Form 8-K

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): July 1, 2009

TRANSOCEAN LTD.

(Exact name of registrant as specified in its charter)

 

Switzerland    000-53533    98-0599916

(State or other jurisdiction of

incorporation or organization)

   (Commission
File Number)
   (I.R.S. Employer
Identification No.)

 

Blandonnet International Business Center

Building F, 7th Floor

Chemin de Blandonnet

Vernier, Switzerland

   CH-1214
(Address of principal executive offices)    (zip code)

Registrant’s telephone number, including area code: +41 (22) 930-9000

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

  ¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

  ¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

  ¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

  ¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 


Item 7.01 Regulation FD Disclosure

We issue a report entitled “Transocean Fleet Status Report”, which includes drilling rig status and contract information, including contract dayrate and duration. A report dated July 1, 2009 is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference. You may subscribe to the free Transocean Financial Report Alert which will alert you to new Transocean Fleet Status Reports and Fleet Update Summaries. This service will send you an automated email which will provide a link directly to the web page containing the updated report. You may subscribe to this service at the “Investor Relations/Email Alerts” section of the site by selecting “Receive E-mail” and providing your email address. Our website may be found at www.deepwater.com.

 

Item 9.01. Financial Statements and Exhibits

 

(d) Exhibits.

The exhibit to this report furnished pursuant to item 7.01 is as follows:

 

Exhibit No.

  

Description

99.1    Transocean Ltd. Fleet Status Report

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

    TRANSOCEAN LTD.
Date: July 1, 2009     By   /s/ Margaret C. Fitzgerald
     

Margaret C. Fitzgerald

Associate General Counsel

 


Index to Exhibits

 

Exhibit
Number

  

Description

99.1    Transocean Ltd. Fleet Status Report
Fleet Status Report

Exhibit 99.1

LOGO

 

  

Fleet Status

Report

 

July 1, 2009

 

Transocean Ltd. (NYSE: RIG)


LOGO    Transocean Ltd. (NYSE: RIG) Fleet Status Report

Updated: July 1, 2009

Revisions to Fleet Status Report Noted in Bold

Dynamically positioned «

 

Rig Type/Name   Floater
Type
       Yr. (1)
Entered
Service
  Water
Depth
(Feet)
  Drilling
Depth
(Feet)
  Location   Client   Estimated
Contract
Start/Idle
Date (31)
 

Estimated
Expiration

/Out of
Service (2)(31)

  Current
Contract
Dayrate (3)
(Dollars)
    Previous
Contract
Dayrate (3)
(Dollars)

Rigs Under Construction (10)

Discoverer Clear Leader (16)

  ship   «     TBA   12,000   40,000   USGOM   Chevron   See Footnote 4   See Footnote 4   See Footnote 4      N/A

Discoverer Americas (16)

  ship   «     TBA   12,000   40,000   USGOM   StatoilHydro   See Footnote 5   See Footnote 5   475,000      N/A

Discoverer Inspiration (16)

  ship   «     TBA   12,000   40,000   USGOM   Chevron   See Footnote 6   See Footnote 6   472,000      N/A

Deepwater Champion (16)

  ship   «     TBA   12,000   40,000   TBA   ExxonMobil   See Footnote 7   See Footnote 7   See Footnote 7      N/A

Dhirubhai Deepwater KG1

  ship   «     TBA   12,000   35,000   India   Reliance   See Footnote 8   See Footnote 8   See Footnote 8      N/A

Dhirubhai Deepwater KG2

  ship   «     TBA   10,000   35,000   India   Reliance   See Footnote 9   See Footnote 9   See Footnote 9      N/A

Discoverer India

  ship   «     TBA   10,000   35,000   India   Reliance   See Footnote 10   See Footnote 10   See Footnote 10      N/A

Petrobras 10000 (16),(25)

  ship   «     TBA   10,000   37,500   TBA   Petrobras   See Footnote 25   See Footnote 25   See Footnote 25      N/A

Discoverer Luanda (16)

  ship   «     TBA   7,500   40,000   Angola   BP   See Footnote 11   See Footnote 11   See Footnote 11      N/A

GSF Development Driller III (16)

  semi   «     TBA   7,500   30,000   Angola   BP   See Footnote 12   See Footnote 12   382,000      N/A

High Specification Floaters:

Ultra-Deepwater (18)

Discoverer Deep Seas (16)

  ship   «     2001   10,000   35,000   USGOM   Chevron   Mar-09   Feb-11   499,000      335,000
                Sep-09   15 days Shipyard

or Project

   

Discoverer Enterprise (16)

  ship   «     1999   10,000   35,000   USGOM   BP   Dec-07   Mar-11   523,000      191,000

Discoverer Spirit (16)

  ship   «     2000   10,000   35,000   USGOM   Anadarko   Dec-07   Feb-11   505,000      298,000
            USGOM   Anadarko   Mar-11   Jan-14   520,000      505,000

GSF C.R. Luigs (16)

  ship   «     2000   10,000   35,000   USGOM   BHP Billiton   Sep-07   Sep-09   411,000      225,000
            USGOM   BHP Billiton   Sep-09   Nov-13   510,000      411,000

GSF Jack Ryan (16)

  ship   «     2000   10,000   35,000   Nigeria   Total   Jun-09   Jun-13   425,000      297,000
                Sep-09   20 days Shipyard

or Project

   

