Transocean Ltd. Provides Details Regarding Dividend and Deepwater\r Horizon Incident
ZUG, SWITZERLAND, May 25, 2010 (MARKETWIRE via COMTEX) --Transocean Ltd. (NYSE: RIG) (SIX: RIGN) today responded toerroneous reports relating to its shareholders' approval of adividend and its intent to avoid liability arising from the DeepwaterHorizon incident or to profit from such incident.
Transocean will honor all of its legal obligations arising from theDeepwater Horizon accident. The dividend proposal was announced onFebruary 16, 2010, described in the preliminary proxy statement whichwas filed with the Securities and Exchange Commission on March 1,2010, and approved by shareholders at the company's annual generalmeeting on May 14, 2010. The payment of this dividend will not impactthe company's ability to meet its legal obligations relating to theDeepwater Horizon accident. In addition to its ongoing operatingrevenues, the company has insurance coverage applicable to theDeepwater Horizon, including insurance for the fair market value ofthe rig at the time of the accident. Other insurance is in place forclaims asserted following the April 20 accident.
As indicated, the dividend proposal was announced on February 16,2010 and additional information can be found athttp://www.deepwater.com/fw/main/News-748.html?c=113031&p=irol-news&nyo=0.Additional information relating to the Annual General Meeting can befound athttp://www.sec.gov/Archives/edgar/data/1451505/000104746910001646/a2196940zpre14a.htmandhttp://www.deepwater.com/fw/main/News-748.html?c=113031&p=irol-news&nyo=0.
Transocean Ltd. is the world's largest offshore drilling contractorand the leading provider of drilling management services worldwide.With a fleet of 139 mobile offshore drilling units plus threeannounced ultra-deepwater newbuild units, 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. The company owns or operates a contract drillingfleet of 45 High-Specification Floaters (Ultra-Deepwater, Deepwaterand Harsh-Environment semisubmersibles and drillships), 26 MidwaterFloaters, 10 High-Specification Jackups, 55 Standard Jackups andother assets utilized in the support of offshore drilling activitiesworldwide.
SOURCE: Transocean Ltd.