STEINHAUSEN, Switzerland, July 23, 2018 (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.
Since the prior Fleet Status Report, the company has added approximately $405 million in contract backlog. As of today, the
company’s backlog is $11.7 billion, which includes dayrate reductions on four of the company’s newbuild drillships related to cost
de-escalations attributable to down-manning.
The ultra-deepwater semisubmersible Development Driller III was awarded a 180-day contract offshore Equatorial Guinea.
Following maintenance, reactivation and a contract preparation period, the floater is expected to commence operations in the first
quarter of 2019.
This report also includes the following new contracts:
- Deepwater Asgard – Customer exercised a one-well option;
- GSF Development Driller I – Awarded an 11-well contract plus four one-well options offshore Australia;
- Deepwater Nautilus – Customer exercised two one-well options offshore Malaysia;
- Transocean Spitsbergen – Awarded a three-well contract plus six one-well options offshore Norway. In addition,
customer exercised two one-well options;
- Transocean Barents – Awarded a six-month contract extension plus an option offshore Eastern Canada;
- Transocean Leader – Awarded a one-well contract in the U.K. North Sea;
- Transocean Arctic – Customer exercised a one-well option offshore Norway; and
- Transocean 712 – Awarded a 13-well contract plus a one-well option in the U.K. North Sea.
As previously announced, the company has retired, in an environmentally responsible manner, the following four floaters:
Deepwater Discovery, Deepwater Frontier, Deepwater Millennium and Songa Trym.
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 deepwater and
harsh environment drilling services, and believes that it 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 43 mobile offshore drilling units consisting of
24 ultra-deepwater floaters, 12 harsh environment floaters, two deepwater floaters and five midwater floaters. In addition,
Transocean is constructing two ultra-deepwater drillships; and one harsh environment semisubmersible in which the company has a 33
percent interest. The company also operates one high-specification jackup that was under a drilling contract when the rig was sold,
and the company will continue to operate the jackup until completion or novation of the drilling contract.
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 benefits, 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, 2017, 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 Contacts:
Bradley Alexander
+1 713-232-7515
Diane Vento
+1 713-232-8015
Media Contact:
Pam Easton
+1 713-232-7647