Deepwater Discovery

  ship   «     2000   10,000   30,000   Brazil   Devon   Jan-09   Jan-14   463,000 (15),(16)    425,000

Deepwater Frontier

  ship   «     1999   10,000   30,000   India   Reliance   Aug-08   Aug-11   477,000      320,000

Deepwater Millennium (15), (16)

  ship   «     1999   10,000   30,000   Brazil   Anadarko   Nov-08   Jul-10   493,000      302,000
                Jul-09   65 days Shipyard

or Project

   
            USGOM   Anadarko   Aug-10   Jul-13   535,000      493,000

Deepwater Pathfinder

  ship   «     1998   10,000   30,000   Nigeria   Shell/Chevron/
Agip/Petrobras
  Jul-07   Jul-09   395,000 (15)    190,000
            Nigeria/
Sao Tome
  Addax   Aug-09   Nov-09   600,000 (15)    395,000
            Ivory Coast   Lukoil   Nov-09   Jan-10   630,000      600,000
            USGOM   Eni   Apr-10   Apr-15   650,000 (16)    630,000

Deepwater Horizon (16)

  semi   «     2001   10,000   30,000   USGOM   BP   Oct-07   Oct-10   See Footnote 13      278,000
                Jul-09   14 days Shipyard

or Project

   

Deepwater Expedition

  ship   «     1999   10,000   30,000   India   Reliance   Jul-08   Sep-10   375,000      320,000
            Malaysia   Petronas/BHP   Nov-10   Nov-13   640,000 (16)    375,000

Cajun Express (16)

  semi   «     2001   8,500   35,000   USGOM   Chevron   Aug-07   Jan-10   490,000      216,000

Deepwater Nautilus (16)

  semi     2000   8,000   30,000   USGOM   Shell   Dec-08   Dec-11   538,000      490,000
                Aug-09   14 days Shipyard

or Project

   

GSF Explorer

  ship   «     1972/1998   7,800   30,000   Angola   BP   Jun-07   Nov-09   426,000 (16)    365,000
                Nov-09   105 days Mob/
Contract Prep
   
            Indonesia   Marathon-led
Consortium
  Mar-10   Feb-12   510,000      426,000

GSF Development Driller I (16)

  semi   «     2004   7,500   37,500   USGOM   BHP Billiton   Jun-08   Sep-12   514,000      220,000

GSF Development Driller II (16)

  semi   «     2004   7,500   37,500   USGOM   BP   Nov-08   Jan-14   580,000      208,000

Sedco Energy (15), (16)

  semi   «     2001   7,500   30,000   Nigeria   Chevron   Jan-08   Jan-11   487,000      202,000

Sedco Express (14), (16)

  semi   «     2001   7,500   30,000   Angola   BP   Jun-05   Jul-10   188,000      125,000

Deepwater (16)

Deepwater Navigator

  ship   «     2000   7,200   25,000   Brazil   Petrobras   Mar-07   Feb-11   186,000      300,000
            Brazil   Petrobras   Mar-11   Apr-16   382,000      186,000

Discoverer 534

  ship   «     1975/1991   7,000   25,000   India   Reliance   Dec-07   Jul-10   250,000      245,000

Discoverer Seven Seas

  ship   «     1976/1997   7,000   25,000   India   ONGC   Jul-08   Jul-11   316,000      292,000

Transocean Marianas (16)

  semi     1979/1998   7,000   25,000   USGOM   BP   Dec-07   Dec-09   446,000      528,000
            USGOM   Eni   Dec-09   Dec-11   565,000      446,000

Sedco 706 (15), (16)

  semi   «     1976/1994/
2008
  6,500   25,000   Brazil   Chevron   Apr-09   May-14   311,000      N/A

Sedco 702 (15), (16)

  semi   «     1973/2007   6,500   25,000   Nigeria   Shell   Mar-08   Mar-11   350,000      N/A
                     

Sedco 707 (15)

  semi   «     1976/1997   6,500   25,000   Brazil   Petrobras   Dec-05   Nov-09   185,000      N/A
            Brazil   Petrobras   Nov-09   Apr-15   401,000      185,000
                Dec-09   14 days Shipyard

or Project

   

GSF Celtic Sea (15), (16)

  semi     1982/1998   5,750   25,000   Brazil   British Gas   Jan-09   Jan-11   484,000      342,000

Jack Bates

  semi     1986/1997   5,400   30,000   Australia   Hess   Jun-09   Jul-10   376,000 (24)    519,000

Sedco 709 (15)

  semi   «     1977/1999   5,000   25,000   Nigeria   Shell   Oct-06   Oct-09   205,000      175,000


LOGO    Transocean Ltd. (NYSE: RIG) Fleet Status Report

Updated: July 1, 2009

Revisions to Fleet Status Report Noted in Bold

Dynamically positioned «

 

Rig Type/Name   Floater
Type
       Yr. (1)
Entered
Service
  Water
Depth
(Feet)
  Drilling
Depth
(Feet)
  Location   Client   Estimated
Contract
Start/Idle
Date (31)
 

Estimated
Expiration

/Out of

Service (2)(31)

  Current
Contract
Dayrate (3)
(Dollars)
    Previous
Contract
Dayrate (3)
(Dollars)

M.G. Hulme, Jr.

