Transocean Ltd. Announces Approval of Merger with Transocean Partners
07 December 2016 - 2:44AM
ZUG, SWITZERLAND - December 6, 2016 - Transocean
Ltd. (NYSE: RIG) announced that the common unitholders of
Transocean Partners LLC approved, during a special meeting held
today, the merger agreement, as amended, among Transocean Ltd.,
Transocean Partners and certain subsidiaries of Transocean Ltd.,
and the related merger.
Transocean expects to issue approximately 23.8 million shares
associated with the transaction. Closing is expected on or around
December 9, 2016.
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, 56 mobile offshore drilling units consisting of 29
ultra-deepwater floaters, seven harsh-environment floaters, three
deepwater floaters, seven midwater floaters and 10
high-specification jackups. In addition, the company has five
ultra-deepwater drillships and five high-specification jackups
under construction or under contract to be constructed.
For more information about Transocean, please visit:
www.deepwater.com.
Forward-Looking Statements
This communication includes "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. The statements regarding the proposed
transaction, including its effects, benefits and costs savings,
opinions, forecasts, projections, expected timetable for
completion, expected distribution and any other statements
regarding Transocean Partners' and Transocean's future
expectations, beliefs, plans, objectives, financial conditions,
assumptions or future events or performance that are not statements
of historical fact, are forward-looking statements within the
meaning of the federal securities laws. We can give no assurance
that such expectations will prove to have been correct. These
statements are subject to risks, uncertainties and assumptions
including, among other things, satisfaction of the closing
conditions to the merger, the risk that the contemplated merger
does not occur, negative effects from the pendency of the merger,
the ability to realize expected cost savings and benefits,
the timing to consummate the proposed transaction, the adequacy of
and access to sources of liquidity, Transocean Partners' and
Transocean's inability to obtain drilling contracts for rigs that
do not have contracts, Transocean Partners' and Transocean's
inability to renew drilling contracts at comparable dayrates,
operational performance, the impact of regulatory changes, the
cancellation of drilling contracts currently included in each
company's reported contract backlog, and other risk factors that
are discussed in Transocean Partners' and Transocean's most recent
Annual Report on Form 10-Ks, as well as its other filings with the
SEC available at the SEC's Internet site (www.sec.gov). Actual
results may differ materially from those expected, estimated or
projected. Forward-looking statements speak only as of the
date they are made, and we undertake no obligation to publicly
update or revise any of them in light of new information, future
events or otherwise.
Analyst Contacts:
Bradley
Alexander
+1 713-232-7515
Diane Vento
+1 713-232-8015
Media Contact:
Pam
Easton
+1 713-232-7647
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Transocean Ltd via Globenewswire
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