specific location, we have implemented health screenings, social distancing and a set of quarantine standards across our fleet before crew members travel offshore.
- Our onshore employees are working from home and providing remote support to our customers and within our company as we social distance yet remain constantly connected through technology.
- Our collective continued vigilance and commitment to our preventative guidelines are crucial.
- Our department meetings are now remote, and we are focused on accomplishing the same quality work while separated yet connected.
- We are encouraging all our employees to protect themselves and their families by practicing good hygiene, limiting travel and avoiding gatherings.
- We are monitoring government guidance and programs and analyzing the impact of these guidelines and programs on our company, our employees, and our operations.
- Our executives and managers across the organization are checking in regularly with our employees, customers, and contractors as together we find solutions to new challenges.
- We are utilizing our internal website to share resources and up-to-date information with our employees.
- We are asking our employees to focus all their energy into the safe and efficient operation of our rigs as it is imperative that we continue to deliver incident-free operations and execute flawlessly for our customers.