Zug Court Decision Prevents Transocean From Proceeding With Distribution
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Transocean Ltd. /
Zug Court Decision Prevents Transocean From Proceeding With Distribution
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ZUG, SWITZERLAND--(Marketwire - December 9, 2010) - Transocean Ltd. (NYSE: RIG)
(SIX: RIGN) today announced that the Administrative Court of the Canton of Zug
rejected its appeal of the decree of the Commercial Register of the Canton of
Zug to not register the first installment of the approximately $1 billion cash
distribution approved by shareholders in May 2010. Transocean is considering its
alternatives, including a possible appeal of the ruling to the Swiss Federal
Supreme Court by January 24, 2011.
Transocean will determine whether or not to appeal the court's decision to the
Swiss Federal Supreme Court following a detailed review of the court's reasons
for the negative ruling. If Transocean does not appeal, the court decision will
likely prevent Transocean from paying the first and all subsequent installments
of the cash distribution.
Shareholders approved a distribution in the form of a par value reduction in an
aggregate amount of 3.44 Swiss francs per issued share, equal to approximately
3.49 U.S. dollars (using an exchange rate of 1.00 U.S. dollar to 0.9862 Swiss
francs as of the close of trading on December 8, 2010) to be calculated and paid
in four installments. The proposal for the distribution was described in a proxy
statement filed April 1, 2010 in connection with the Annual General Meeting on
May 14, 2010 and approved by shareholders at the meeting. Under Swiss law, upon
satisfaction of all legal requirements, Transocean was required to submit an
application to the Zug Commercial Register to register the applicable par value
reduction.
Forward-Looking Statements
Statements regarding the distribution to shareholders, including timing and
amount of distribution, available options, appeal of the rejection of the
application to the relevant courts, future payments of the distribution, as well
as any other statements that are not historical facts, are forward-looking
statements that involve certain risks, uncertainties and assumptions. These
include but are not limited to compliance with legal requirements, operating
hazards and delays, actions by governmental and regulatory authorities
(including courts), customers and other third parties, the future price of oil
and gas, the actual revenues earned and other factors detailed in the company's
most recent Form 10-K, Form 10-Q and other filings with the Securities and
Exchange Commission ("SEC"), which are available free of charge on the SEC's
website atwww.sec.gov. Should one or more of these risks or uncertainties
materialize, or should underlying assumptions prove incorrect, actual results
may vary materially from those indicated. Additional information regarding the
distribution may be found in the company's most recent Form 10-Q, proxy
statement and other filings made with the SEC.
About Transocean
Transocean is the world's largest offshore drilling contractor and the leading
provider of drilling management services worldwide. With a fleet of 139 mobile
offshore drilling units and three ultra-deepwater drillships and a high-
specification jackup under construction, Transocean's fleet is considered one of
the most modern and versatile in the world due to its emphasis on technically
demanding segments of the offshore drilling business. Transocean owns or
operates a contract drilling fleet of 45 High-Specification Floaters (Ultra-
Deepwater, Deepwater and Harsh-Environment semisubmersibles and drillships), 26
Midwater Floaters, 10 High-Specification Jackups, 55 Standard Jackups and other
assets utilized in the support of offshore drilling activities worldwide.
Analyst Contact:
Gregory S. Panagos
+1 713-232-7551
Media Contact:
Guy A. Cantwell
+1 713-232-7647
--- End of Message ---
Transocean Ltd.
Chemin de Blandonnet 10 Vernier Switzerland
ISIN: CH0048265513;
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Transocean Ltd. via Thomson Reuters ONE
[HUG#1471119]
Unternehmensinformation / Kurzprofil:
Datum: 09.12.2010 - 23:12 Uhr
Sprache: Deutsch
News-ID 49583
Anzahl Zeichen: 5013
contact information:
Town:
Vernier
Kategorie:
Business News
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