Transocean Ltd. Announces $195 Million Ultra-Deepwater Drillship Contract
02 April 2024 - 7:24AM
Transocean Ltd. (NYSE: RIG) (“Transocean”) today announced a
365-day contract extension for the Deepwater Asgard with an
independent operator in the U.S. Gulf of Mexico. The program is
expected to commence in June 2024 in direct continuation of the
rig’s current program and includes additional services. The total
contract value of approximately $195 million includes a $10.9
million lump sum payment, which is not included in the estimated
backlog of approximately $184 million.
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 36 mobile offshore drilling
units, consisting of 28 ultra-deepwater floaters and eight harsh
environment floaters. In addition, Transocean is constructing one
ultra-deepwater drillship.
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 beyond
our control, and many cases, cannot be predicted. As a result,
actual results could differ materially from those indicated by
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,
the cost and timing of mobilizations and reactivations, 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 effects of the spread of and mitigation efforts
by governments, businesses and individuals related to contagious
illnesses, 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, 2023, 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 should underlying assumptions prove
incorrect, actual results may vary materially from those indicated.
All subsequent written and oral forward-looking statements
attributable to us 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. We expressly disclaim any
obligations or undertaking to release publicly any updates or
revisions to any forward-looking statement to reflect any change in
our expectations or beliefs with regard to the statement or any
change in events, conditions or circumstances on which any
forward-looking statement is based, except as 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
Transocean (NYSE:RIG)
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