Transocean Ltd. Sets 40% Reduction Target for Greenhouse Gas Emissions Intensity by 2030

Rhea-AI Summary

Transocean Ltd. (NYSE: RIG) has announced a commitment to reduce its operating Scope 1 and Scope 2 greenhouse gas emissions intensity by 40% from 2019 levels by 2030. This initiative aligns with the company’s technical leadership and operational improvements, ensuring safety and reliability are not compromised. CEO Jeremy Thigpen emphasized the ongoing demand for hydrocarbons and the responsibility to minimize environmental impact. The company aims to enhance its power management capabilities and support lower-carbon energy projects.

Positive

• Commitment to reduce greenhouse gas emissions intensity by 40% by 2030.
• Plans to enhance power management capabilities through new technologies.

Negative

• None.

STEINHAUSEN, Switzerland, Oct. 11, 2021 (GLOBE NEWSWIRE) -- Transocean Ltd. (NYSE: RIG) announced today that it has committed to reducing operating Scope 1 and Scope 2 greenhouse gas emissions intensity by 40% from 2019 levels by 2030.

This critical initiative is consistent with the technical leadership that Transocean has demonstrated over the years. Indeed, the company has proactively implemented numerous innovations to improve the performance of its rigs, and enhance safety, reliability, operational execution, and efficiency. Importantly, Transocean will achieve the reduced emissions intensity target without diminishing its record of safety and operational integrity.

“Globally, almost one billion people lack access to electricity, and all of us desire reliable and affordable sources of energy that help improve our daily lives. As such, we believe that demand for hydrocarbons and, therefore, for Transocean’s assets and services, will remain strong,” said Transocean President and Chief Executive Officer, Jeremy Thigpen. “Our responsibility as the industry leader extends beyond providing superior results for our customers. We must continue to deliver our services in a manner that minimizes our impact to the environment and, in this context, supports the interests of all our stakeholders, including employees, customers, investors, and for the broader public good.”

Thigpen continued, “Currently, nearly all energy used to power Transocean’s global fleet of high-capability drilling rigs is generated through the conversion of diesel fuel to electricity. Therefore, we commit to reduce emissions across our fleet through fuel reductions and other initiatives that can be achieved by developing and implementing new processes and technologies that enable us to optimize our power management capabilities.”

Transocean is also committed to utilizing its assets and expertise in support of its customers’ lower-carbon energy projects including, potentially, carbon capture and sequestration.

About Transocean

Transocean is a leading international provider of offshore contract drilling services for oil and gas wells. Transocean specializes in technically demanding sectors of the global offshore drilling business with a particular focus on deepwater and harsh environment drilling services, and operates the highest specification floating offshore drilling fleet in the world.

Transocean owns or has partial ownership interests in and operates a fleet of 37 mobile offshore drilling units, including 27 ultra-deepwater floaters and 10 harsh environment floaters. In addition, Transocean is constructing two ultra-deepwater drillships

Forward-Looking Statements

The statements described herein 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 could 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 fluctuation of current and future prices of oil and gas, the global and regional supply and demand for oil and gas, the intention to scrap certain drilling rigs, the success of our business following prior acquisitions, the effects of the spread of and mitigation efforts by governments, businesses and individuals related to contagious illnesses, such as COVID-19, 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 Contact:
Alison Johnson
+1 713-232-7214

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

FAQ

What is Transocean's emissions reduction target for 2030?

Transocean aims to reduce operating Scope 1 and Scope 2 greenhouse gas emissions intensity by 40% from 2019 levels by 2030.

How does Transocean plan to achieve its emissions reduction goals?

Transocean plans to achieve its emissions reduction goals by developing and implementing new processes and technologies to optimize power management.

What commitment has Transocean made regarding environmental sustainability?

Transocean is committed to minimizing its environmental impact while meeting the demand for hydrocarbons, supporting lower-carbon energy projects.