  semi     1983/1996   5,000   25,000   Nigeria   Eni   Sep-08   Dec-09   430,000 (15)    430,000
            Libya   Gazprom   Aug-10   Jul-11   495,000 (16),(30)    430,000
                Dec-09   250 days Shipyard

or Project

   

Transocean Richardson (14), (16)

  semi     1988   5,000   25,000   Angola   Chevron   Aug-07   Jul-10   456,000      300,000

Jim Cunningham (16)

  semi     1982/1995   4,600   25,000   Angola   ExxonMobil   Apr-09   Mar-12   450,000      372,000

Sedco 710 (14), (15)

  semi   «     1983   4,500   25,000   Brazil   Petrobras   Dec-08   Oct-10   124,000      121,000
            Brazil   Petrobras   Oct-10   Feb-17   290,000      124,000

Transocean Rather (15), (16)

  semi     1988   4,500   25,000   UKNS   BP   Dec-08   Jul-09   419,000      240,000
                Jul-09   30 days Shipyard

or Project

   
            UKNS   Dong E&P   Aug-09   Sep-09   517,000      419,000

Sovereign Explorer (16)

  semi         1984   4,500   25,000   Brazil   Repsol   Jun-09   May-10   391,000 (15)    389,000

Harsh Environment (5)

Henry Goodrich (16)

  semi     1985/2007   5,000   30,000   Canada   StatoilHydro   Jun-07   Jun-10   381,000      173,000

Transocean Leader (15), (16)

  semi     1987/1997   4,500   25,000   NNS   StatoilHydro   Nov-08   Aug-09   377,000      340,000
            NNS   StatoilHydro   Aug-09   Feb-12   433,000 (17)    377,000

Paul B. Loyd, Jr. (15), (16)

  semi     1990   2,000   25,000   UKNS   BP   Apr-09   Mar-12   483,000      312,000

Transocean Arctic (15), (16)

  semi     1986   1,650   25,000   NNS   StatoilHydro   Jan-07   Aug-11   270,000      195,000
                Aug-09   78 days Shipyard

or Project

   

Polar Pioneer (15), (16)

  semi     1985   1,500   25,000       Apr-09   100 days Shipyard

or Project

   
            NNS   StatoilHydro   Jul-09   Jan-10   295,000      281,000
                          NNS   StatoilHydro   Jan-10   Jan-14   483,000      295,000

Midwater Floaters (29)

Sedco 700

  semi     1973/1997   3,600   25,000   Nigeria   Total   Apr-09   Aug-09   410,000      421,000

Transocean Legend

  semi     1983   3,500   25,000       See Footnote 34   See Footnote 34   See Footnote 34     
            Malaysia     Jun-09   34 days Mob/

Contract
Preparation

   
            Australia   ConocoPhillips   Jul-09   Sep-09   450,000      415,000
                Sep-09   Nov-09   300,000      450,000

Transocean Amirante (16)

  semi     1978/1997   3,500   25,000   USGOM   Eni   Jul-08   Apr-11   361,000      325,000

GSF Arctic I (15), (16)

  semi     1983/1996   3,400   25,000   Brazil   Shell   Mar-08   Dec-10   284,000      265,000
                Jul-09   14 days Shipyard

or Project

   

C. Kirk Rhein, Jr. (28)

  semi     1976/1997   3,300   25,000   Malaysia       Stacked    

Transocean Driller (14), (15)

  semi     1991   3,000   25,000   Brazil   Petrobras   Aug-06   Jul-10   113,000      53,000
                Jun-09   120 days Shipyard

or Project

   
            Brazil   Petrobras   Oct-10   Aug-16   270,000      113,000

GSF Rig 135 (16)

  semi     1983   2,800   25,000   Congo   Total   Oct-07   Dec-09   325,000      325,000
            Congo   Total   Feb-10   Apr-10   380,000      325,000

GSF Rig 140 (16)

  semi     1983   2,400   25,000       Jul-09   165 days Shipyard
or Project
   
            Eq. Guin.   ExxonMobil   Dec-09   May-11   435,000      256,000

Falcon 100 (14), (15)

  semi     1974/1999   2,400   25,000   Brazil   Petrobras   Mar-08   Apr-13   229,000      180,000

GSF Aleutian Key (16)

  semi     1976/2001   2,300   25,000   Angola   Sonangol   Nov-07   Jul-09   357,000      145,000
            Congo   Premier   Jul-09   Aug-09   495,000      357,000

Istiglal (16), (21)

  semi     1991   2,300   25,000   Caspian   BP   Jun-08   Jul-09   112,000      113,000

Sedco 703 (35)

  semi     1973/1995   2,000   25,000   Australia       Stacked    

Sedco 711 (15)

  semi     1982   1,800   25,000   UKNS   Shell   Dec-08   Nov-10   384,000      283,000

Transocean John Shaw (15)

  semi     1982   1,800   25,000   UKNS   Petrofac   Aug-08   Aug-09   352,000      380,000

GSF Arctic III

  semi     1984   1,800   25,000   Libya   Eni   Sep-08   Oct-09   453,000 (26)    350,000

