Zug Court Decision Prevents Transocean From Proceeding With\r Distribution
ZUG, SWITZERLAND, Dec 09, 2010 (MARKETWIRE via COMTEX) --
Transocean Ltd. (NYSE: RIG) (SIX: RIGN) today announced that theAdministrative Court of the Canton of Zug rejected its appeal of thedecree of the Commercial Register of the Canton of Zug to notregister the first installment of the approximately $1 billion cashdistribution approved by shareholders in May 2010. Transocean isconsidering its alternatives, including a possible appeal of theruling to the Swiss Federal Supreme Court by January 24, 2011.
Transocean will determine whether or not to appeal the court'sdecision to the Swiss Federal Supreme Court following a detailedreview of the court's reasons for the negative ruling. If Transoceandoes not appeal, the court decision will likely prevent Transoceanfrom paying the first and all subsequent installments of the cashdistribution.
Shareholders approved a distribution in the form of a par valuereduction in an aggregate amount of 3.44 Swiss francs per issuedshare, equal to approximately 3.49 U.S. dollars (using an exchangerate of 1.00 U.S. dollar to 0.9862 Swiss francs as of the close oftrading on December 8, 2010) to be calculated and paid in fourinstallments. The proposal for the distribution was described in aproxy statement filed April 1, 2010 in connection with the AnnualGeneral Meeting on May 14, 2010 and approved by shareholders at themeeting. Under Swiss law, upon satisfaction of all legalrequirements, Transocean was required to submit an application to theZug Commercial Register to register the applicable par valuereduction.
Forward-Looking Statements Statements regarding the distribution toshareholders, including timing and amount of distribution, availableoptions, appeal of the rejection of the application to the relevantcourts, future payments of the distribution, as well as any otherstatements that are not historical facts, are forward-lookingstatements that involve certain risks, uncertainties and assumptions.These include but are not limited to compliance with legalrequirements, operating hazards and delays, actions by governmentaland regulatory authorities (including courts), customers and otherthird parties, the future price of oil and gas, the actual revenuesearned and other factors detailed in the company's most recent Form10-K, Form 10-Q and other filings with the Securities and ExchangeCommission (\"SEC\"), which are available free of charge on the SEC'swebsite at www.sec.gov. Should one or more of these risks oruncertainties materialize, or should underlying assumptions proveincorrect, actual results may vary materially from those indicated.Additional information regarding the distribution may be found in thecompany's most recent Form 10-Q, proxy statement and other filingsmade with the SEC.
About Transocean Transocean is the world's largest offshore drillingcontractor and the leading provider of drilling management servicesworldwide. With a fleet of 139 mobile offshore drilling units andthree ultra-deepwater drillships and a high-specification jackupunder construction, Transocean's fleet is considered one of the mostmodern and 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.
SOURCE: Transocean Ltd.