Transocean Ltd. Announces Schedule for First Installment of Proposed\r Dividend
ZUG, SWITZERLAND, Apr 04, 2011 (MARKETWIRE via COMTEX) --
Transocean Ltd. (NYSE: RIG) (SIX: RIGN) today announced theschedule for the first installment of its proposed dividend ofapproximately U.S. $1 billion to be paid out of additional paid incapital. Contingent on shareholder approval next month, the expecteddistribution schedule for the payment of the first of four plannedinstallments is as follows:
-- May 18, 2011 - Ex-dividend date-- May 20, 2011 - Record date. Note: the company will separately announce the start and end dates of election period to receive payment in Swiss francs instead of U.S. dollars.-- June 15, 2011 - Installment payment date
The first installment is expected to be $0.79 per share, orapproximately $252.4 million total, based on the current number ofthe company's outstanding shares.
In February, the company's Board of Directors recommended thatshareholders approve the proposed dividend at the 2011 Annual GeneralMeeting. The proposed dividend is contingent on shareholdersrescinding at the meeting a previously approved U.S. $1 billiondistribution in the form of a par-value reduction, as well asshareholder approval of the proposal to carry forward availableearnings. For more information on the proposed dividend please referto the company's proxy statement, which is available through thecompany's website at http://www.deepwater.com/proxymaterials.cfm.
The 2011 Annual General Meeting will open to shareholders of recordas of April 26, 2011 and will be held at 4 p.m. CEST, on May 13,2011, in Cham, Switzerland. Additional details of the meeting arebeing provided to shareholders in the company's proxy statement.
Statements regarding the proposed dividend and timing of dividendpayment dates, as well as any other statements that are nothistorical facts, are forward-looking statements that involve certainrisks, uncertainties and assumptions. These include but are notlimited to shareholder approval, the number of shares outstanding atthe time of the payment of the dividend, exchange rates, operatinghazards and delays, actions by customers and other third parties,actions by regulatory authorities, the future price of oil and gas,actual revenues earned and other factors detailed in the company'smost recent Form 10-K and other filings with the Securities andExchange Commission (SEC), which are available free of charge on theSEC's website 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.
Transocean, Ltd. is the world's largest offshore drilling contractorand the leading provider of drilling management services worldwide.With a fleet of 136 mobile offshore drilling units as well as oneultra-deepwater drillship and three high-specification jackups 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 47 High-SpecificationFloaters (Ultra-Deepwater, Deepwater and Harsh-Environmentsemisubmersibles and drillships), 25 Midwater Floaters, nineHigh-Specification Jackups, 52 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.