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Transocean Completes Sale of Rigs to Shelf Drilling

November 30, 2012
ZUG, SWITZERLAND-Transocean Ltd. (NYSE: RIG) (SIX: RIGN) announced today that it has closed on the previously disclosed transaction to sell 38 shallow water drilling rigs to Shelf Drilling Holdings, Ltd. ("Shelf Drilling").  The list of rigs acquired by Shelf Drilling is provided as Appendix A.  Shelf Drilling is a newly-formed company sponsored equally by Castle Harlan, CHAMP Private Equity and Lime Rock Partners.

Steven Newman, President and CEO of Transocean remarked: "This transaction improves Transocean's long-term competitiveness by effectively repositioning the company as a more focused operator of high-specification drilling equipment." Newman continued, "For the former Transocean employees that are embarking on this exciting opportunity with Shelf Drilling, I extend my sincere thanks for your service to the company and wish you great success in this new venture."     

The $1.05 billion sales price includes approximately $855 million in cash, subject to working capital and other closing adjustments, and $195 million in seller financing, which is in the form of preference shares issued by an affiliate of Shelf Drilling.  As previously disclosed, Transocean will provide various transition support services to Shelf Drilling for a period of time subsequent to the closing of the transaction.

About Transocean

Transocean is a leading international provider of offshore contract drilling services for oil and gas wells. The company specializes in technically demanding sectors of the global offshore drilling business with a particular focus on deepwater and harsh environment drilling services, and believes that it operates one of the most versatile offshore drilling fleets in the world.  

Transocean owns or has partial ownership interests in, and operates a fleet of 82 mobile offshore drilling units consisting of 48 High-Specification Floaters (Ultra-Deepwater, Deepwater and Harsh-Environment drilling rigs), 25 Midwater Floaters and nine High-Specification Jackups. In addition, we have six Ultra-Deepwater Drillships and three High-Specification Jackups under construction.  Additionally, we operate 32 Standard Jackups and one swamp barge associated with our discontinued operations. 

For more information about Transocean, please visit the website www.deepwater.com.

Appendix A
Jackups Design Year Entered Service (1) Water Depth (Feet) Location
C.E. Thornton MLT 53-SC (converted to MLT 116-C) 1974 300 India
Compact Driller MLT 116-C 1992 300 Thailand
F.G. McClintock MLT 53-C 1975 300 India
Galveston Key MLT 116-S (converted to 116CS) 1978 300 Malaysia
GSF Adriatic I (3) MLT 116-C 1981 300 Malaysia
GSF Adriatic IX MLT 116-C 1981 350 Nigeria
GSF Adriatic V (3) MLT 116-C 1979 300 UAE
GSF Adriatic VI (3) MLT 116-C 1981 328 Malaysia
GSF Adriatic X MLT 116-C 1982 350 Nigeria
GSF Baltic MLT Super 300 1983 375 Nigeria
GSF High Island II MLT 82-SD-C 1979 270 Saudi Arabia
GSF High Island IV MLT 82-SD-C 1980/2001 270 Saudi Arabia
GSF High Island IX MLT 82-SD-C 1983/2012 250 Saudi Arabia
GSF High Island V (3) MLT 82-SD-C 1981 270 UAE
GSF High Island VII MLT 82-SD-C 1982 250 Nigeria
GSF Key Gibraltar MLT 84-C (modified to 116-C) 1976/1996 300 Thailand
GSF Key Hawaii Mitsui 300 C 1983 300 Vietnam
GSF Key Manhattan MLT 116-C 1980 350 Italy
GSF Key Singapore (3) MLT 116-C 1982 350 Egypt
GSF Main Pass I F&G L-780-Mod II 1982 300 Saudi Arabia
GSF Main Pass IV F&G L-780-Mod II 1982 300 Saudi Arabia
GSF Parameswara Baker Marine BMC-300-IC 1983 300 Indonesia
GSF Rig 105 MLT 52-C 1975 250 Egypt
GSF Rig 124 Modec 200C-45 1980 250 Egypt
GSF Rig 141 MLT 82-SD-C 1982 250 Egypt
Harvey H. Ward F&G L-780-Mod II 1981 300 Indonesia
J.T. Angel F&G L-780-Mod II 1982 300 India
Randolph Yost (2) MLT 116-C 1979 300 India
Ron Tappmeyer MLT 116-C 1978 300 India
Transocean Comet Sonat cantilever 1980 250 Egypt
Trident 15 Modec 300 C-38 1982 300 Thailand
Trident 16 Modec 300 C-38 1982 300 Thailand
Trident II MLT 116-C 1977/1985 300 India
Trident IX Modec 400 C-35 1982 400 Malaysia
Trident VIII Modec 300 C-35 1981 300 Gabon
Trident XII Baker Marine BMC-300-IC 1982/1992 300 India
Trident XIV Baker Marine BMC-300-IC 1982/1994 300 Angola
Swamp Barge
Hibiscus Heavy Swamp Barge 1979/1993 25 Indonesia
(1) Dates shown are the original service date and the date of the most recent upgrade, if any.
(2) Rig is currently undergoing reactivation.
(3) Rig is currently stacked.