Transocean Ltd. Provides Fleet Status Report
ZUG, SWITZERLAND, Oct. 16, 2013 - Transocean Ltd. (NYSE: RIG) (SIX: RIGN) today issued a comprehensive Fleet Status Report which provides the current status and contract information for the company's entire fleet of offshore drilling rigs. The total value of new contracts since the September 18, 2013 Fleet Update Summary is approximately $2.0 billion.
As announced on October 15, 2013, the company has been awarded a five-year drilling contract for a newbuild dynamically positioned ultra-deepwater drillship by Chevron U.S.A. Inc. Shipyard delivery is scheduled for the second quarter of 2016. After customer acceptance, the contract is expected to commence in the fourth quarter of 2016 at a dayrate of $599,000, contributing an estimated revenue backlog of approximately $1.1 billion, excluding mobilization.
On October 10, 2013, the newbuild high-specification jackup, Transocean Ao Thai, commenced its five-year contract for work offshore Thailand at a dayrate of $135,000.
Other highlights are as follows:
Polar Pioneer - Awarded a three-year contract at a dayrate of $620,000 ($679 million estimated backlog). The rig's prior dayrate was $522,000. The operating location has not been disclosed.
Transocean Winner - Awarded a one and one-half year contract extension for work in the Norwegian sector of the North Sea at a dayrate of $499,000 ($272 million estimated backlog). The rig's prior dayrate was $453,000.
Estimated 2013 planned out-of-service time increased by a net 52 days; estimated 2014 planned out-of-service time decreased by a net 119 days. These estimates are subject to change due to a variety of factors, including changes in the company's business plans and customers' requirements.
The company sold the standard jackup, GSF Rig 134, which was previously held for sale. The details of the transaction have not been disclosed.
The report can be accessed at www.deepwater.com by selecting the Fleet Status Report link in the toolbar.
The statements described in this press release that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements which could be made include, but are not limited to, estimated duration of customer contracts, contract dayrate amounts, future contract commencement dates and locations, planned shipyard projects and other out of service time, and sales of drilling units. 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, including those discussed in the company's most recent Form 10-K for the year ended December 31, 2012 and in the company's other filings with the SEC, which are available free of charge on the SEC's website at www.sec.gov. Should one or more of these risks or uncertainties materialize (or the other consequences of such a development worsen), or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or expressed or implied by such forward-looking statements. All subsequent written and oral forward-looking statements attributable to the company or to persons acting on our behalf are expressly qualified in their entirety by reference to these risks and uncertainties. You should not place undue reliance on forward-looking statements. Each forward-looking statement speaks only as of the date of the particular statement, and we undertake no obligation to publicly update or revise any forward-looking statements. All non-GAAP financial measure reconciliations to the most comparative GAAP measure are displayed in quantitative schedules on the company's website at www.deepwater.com.
This press release or referenced documents does not constitute an offer to sell, or a solicitation of an offer to buy, any securities, and it does not constitute an offering prospectus within the meaning of article 652a or article 1156 of the Swiss Code of Obligations or a listing prospectus within the meaning of the listing rules of the SIX Swiss Exchange. Investors must rely on their own evaluation of Transocean Ltd. and its securities, including the merits and risks involved. Nothing contained herein is, or shall be relied on as, a promise or representation as to the future performance of Transocean Ltd.
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, 80 mobile offshore drilling units consisting of 46 High-Specification Floaters (Ultra-Deepwater, Deepwater and Harsh-Environment drilling rigs), 22 Midwater Floaters and 12 High-Specification Jackups. In addition, we have seven Ultra-Deepwater Drillships under construction.
For more information about Transocean, please visit the website www.deepwater.com.