Transocean Ltd. Announces Impairment Charge
ZUG, SWITZERLAND, Feb 03, 2011 (MARKETWIRE via COMTEX) --
Transocean Ltd. (NYSE: RIG) (SIX: RIGN) today announced that itexpects its fourth quarter 2010 results to include an after-taxnon-cash charge of $1.009 billion, or $3.16 per diluted share,resulting from the impairment of the Standard Jackup fleet. Theimpairment is due to projected declines in dayrates and utilization,which adversely impacted this asset group, and is calculated inaccordance with U.S. generally accepted accounting principles.
This impairment charge is based on current estimates and is subjectto change. Transocean's fourth quarter and full-year 2010 results areexpected to be released on February 23, 2011.
Statements included in this news release regarding the impairment ofour Standard Jackups are forward-looking statements that involvecertain assumptions. These statements are based on management'scurrent expectations and beliefs and actual events or results maydiffer materially. There are many factors that could cause suchactual events or results expressed or implied by such forward-lookingstatements to differ materially from any future results expressed orimplied by such statements. Forward-looking statements are based oncurrent expectations and Transocean disclaims any intention orobligation to update publicly or revise such statements, whether as aresult of new information, future events or otherwise.
Transocean is the world's largest offshore drilling contractor andthe leading provider of drilling management services worldwide. Witha fleet of 139 mobile offshore drilling units as well as oneultra-deepwater newbuild drillship 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 47 High-SpecificationFloaters (Ultra-Deepwater, Deepwater and Harsh-Environmentsemisubmersibles and drillships), 25 Midwater Floaters, 10High-Specification Jackups, 54 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.