Transocean Ltd. Announces Five-Year Contracts for Two Newbuild High-Specification Jackups
(Thomson Reuters ONE) -
Transocean Ltd. /
Transocean Ltd. Announces Five-Year Contracts for Two Newbuild
High-Specification Jackups
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The issuer is solely responsible for the content of this announcement.
ZUG, SWITZERLAND--(Marketwire - February 16, 2011) - Transocean Ltd. (NYSE: RIG)
(SIX: RIGN) today announced that one of its subsidiaries has been awarded five-
year drilling contracts for two newbuild high-specification jackup rigs for
operations in Thailand for a subsidiary of Chevron Corporation (NYSE: CVX).
The five-year drilling contracts are expected to commence during the first
quarter of 2013 and third quarter of 2013, respectively, following shipyard
construction and mobilization. The contract commencement dates are contingent on
vendor performance and other factors. The estimated contract revenues are fixed
for the first three years and may be adjusted for the last two years. The
estimated revenues which could be generated over each five-year contract term,
assuming the fixed rate in effect during the first three years continues during
the fourth and fifth years of the contract terms, are approximately $246 million
for each rig, excluding revenues for mobilization, demobilization, and
miscellaneous adjustments.
One of Transocean's subsidiaries has executed a shipyard contract with Keppel
FELS Limited (Keppel FELS) to build both of the high-specification Super B Class
jackups. Construction is scheduled to take place at Keppel FELS' yard in
Singapore. The combined capital cost for the two rigs is estimated to be
approximately $400 million, excluding capitalized interest. Transocean has
options to order three additional high-specification jackup rigs.
The jackup rigs, which are Keppel FELS's latest proprietary design, will be
capable of operating in water depths up to 350 feet and constructing wells
35,000 feet deep. The rigs will feature the most advanced offshore drilling
technology, including offline tubular handling features and simultaneous
operations support. In addition, the rigs will have accommodation for 150
personnel.
Forward-Looking Statements
Statements in this news release regarding newbuild high-specification jackup
rigs, operating specifications, contract durations, contract commencement dates,
estimated contract revenues, area of operations, estimated capital costs,
duration and location of construction, options to order additional units, 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 operating hazards and delays, actions by
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 and other filings with the Securities and Exchange Commission (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 should underlying assumptions
prove incorrect, actual results may vary materially from those indicated.
Forward-looking statements are based on current expectations and Transocean
disclaims any intention or obligation to update publicly or revise such
statements, whether as a result of new information, future events or otherwise.
About Transocean
Transocean is the world's largest offshore drilling contractor and the leading
provider of drilling management services worldwide. With a fleet of 138 mobile
offshore drilling units as well as one ultra-deepwater newbuild drillship and
three high-specification jackups 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 47 High-Specification Floaters
(Ultra-Deepwater, Deepwater and Harsh-Environment semisubmersibles and
drillships), 25 Midwater Floaters, nine High-Specification Jackups, 54 Standard
Jackups and other assets utilized in the support of offshore drilling activities
worldwide.
For more information about Transocean, please visit our website at
www.deepwater.com.
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#1489853]
Unternehmensinformation / Kurzprofil:
Datum: 16.02.2011 - 22:15 Uhr
Sprache: Deutsch
News-ID 51589
Anzahl Zeichen: 5547
contact information:
Town:
Vernier
Kategorie:
Business News
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