Transocean Ltd. Provides Quarterly Fleet Status Report

Rhea-AI Summary

Transocean Ltd. (NYSE: RIG) released its quarterly Fleet Status Report, providing updates on offshore drilling contracts. Key highlights include:

• Deepwater Invictus secured a one-well option in the U.S. Gulf of Mexico.
• Deepwater Skyros received a 370-day option in Angola.
• Discoverer Inspiration awarded a nine-well contract in the U.S. Gulf.
• Dhirubhai Deepwater KG2 secured a one-well contract in Brunei.
• Total backlog is approximately $7.3 billion.

For more details, visit the company’s website.

Positive

• Deepwater Invictus awarded a one-well option.
• Deepwater Skyros awarded a 370-day option.
• Discoverer Inspiration secured a nine-well contract.
• Dhirubhai Deepwater KG2 received a one-well contract.
• Petrobras 10000 awarded a two-year contract.
• Total backlog increased to $7.3 billion.

Negative

• Transocean Barents contract terminated for convenience.

STEINHAUSEN, Switzerland, July 21, 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.

This quarter’s report includes the following updates:

• Deepwater Invictus – Customer exercised a one-well option in the U.S. Gulf of Mexico;
• Deepwater Skyros – Customer exercised a 370-day option in Angola;
• Discoverer Inspiration – Awarded a nine-well contract in the U.S. Gulf of Mexico;
• Dhirubhai Deepwater KG2 – Awarded a one-well contract, plus two one-well options in Brunei;
• Petrobras 10000 – Awarded a two-year contract in Brazil;
• Deepwater Nautilus – Customer exercised two one-well options;
• Deepwater Nautilus – Awarded a one-well contract;
• Transocean Norge – Awarded a four-well contract, plus five one-well options in Norway;
• Transocean Spitsbergen – Customer exercised two one-well options in Norway;
• Transocean Barents – Customer terminated its contract for convenience in Norway; and
• Transocean Barents – Awarded a two-well contract in Norway

As of July 21, the company’s total backlog is approximately $7.3 billion.

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, 2020, 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 the Swiss Financial Services Act (“FinSA”) or advertising within the meaning of the FinSA. 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 Contacts:
Lexington May
+1 832-587-6515

Media Contact:
Pam Easton
+1 713-232-7647

FAQ

What are the key updates from Transocean's latest Fleet Status Report as of July 21, 2021?

Key updates include multiple contract awards and options exercised for various rigs, with a total backlog of approximately $7.3 billion.

How much is Transocean's current backlog?

As of July 21, 2021, Transocean's total backlog is approximately $7.3 billion.

Which contracts were awarded to Transocean rigs in July 2021?

Contracts include a nine-well contract for Discoverer Inspiration and a two-year contract for Petrobras 10000, among others.

What happened with the Transocean Barents contract?

The contract for Transocean Barents was terminated by the customer for convenience.

Where can I find the Fleet Status Report for Transocean?

The Fleet Status Report can be accessed on Transocean's official website.