Transocean Ltd. Sets 40% Reduction Target for Greenhouse Gas Emissions Intensity by 2030
12 October 2021 - 7:16AM
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
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