Transocean Ltd. Provides Deepwater Horizon Update
ZUG, SWITZERLAND, Apr 26, 2010 (MARKETWIRE via COMTEX) --Transocean Ltd. (NYSE: RIG) (SIX: RIGN) today provided thefollowing update on the Deepwater Horizon and the company's role insupporting BP Exploration & Production, Inc. and the Unified AreaCommand in stemming the flow of hydrocarbons from the well.
The Deepwater Horizon is insured for total loss coverage and forwreck removal, to the extent removal can be carried out and isrequired. The total insured value of the rig is $560 million.
The rig sank in the U.S. Gulf of Mexico after an explosion and firelast week, and it is now located on the sea floor approximately 1,500feet northwest of the well center and away from any subsea pipelines.Transocean is committing all necessary resources to support ongoingefforts to stop the flow of hydrocarbons from the well.
Transocean is the world's largest offshore drilling contractor andthe leading provider of drilling management services worldwide. Witha fleet of 139 mobile offshore drilling units plus threeultra-deepwater units under construction, the company's fleet isconsidered one of the most modern and versatile in the world due toits emphasis on technically demanding segments of the offshoredrilling business. Its worldwide fleet is more than twice the size ofthe next-largest competitor. The company owns or operates a contractdrilling fleet of 45 High-Specification Floaters (Ultra-Deepwater,Deepwater and Harsh-Environment semisubmersibles and drillships), 26Midwater Floaters, 10 High-Specification Jackups, 55 Standard Jackupsand other assets utilized in the support of offshore drillingactivities worldwide.
Statements regarding any future aspect of the incident on theDeepwater Horizon, the effects, damage assessment, support of effortsby others, insurance coverage, as well as any other statements thatare not historical facts, are forward-looking statements that involvecertain risks, uncertainties and assumptions. These include but arenot limited to actions by the Unified Area Command and governmentalagencies, actions by insurers, customers and other third parties,results of investigations and assessments, and other factors detailedin Transocean's most recent Form 10-K and other filings with theSecurities and Exchange Commission (SEC), which are available free ofcharge on the SEC's website at www.sec.gov. Should one or more ofthese risks or uncertainties materialize, or should underlyingassumptions prove incorrect, actual results may vary materially fromthose indicated.
For more information about Transocean, please visit our website atwww.deepwater.com.
SOURCE: Transocean Ltd.