Transocean Ltd. Announces Agreement to Purchase High-Specification Jackup
ZUG, SWITZERLAND, Nov 15, 2010 (MARKETWIRE via COMTEX) --
Transocean Ltd. (NYSE: RIG) (SIX: RIGN) today announced that it has reached an agreement to purchase for $195 million a Pacific Class 400 design jackup under construction at PPL Shipyard Pte Ltd. Delivery of the high-specification jackup is expected in the fourth quarter of 2011.
The jackup rig, which is PPL Shipyard's latest proprietary design, is capable of operating in water depths up to 400 feet and constructing wells 30,000 feet deep. It will feature the most advanced offshore drilling technology, including offline tubular handling features and simultaneous operations support. In addition, the rig will have accommodation for 150 personnel.
"Our decision to purchase this unit reflects our belief in the strengthening fundamentals of the high-specification jackup market and our strategy to increase our participation in this part of our business," said Steven L. Newman, Chief Executive Officer of Transocean Ltd. "The one-year delivery schedule gives us sufficient time to pursue a number of opportunities available in the marketplace to secure an attractive contract for the rig."
Statements regarding the agreement to purchase a high-specification Pacific Class 400 design jackup, prospects for client contracts, contract dayrate amounts, future contract commencement dates and locations, planned shipyard projects and other out of service time, as well as any other statements that are not historical facts in the report, are forward-looking statements that involve certain risks, uncertainties and assumptions. These include but are not limited to operating hazards and delays, risks associated with international operations, actions by customers and other third parties, the future prices of oil and gas and other factors detailed in the company's most recent Form 10-K and other filings with the Securities and Exchange Commission. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated.
Transocean Ltd. is the world's largest offshore drilling contractor and the leading provider of drilling management services worldwide. With a fleet of 139 mobile offshore drilling units and three ultra-deepwater drillships and one high-specification jackup under construction, Transocean's fleet is considered one of the most modern and versatile in the world due to its emphasis on technically demanding segments of the offshore drilling business. Transocean owns or operates a contract drilling fleet of 45 High-Specification Floaters (Ultra-Deepwater, Deepwater and Harsh Environment semisubmersibles and drillships), 26 Midwater Floaters, 10 High-Specification Jackups, 55 Standard Jackups and other assets utilized in the support of offshore drilling activities worldwide.
For more information about Transocean, please visit our website at www.deepwater.com.
SOURCE: Transocean Ltd.