Zug Commercial Register Does Not Approve Registration of Transocean's\r First Distribution Installment
ZUG, SWITZERLAND, Aug 13, 2010 (MARKETWIRE via COMTEX) --
Transocean Ltd. (NYSE: RIG) (SIX: RIGN) today announced that theCommercial Register of the Canton of Zug rejected Transocean'sapplication to register the first of four planned partial par valuereductions in an amount of 0.86 Swiss francs per issued share, equalto approximately 0.82 U.S. dollars (using an exchange rate of 1.00U.S. dollar to 1.05 Swiss francs as of the close of trading on August12, 2010). The Commercial Register's rejection is related to the factthat Transocean has been served in Switzerland with severalcomplaints from lawsuits filed in the U.S. Transocean disagrees withthe Commercial Register's view. Transocean continues to believe thatall prerequisites for the registration of the first partial par valuereduction have been satisfied and will appeal the decision of theCommercial Register. Without effective registration of the applicablepar value reduction, Transocean will not be able to proceed with thepayment of the first or any subsequent installment of its cashdistribution to shareholders.
In February 2010, the Board of Directors recommended a distributionto shareholders in the form of a par value reduction in the aggregateamount of 3.44 Swiss francs per issued share equal to approximately3.28 U.S. dollars (using an exchange rate of 1.00 U.S. dollar to 1.05Swiss francs as of the close of trading on August 12, 2010) to becalculated and paid in four quarterly installments. The proposal forthe distribution was described in a proxy statement filed April 1,2010 in connection with the Annual General Meeting on May 14, 2010and approved by shareholders at the meeting. Under Swiss law, uponsatisfaction of all legal requirements, Transocean was required tosubmit an application to the commercial register in the Canton of Zugto register the applicable par value reduction.
Statements regarding the distribution to shareholders, includingtiming and amount of distribution available options, appeal of therejection of the application in the relevant courts, future paymentsof the distribution, as well as any other statements that are nothistorical facts, are forward-looking statements that involve certainrisks, uncertainties and assumptions. These include but are notlimited to compliance with legal requirements, operating hazards anddelays, actions by governmental and regulatory authorities (includingcourts), customers and other third parties, the future price of oiland gas, the actual revenues earned and other factors detailed in thecompany's most recent Form 10-K, Form 10-Q and other filings with theSecurities and Exchange Commission (\"SEC\"), which are available freeof charge 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. Additional information regarding the distributionmay be found in the company's most recent Form 10-Q, proxy statementand other filings made with the SEC.
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 threeultra-deepwater drillships under construction, Transocean's fleet isconsidered one of the most modern and versatile in the world due toits emphasis on technically demanding segments of the offshoredrilling business. Transocean 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.
For more information about Transocean, please visit our website atwww.deepwater.com.
SOURCE: Transocean Ltd.