Transocean Ltd. Provides Quarterly Fleet Status Report
Transocean Ltd. (NYSE: RIG) released its quarterly Fleet Status Report on February 12, 2021, indicating a total backlog of approximately $7.8 billion. Notable updates include contract extensions and awards for various drilling rigs in locations like Brazil, Trinidad, and Norway. The Deepwater Nautilus saw a contract termination, while the Leiv Eiriksson rig has been retired and is classified as held for sale. The report reflects Transocean's ongoing commitment to offshore drilling services.
- Total backlog of approximately $7.8 billion.
- Contract extensions and new contracts awarded for multiple rigs.
- Exercise of options by customers demonstrates continued demand.
- Contract termination for the Deepwater Nautilus in Malaysia.
- Retirement of the Leiv Eiriksson rig may indicate fleet reduction.
STEINHAUSEN, Switzerland, Feb. 12, 2021 (GLOBE NEWSWIRE) -- Transocean Ltd. (NYSE: RIG) today issued a quarterly Fleet Status Report that provides the current status of, and contract information for, the company’s fleet of offshore drilling rigs.
As of February 12, the company’s total backlog is approximately
This quarter’s report includes the following updates:
- Deepwater Corcovado – Customer exercised a 680-day option in Brazil;
- Deepwater Mykonos – Customer exercised a 815-day option in Brazil;
- Development Driller III – Awarded a one-well contract extension in Trinidad;
- Development Driller III – Awarded a one-well contract, plus a one-well option in Trinidad;
- Transocean Norge – Awarded a one-well contract in Norway;
- Transocean Barents – Awarded a three-well contract in Norway;
- Paul B Loyd, Jr. – Awarded a 78-day contract extension in the U.K. North Sea;
- Dhirubhai Deepwater KG1– Customer exercised a seven-well option in India; and
- Deepwater Nautilus – Customer provided notice of termination of its drilling contract in Malaysia.
Additionally, the company has retired the Leiv Eiriksson. The rig is classified as held for sale.
The report can be accessed on the company’s website: www.deepwater.com.
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 ultra-deepwater and harsh environment drilling services, and 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, 37 mobile offshore drilling units consisting of 27 ultra-deepwater floaters and 10 harsh environment floaters. In addition, Transocean is constructing two ultra-deepwater drillships.
Forward-Looking Statements
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, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements contain words such as "possible," "intend," "will," "if," "expect," or other similar expressions. Forward-looking statements are based on management’s current expectations and assumptions, and are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. As a result, actual results could differ materially from those indicated in these forward-looking statements. Factors that could cause actual results to differ materially 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, sales of drilling units, timing of the company’s newbuild deliveries, operating hazards and delays, risks associated with international operations, actions by customers and other third parties, the future prices of oil and gas, the intention to scrap certain drilling rigs, the success of our business following the acquisitions of Songa Offshore SE and Ocean Rig UDW Inc., and other factors, including those and other risks discussed in the company's most recent Annual Report on Form 10-K for the year ended December 31, 2019, 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 to reflect events or circumstances that occur, or which we become aware of, after the date hereof, except as otherwise may be required by law. 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, do not constitute an offer to sell, or a solicitation of an offer to buy, any securities, and do not constitute an offering prospectus within the meaning of article 652a or article 1156 of the Swiss Code of Obligations. Investors must rely on their own evaluation of Transocean 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.
Analyst Contact:
Lexington May
+1 832-587-6515
Media Contact:
Pam Easton
+1 713-232-7647
FAQ
What is the total backlog for Transocean as of February 2021?
Which rigs received contract extensions in Transocean's latest update?
What recent changes occurred in Transocean’s fleet status report?
Where can I find Transocean's Fleet Status Report?
