Transocean Ltd. Announces Agreement to Purchase High-Specification\r Jackup
ZUG, SWITZERLAND, Nov 15, 2010 (MARKETWIRE via COMTEX) --
Transocean Ltd. (NYSE: RIG) (SIX: RIGN) today announced that it hasreached an agreement to purchase for $195 million a Pacific Class 400design jackup under construction at PPL Shipyard Pte Ltd. Delivery ofthe high-specification jackup is expected in the fourth quarter of2011.
The jackup rig, which is PPL Shipyard's latest proprietary design, iscapable of operating in water depths up to 400 feet and constructingwells 30,000 feet deep. It will feature the most advanced offshoredrilling technology, including offline tubular handling features andsimultaneous operations support. In addition, the rig will haveaccommodation for 150 personnel.
\"Our decision to purchase this unit reflects our belief in thestrengthening fundamentals of the high-specification jackup marketand our strategy to increase our participation in this part of ourbusiness,\" said Steven L. Newman, Chief Executive Officer ofTransocean Ltd. \"The one-year delivery schedule gives us sufficienttime to pursue a number of opportunities available in the marketplaceto secure an attractive contract for the rig.\"
Statements regarding the agreement to purchase a high-specificationPacific Class 400 design jackup, prospects for client contracts,contract dayrate amounts, future contract commencement dates andlocations, planned shipyard projects and other out of service time,as well as any other statements that are not historical facts in thereport, are forward-looking statements that involve certain risks,uncertainties and assumptions. These include but are not limited tooperating hazards and delays, risks associated with internationaloperations, actions by customers and other third parties, the futureprices of oil and gas and other factors detailed in the company'smost recent Form 10-K and other filings with the Securities andExchange Commission. Should one or more of these risks oruncertainties materialize, or should underlying assumptions proveincorrect, actual results may vary materially from those indicated.
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 and threeultra-deepwater drillships and one high-specification jackup underconstruction, Transocean's fleet is considered one of the most modernand versatile in the world due to its emphasis on technicallydemanding segments of the offshore drilling business. Transocean ownsor operates a contract drilling fleet of 45 High-SpecificationFloaters (Ultra-Deepwater, Deepwater and Harsh Environmentsemisubmersibles and drillships), 26 Midwater Floaters, 10High-Specification Jackups, 55 Standard Jackups and other assetsutilized in the support of offshore drilling activities worldwide.
For more information about Transocean, please visit our website atwww.deepwater.com.
SOURCE: Transocean Ltd.