Transocean Ltd. Provides Fleet Status Report
ZUG, SWITZERLAND, Jan. 17, 2013--Transocean Ltd. (NYSE: RIG) (SIX: RIGN) today issued a comprehensive Fleet Status Report, which provides current status and contract information for the company's entire fleet of offshore drilling rigs. The value of new contracts or extensions since the December 17, 2012 fleet update summary is approximately $235 million.
Estimated 2012 out of service time decreased by a net 15 days. Estimated 2013 out of service time increased by a net 205 days, including 253 days to reactivate the Sedco 712 in anticipation of potential contracts.
Highlights are as follows:
Sedco 714 - Awarded an 18-month contract extension at a dayrate of $435,000 ($235 million contract backlog). The rig's prior dayrate was $398,000.
Well Control Equipment Recertification - The company has now obtained third party certification of well control equipment on 41 of its 64 active floaters, including 24 of its 27 ultra-deepwater rigs.
The company has sold the Trident 17, which was previously held for sale. The details of the transaction have not been disclosed.
GSF Arctic I is currently idle.
To more accurately reflect the impact of contract incentive provisions, the company's revenue efficiency has been restated. For the historical periods presented in the Fleet Status Report, the increase in revenue efficiency averaged approximately 0.4 percent per quarter. For additional details, see Footnote 23 of the report.
The report can be accessed at www.deepwater.com by clicking on the Fleet Status Report link found in the toolbar.
Statements regarding the estimated duration of customer contracts, contract dayrate amounts, future contract commencement dates and locations, planned shipyard projects and other out of service time, sales of drilling units, as well as any other statements that are not historical facts in the report, are forward-looking statements that involve certain risks, uncertainties and assumptions. These include but are not limited to operating hazards and delays, risks associated with international operations, actions by customers and other third parties, the future prices of oil and gas and other factors detailed in the company's most recent Form 10-K and other filings with the Securities and Exchange Commission. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated.
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.
For more information about Transocean, please visit the website www.deepwater.com.