Sedco 712

  semi     1983   1,600   25,000   UKNS       Stacked    

Sedco 714 (15), (16)

  semi     1983/1997   1,600   25,000   UKNS   Total   Mar-09   Jul-09   186,000      259,000
            UKNS   Total   Jul-09   Aug-09   236,000      186,000
            UKNS   Total   Aug-09   Nov-10   391,000      236,000
                Oct-09   65 days Shipyard

or Project

   
                     

GSF Arctic IV (16), (23)

  semi     1983/1999   1,500   25,000   UKNS   Shell   Sep-07   Sep-10   275,000      185,000

GSF Grand Banks (16)

  semi     1984   1,500   25,000   East Canada   Husky   Jan-08   Feb-11   356,000      144,000
                Jun-09   150 days Shipyard

or Project

   

Actinia

  semi     1982   1,500   25,000   India   Reliance   Sep-06   Jul-09   190,000      54,000

Sedco 601 (16)

  semi     1983   1,500   25,000   Malaysia   Petronas Carigali   Jan-08   Jan-11   255,000      268,000

Sedneth 701

  semi     1972/1993   1,500   25,000       Feb-09   210 days Shipyard

or Project

   
            Angola   Chevron   Sep-09   Dec-09   364,000      90,000


LOGO    Transocean Ltd. (NYSE: RIG) Fleet Status Report

Updated: July 1, 2009

Revisions to Fleet Status Report Noted in Bold

Dynamically positioned «

 

Rig Type/Name   Floater
Type
       Yr. (1)
Entered
Service
  Water
Depth
(Feet)
  Drilling
Depth
(Feet)
  Location   Client   Estimated
Contract
Start/Idle
Date (31)
 

Estimated
Expiration

/Out of
Service (2)(31)

  Current
Contract
Dayrate (3)
(Dollars)
    Previous
Contract
Dayrate (3)
(Dollars)

Transocean Winner (15), (16)

  semi     1983   1,500   25,000   NNS   StatoilHydro   Aug-06   Sep-09   375,000      120,000
            NNS   Lundin   Oct-09   Nov-12   446,000      375,000

Transocean Searcher (15), (16)

  semi     1983/1988   1,500   25,000   NNS   StatoilHydro   May-09   Dec-11   408,000      395,000

Transocean Prospect (15)

  semi     1983/1992   1,500   25,000   UKNS   Nexen   Nov-08   Oct-10   367,000      207,000

Dada Gorgud (16), (21)

  semi     1978/1998   1,500   25,000   Caspian   BP   Jan-08   Jul-09   106,000      90,000

J.W. McLean (15)

  semi     1974/1996   1,250   25,000   UKNS   Petro-Canada   May-09   Feb-10   414,000 (16)    389,000

GSF Arctic II (23)

  semi     1982   1,200   25,000   UKNS       Rig to be sold    

Sedco 704 (15), (16)

  semi     1974/1993   1,000   25,000   UKNS   ADTI   Nov-08   Sep-09   371,000 (22)    316,000
                        UKNS   Shell   Oct-09   Sep-11   422,000      371,000

High Specification Jackups (10)

GSF Constellation I (16)

      2003   400   30,000   Trinidad   BP   Aug-07   Sep-09   220,000      76,000

GSF Constellation II (16)

      2004   400   30,000   Egypt   BP   Jun-07   Mar-10   194,000      170,000

GSF Galaxy I

      1991/2001   400   30,000   UKNS   BP   Nov-08   Sep-09   115,000      100,000
            UKNS   BP   Sep-09   Oct-09   227,000      115,000

GSF Galaxy II

      1998   400   30,000   UKNS       Idle    

GSF Galaxy III (15), (16)

      1999   400   30,000   UKNS   Nexen   Oct-07   Aug-11   107,000      100,000

GSF Baltic (15), (16)

      1983   375   25,000   Nigeria   ExxonMobil   May-09   May-10   248,000      213,000
                Jul-09   20 days Shipyard
or Project
   

GSF Magellan

      1992   350   30,000   UKNS   Shell   Mar-09   Jul-09   145,000      300,000

GSF Monarch

      1986   350   30,000   UKNS   Shell   May-09   Sep-09   78,000      78,000
            UKNS   Shell   Sep-09   Sep-10   207,000 (15),(27)    78,000

GSF Monitor

      1989   350   30,000   Trinidad   BP   Apr-09   Jul-09   152,000      70,000

Trident 20

      2000   350   25,000   Caspian   Petronas Carigali   Jan-06   Dec-09   130,000      90,000
                                Sep-09   21 days Shipyard

or Project

         

Standard Jackups (55)

Trident IX

      1982   400   20,000   Vietnam   JVPC   Mar-09   Sep-09   200,000      210,000

Trident 17 (16)

      1983   355   25,000   Malaysia   Petronas Carigali   Sep-07   Apr-10   185,000      195,000

GSF Adriatic II

      1981   350   25,000   Gabon       Stacked    

GSF Adriatic IX (16)

      1981   350   25,000   Gabon   Total   Jul-08   Jul-09   188,000      155,000

GSF Adriatic X

      1982   350   30,000   Egypt   Petrobel   Nov-08   Oct-10   182,000      150,000

GSF Key Manhattan

      1980   350   25,000   Egypt       Idle    

GSF Key Singapore

      1982   350   25,000   Egypt     See Footnote 29   See Footnote 29   See Footnote 29     

GSF Adriatic VI

      1981   328   25,000   Gabon       Stacked    

GSF Adriatic VIII (15), (16)

