Transocean Ltd. Files Appeal With Swiss Supreme Court
ZUG, SWITZERLAND, Jan 24, 2011 (MARKETWIRE via COMTEX) --
Transocean Ltd. (NYSE: RIG) (SIX: RIGN) today announced it hasfiled an appeal with the Swiss Federal Supreme Court against aDecember 2010 decision of the Administrative Court of the Canton ofZug. The Administrative Court last December rejected Transocean'sappeal of the decree of the Commercial Register of the Canton of Zugto not register the first installment of the approximately $1 billioncash distribution approved by shareholders in May 2010. Withouteffective registration of the applicable par value reduction,Transocean will not be able to proceed with the payment of the firstor any subsequent installment of its cash distribution toshareholders.
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 3.59 U.S. dollars (using an exchangerate of 1.00 U.S. dollar to 0.9577 Swiss francs as of the close oftrading on January 21, 2011) 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 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 as wellas two ultra-deepwater newbuild drillships and a high-specificationjackup under construction, Transocean's fleet is considered one ofthe most modern and versatile in the world due to its emphasis ontechnically demanding segments of the offshore drilling business.Transocean owns or operates a contract drilling fleet of 47High-Specification Floaters (Ultra-Deepwater, Deepwater andHarsh-Environment semisubmersibles and drillships), 25 MidwaterFloaters, 10 High-Specification Jackups, 54 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.