      1983   328   25,000   Nigeria   ExxonMobil   Apr-09   Mar-10   230,000      190,000
                Nov-09   30 days Shipyard
or Project
   

C.E. Thornton (15)

      1974   300   25,000   India   ONGC   Oct-08   Oct-11   122,000      45,000
                Oct-09   14 days Shipyard

or Project

   

D.R. Stewart

      1980   300   25,000   Italy   Eni   Apr-07   Mar-10   168,000      57,000
                Sep-09   20 days Shipyard

or Project

   

F.G. McClintock

      1975   300   25,000   India   ONGC   Oct-08   Oct-11   145,000      50,000

G.H. Galloway

      1984   300   25,000   Italy   Eni   Aug-08   Nov-11   170,000      115,000
                Jul-09   120 days Shipyard

or Project

   

GSF Adriatic I

      1981   300   25,000   Gabon       Stacked    

GSF Adriatic V

      1979   300   25,000   Gabon       Stacked    

GSF Adriatic XI

      1983   300   25,000   Indonesia   Total   Sep-08   Sep-09   196,000      221,000

GSF Compact Driller

      1992   300   25,000   Thailand   Chevron   Apr-09   Apr-12   120,000 (32)    196,000

GSF Galveston Key

      1978   300   25,000   Vietnam   Cuu Long JOC   Mar-09   Sep-09   197,000      192,000
            Vietnam   Cuu Long JOC   Sep-09   Mar-10   202,000      197,000
                Jul-09   20 days Shipyard
or Project
   

GSF Key Gibraltar

      1976/1996   300   25,000   Malaysia       Stacked    

GSF Key Hawaii (16)

      1982   300   25,000   Qatar   Maersk   Jul-07   Jul-09   175,000      195,000

GSF Labrador (15), (16)

      1983   300   25,000   UKNS   E.On   Mar-09   Dec-09   187,000      210,000
            UKNS   Dana   Dec-09   Jan-10   220,000      183,000

GSF Main Pass I

      1982   300   25,000   Saudi Arabia   Saudi Aramco   Jul-07   Jun-11   164,000      100,000

GSF Main Pass IV

      1982   300   25,000   Saudi Arabia   Saudi Aramco   Aug-07   Jul-11   164,000      100,000

GSF Parameswara (16)

      1983   300   20,000   Indonesia   Total   Mar-09   Nov-10   168,000      106,000

GSF Rig 134

      1982   300   20,000   Malaysia   Petronas Carigali   Apr-07   Apr-10   166,000      128,000

GSF Rig 136

      1982   300   25,000   Malaysia   Petronas Carigali   Jun-08   Jul-09   175,000      185,000

Harvey H. Ward

      1981   300   25,000   Malaysia   Talisman   Apr-09   Aug-10   150,000      110,000

Interocean III

      1978/1993   300   25,000   Egypt       Stacked    

J.T. Angel

      1982   300   25,000   India   ONGC   Mar-07   Mar-10   148,000      105,000

Randolph Yost

      1979   300   25,000   India   ONGC   Mar-07   Feb-10   148,000      61,000


LOGO    Transocean Ltd. (NYSE: RIG) Fleet Status Report

Updated: July 1, 2009

Revisions to Fleet Status Report Noted in Bold

Dynamically positioned «

 

Rig Type/Name   Floater
Type
       Yr. (1)
Entered
Service
  Water
Depth
(Feet)
  Drilling
Depth
(Feet)
  Location   Client   Estimated
Contract
Start/Idle
Date (31)
 

Estimated
Expiration

/Out of
Service (2)(31)

  Current
Contract
Dayrate (3)
(Dollars)
    Previous
Contract
Dayrate (3)
(Dollars)

Roger W. Mowell

      1982   300   25,000   Malaysia   Talisman   Apr-09   Aug-10   150,000      110,000

Ron Tappmeyer

      1978   300   25,000   India   ONGC   Feb-07   Jan-10   148,000      62,000
                Oct-09   14 days Shipyard

or Project

   

Shelf Explorer

      1982   300   20,000   Sakhalin   Venin Holdings   Jun-09   Oct-09   210,000 (30)    150,000

Transocean Nordic

      1984   300   25,000   Malaysia       Stacked    

Trident 15

      1982   300   25,000   Thailand   Chevron   Feb-06   Mar-12   100,000 (18)    60,000

Trident 16 (16)

      1982   300   25,000   Vietnam   Petronas Carigali   Feb-08   Feb-10   189,000      195,000
            Malaysia   Petronas Carigali   Mar-10   Aug-11   180,000      189,000

Trident II

      1977/1985   300   25,000   India   ONGC   Apr-07   Apr-10   148,000      60,000

Trident IV

      1980/1999   300   25,000   Gabon       Stacked    

Trident VIII

      1981   300   21,000   Gabon       Stacked    

Trident XII

      1982/1992   300   25,000   India   ONGC   Jan-07   Jan-10   148,000      62,000

Trident XIV

      1982/1994   300   20,000   Angola   Chevron   May-09   May-10   195,000      98,000

GSF High Island II

      1979   270   20,000   Saudi Arabia   Saudi Aramco   Jul-07   Jul-11   164,000      100,000

GSF High Island IV

      1980/2001   270   20,000   Saudi Arabia   Saudi Aramco   May-07   May-11   164,000      107,000

GSF High Island V

      1981   270   20,000   Congo       Stacked    

GSF High Island IX (15), (16)

      1983   250   20,000   Nigeria   Addax
Petroleum
  Jun-07   Jul-09   150,000      145,000

GSF High Island VII

      1982   250   20,000   Cameroon   Total   Jan-09   Jan-10   170,000 (16)    160,000

GSF Rig 103

      1974   250   20,000   Egypt     See Footnote 33   See Footnote 33   See Footnote 33     

GSF Rig 105

      1975   250   20,000   Egypt   Petrobel   Mar-08   Feb-11   112,000      90,000

GSF Rig 124

      1980   250   20,000   Egypt   PetroSA   Nov-08   Nov-09   120,000      110,000

GSF Rig 127

      1981   250   20,000   Bahrain       Stacked    

GSF Rig 141

      1982   250   20,000   Egypt   Petrogulf   Nov-08   Oct-09   120,000      115,000

Transocean Comet

      1980   250   20,000   Egypt   GUPCO   Oct-07   Sep-09   112,000      62,000
                Oct-09   14 days Shipyard
or Project
   

Transocean Mercury

      1969/1998   250   20,000   Egypt   Petrobel   Feb-08   Jan-10   110,000      58,000

Trident VI

      1981   220   21,000   Vietnam   Vietsovpetro   Mar-09   Jul-09   137,000      193,000

GSF Britannia

            1968   200   20,000   UKNS   Shell   Dec-08   Aug-09   110,000      110,000

Swamp Barges (2)

                                               

Searex 4

      1981/1989   21   25,000   Singapore       Stacked    

Hibiscus (16), (19)

            1979/1993   25   16,000   Indonesia   Total   Oct-07   Nov-12   73,000      74,000

Other (1)—See Footnote 36

                                               

Joides Resolution (16), (20)

  ship   «     1978   27,000   30,000   Worldwide   TAMRF   Jan-09   Jan-14   66,000      35,000


LOGO    Transocean Ltd. (NYSE: RIG) Fleet Status Report

Updated: July 1, 2009

Revisions to Fleet Status Report Noted in Bold

Dynamically positioned «

 

Rig Type/Name   Floater
Type
       Yr. (1)
Entered
Service
  Water
Depth
(Feet)
  Drilling
Depth
(Feet)
  Location   Client   Estimated
Contract
Start/Idle
Date (31)
 

Estimated
Expiration

/Out of
Service (2)(31)

  Current
Contract
Dayrate (3)
(Dollars)
    Previous
Contract
Dayrate (3)
(Dollars)

Fixed-Price Options

                                               

High Specification Floaters:

                                               

Ultra-Deepwater

                                               

GSF Explorer

  ship   «     1972/1998   7,800   30,000   Indonesia   Marathon-led
Consortium
  Feb-12   Feb-13   510,000      510,000

Deepwater

                                               

Discoverer 534

  ship   «     1975/1991   7,000   25,000   India   Reliance   Jul-10   Jan-11   250,000      250,000

Jack Bates

  semi         1986/1997   5,400   30,000   Australia   Hess   Jul-10   Oct-10   376,000 (24)    519,000

Harsh Environment

                                               

Transocean Arctic

  semi         1986   1,650   25,000   NNS   StatoilHydro   Aug-11   Feb-12   450,000      291,000

Midwater Floaters

                                               

Transocean Legend

  semi     1983   3,500   25,000   Australia   ConocoPhillips   Nov-09   Feb-10   300,000      300,000

Transocean Searcher (15), (16)

  semi         1983/1988   1,500   25,000   NNS   StatoilHydro   Dec-11   Jun-12   408,000      408,000

Standard Jackups

                                               

GSF Parameswara (16)

            1983   300   20,000   Indonesia   Total   Nov-10   Nov-12   168,000      168,000

Other

                                               

Joides Resolution (16), (20)

  ship   «     1978   27,000   30,000   Worldwide   TAMRF   Jan-14   Jan-24   66,000      66,000

Remaining 2009 Estimated Potential Out of Service Time By Rig Class

         

See “Out of Service Days (Shipyards, Mobilizations, etc.)” on the Disclaimers & Definitions page for a full description.

 

Rig Class

  Firm
Reported
Out-of-
Service
Days
      Additional
Estimated
Out-of-
Service
Days
      Total                          

Ultra-Deepwater

  130     33     163            

Other Deepwater

  86     39     125            

Other High Spec

  29     86     115            

Other Floater

  385     232     617            

High Spec Jackup

  26     107     133            

Jackup

  115     203     318            

Other

  —       —       —              
                           

Total

  771         700       1,471                          


LOGO    Transocean Ltd. (NYSE: RIG) Fleet Status Report

Updated: July 1, 2009

Revisions to Fleet Status Report Noted in Bold

Dynamically positioned «

 

Footnotes

(1) Dates shown are the original service date and the date of the most recent upgrade, if any.

(2) Expiration dates represent the company's current estimate of the earliest date the contract for each rig is likely to expire. Some rigs have two or more contracts in continuation, so the last line shows the estimated earliest availability. Many contracts permit the client to extend the contract. The out of service time represents those days in 2009 where the company anticipates that a rig will be out of service and not be available to earn an operating dayrate for a period of 14 days or longer. Please refer to the “Out of Service Days (Shipyards, Mobilizations, Etc.)” section of the Cover Page for a full description.

(3) Represents the full operating dayrate, although the average dayrate over the term of the contract will be lower and could be substantially lower. Does not reflect incentive programs which are typically based on the rig's operating performance against a performance curve. Please refer to the “Client Contract Duration and Dayrates and Risks Associated with Operations” section of the Cover Page for a description of dayrates.

(4) We have been awarded a five-year drilling contract by Chevron for the construction of an enhanced Enterprise-class drillship to be named Discoverer Clear Leader. Operations are expected to commence in July 2009. The contract commencement date is contingent on vendor performance and other factors. During the first three years of the contract, the contract dayrate is $469,000. The dayrate for the last two years of the contract is linked to the standard West Texas Intermediate crude oil price with a floor of $40 per barrel resulting in a contract dayrate of $400,000 and a ceiling of $70 per barrel resulting in a contract dayrate of $500,000.

(5) We have been awarded a four-year drilling contract by StatoilHydro for the construction of an enhanced Enterprise-class drillship to be named Discoverer Americas. Operations are expected to commence during the third quarter of 2009, after shipyard construction followed by sea trials, mobilization to the U.S. Gulf of Mexico and customer acceptance. The contract commencement date is contingent on vendor performance and other factors.

(6) We have been awarded a five-year contract by Chevron for the construction of an enhanced Enterprise-class drillship to be named Discoverer Inspiration. Operations are expected to commence during the first quarter of 2010, after shipyard construction followed by sea trials, mobilization to the U.S. Gulf of Mexico and customer acceptance. The contract commencement date is contingent on vendor performance and other factors.

(7) We have been awarded a five-year contract by Exxon Mobil for the Gusto MSC/P 10,000 design drillship to be named Deepwater Champion. Operations are expected to commence during the fourth quarter of 2010, after shipyard construction followed by sea trials, mobilization to the U.S. Gulf of Mexico and customer acceptance. The contract commencement date is contingent on vendor performance and other factors. Depending on the countries of operation during the term of the contract, the dayrate could range from $640,000 to $650,000.

(8) We own a 50 percent interest in this ultra-deepwater Samsung-design drillship to be named Dhirubhai Deepwater KG1 through a joint venture company with Pacific Drilling Limited. The joint venture has been awarded a five-year drilling contract with Reliance for construction of the drillship. Operations are expected to commence during the third quarter of 2009, after shipyard construction followed by sea trials, mobilization to India and customer acceptance. The contract commencement date is contingent on vendor performance and other factors. During the first six months of the contract, the contract dayrate is $495,000. The dayrate for the remaining four and one-half years of the contract is $510,000.

(9) We own a 50 percent interest in this ultra-deepwater Samsung-design drillship to be named Dhirubhai Deepwater KG2 through a joint venture company with Pacific Drilling Limited. The joint venture has been awarded a five-year drilling contract with Reliance for construction of the drillship. Operations are expected to commence during the second quarter of 2010, after shipyard construction followed by sea trials, mobilization to India and customer acceptance. The contract commencement date is contingent on vendor performance and other factors. During the first six months of the contract, the contract dayrate is $495,000. The dayrate for the remaining four and one-half years of the contract is $510,000.

(10) We have been awarded a five-year drilling contract by Reliance for the construction of an enhanced Enterprise-class drillship to be named Discoverer India. Operations are expected to commence during the fourth quarter of 2010, after shipyard construction followed by sea trials, mobilization to India and customer acceptance. The contract commencement date is contingent on vendor performance and other factors. The term of the drilling contract may be extended to seven or 10 years at the client's election up to one week after mobilization. During the first six months of the contract, the contract dayrate is $537,000. The dayrate over the remaining four and one-half years of the initial five-year term is $557,000. If the client elects to extend the contract to 10 years, then the client may further elect to have the operating dayrate for the second five years of the contract fluctuate based on crude oil prices. In such case, the operating dayrate for the second five years (i) will not be adjusted if crude oil percent if crude oil is at or above $100 per barrel, and (iii) will be adjusted downward on a straightline basis if crude oil is between $75 per barrel and $50 per barrel, with a maximum negative adjustment of approximately 10 percent if crude oil is at or below $50 per barrel. The client retains the right to terminate the contract for convenience. If the client (i) elects to stay with a five-year term, (ii) elects to extend the contract to seven years, or (iii) elects to extend the contract to 10 years and allow operating dayrates to fluctuate with oil prices, then the termination mechanism in the contract is designed to keep Transocean economically whole for the remaining term of the contract. However, if the client elects to extend the contract to 10 years and the dayrate is fixed, then the client will have a right to terminate the contract for convenience with one year’s prior notice which will result in total payments to Transocean ranging from $1.1 billion over a five-year period to $1.85 billion over estimated contract revenues that could have otherwise been generated over the 10-year period.

(11) We own a 65 percent interest in this enhanced Enterprise-class drillship to be named Discoverer Luanda through a joint venture company with Angco Cayman Limited. The contract had an initial term of five years, but was converted at the customer’s election to a seven-year term. Operations are expected to commence during the third quarter of 2010, after shipyard construction followed by sea trials, mobilization to Angola and customer acceptance. The contract commencement date is contingent on vendor performance and other factors. The dayrate to be paid on the seven-year contract period is $430,000.

(12) We have been awarded a seven-year drilling contract by BP for the construction of a Keppel Fels MSC DSS 51 design semisubmersible to be named GSF Development Driller III. Operations are expected to commence by the third quarter of 2009, after shipyard construction followed by sea trials, mobilization to Angola and customer acceptance. The contract commencement date is contingent on vendor performance and other factors.

(13) Dayrate for contract period October 2007 through October 2010 to be set using a quarterly average of the stated contract dayrates on the company's other Ultra-Deepwater, dynamically positioned rigs operating in the U.S. Gulf of Mexico. The dayrate is currently estimated to range from $458,000 beginning in March 2008 to $517,000 in October 2010.

(14) Current contract provides for a bonus incentive opportunity not reflected in the stated current contract dayrate.

(15) Reflects the current contracted dayrate which is comprised of a foreign currency component and which could change due to foreign exchange adjustments.

(16) Reflects the current contracted dayrate which could change due to cost escalations.

(17) Dayrate reflects a base level to be paid. The rig will receive a dayrate higher than the stated base level when utilized in a water depth of greater than 1,500 feet.

(18) Dayrate subject to annual adjustment based on market dayrates within specific parameters.

(19) Owned by a joint venture in which the company owns an 80 percent interest. Dayrate indicated reflects 100 percent of contract rate.

(20) Operated under a management contract with the rig's owner. The rig is currently engaged in scientific geological coring activities and is owned by an unconsolidated joint venture in which a subsidiary of the company has a 50 percent interest. The dayrate disclosed herein reflects 100 percent of the contracted rate. The company's 50 percent interest in the joint venture's earnings is included in other income in its consolidated statement of operations.

(21) Operated under a management contract with the rig's owner.

(22) For the period of time that this rig is contracted to Applied Drilling Technology International, the drilling management services division of the company's U.K. operating subsidiary, or Applied Drilling Technology Inc., the company's U.S. drilling management services subsidiary, accounting rules require that we eliminate the revenues and costs related to those contracts from the contract drilling segment of the consolidated statement of operations.

(23) Transocean continues to seek buyers for the GSF Arctic II and GSF Arctic IV while keeping the OFT appraised of progress.

(24) The tax expense related to these contracts has been reduced due to a discrete tax event in the 4th quarter of 2007. In accordance with the terms of these contracts, the dayrate likewise has been reduced from $475,000 per day to $362,000 per day, excluding cost escalation. Taken together, these changes have no effect on after-tax net income.

(25) We have been awarded a 10-year drilling contract by Petrobras to operate the Petrobras 10000, under construction at Samsung Heavy Industries Co. Ltd. yard in Geoje, South Korea. We will acquire the rig from subsidiaries of Petrobras and Mitsui under a 20-year capital lease contract. Operations are expected to commence during the fourth quarter of 2009, after shipyard construction followed by sea trials, mobilization. The contract commencement date is contingent on vendor performance and other factors. The initial contract dayrate is $410,000 excluding taxes. In addition, we are eligible to earn monthly bonuses of up to 12 percent of dayrate.

(26) Dayrate excludes Libyan taxes for which Transocean will be reimbursed.

(27) The client has the right to extend the term of this contract to 24 months, 36 months, 48 months or 60 months at dayrates of $195,000, $185,000, $180,000 or $175,000 by July 31, 2009.

(28) The agreement with Burgundy, previously disclosed in the December 5, 2008 Fleet Update Summary, was terminated by Transocean as a result of Burgundy's failure to post the required escrow. Transocean is pursuing appropriate remedies.

(29) The contract on the rig has been terminated by the client. The company is challenging the validity of the termination. Meanwhile, the rig has been cold stacked for an undetermined period of time at a location off the coast of Alexandria, Egypt.

(30) Dayrate excludes taxes for which Transocean will be reimbursed.

(31) As of April 2, 2009, Estimated Contract Start/Idle and Estimated Expiration/Out of Service Dates are calculated as follows: (1) for events estimated to occur between the 1st and 15th of a month, the previous month is reported (i.e. a contract which is estimated to commence on May 4, 2009 will be reported as commencing in April 2009) and (2) for events estimated to occur between the 16th and the end of a month, the actual month is reported (i.e. a contract which is estimated to commence on May 24, 2009 will be reported as commencing in May 2009).

(32) Dayrate is fixed for first 6 months then subject to quarterly adjustment based on market dayrates within specific parameters.


LOGO    Transocean Ltd. (NYSE: RIG) Fleet Status Report

Updated: July 1, 2009

Revisions to Fleet Status Report Noted in Bold

Dynamically positioned «

 

(33) Transocean maintains that the contract remains in full force and effect and is accordingly invoicing the client. The client has to date refused to acknowledge that the contract is in effect, and the rig is accordingly expected to be stacked for an undetermined period of time. Transocean will pursue all available remedies with respect to the matter.

(34) On June 5th 2009, Transocean terminated the previously reported contract with Oilex. The termination follows Transocean's earlier termination of the Nexus agreement due to repudiatory breach of contract by Nexus for which Transocean is pursuing all appropriate remedies. Nexus, Oilex and Transocean had entered into a Cooperation Agreement in September 2008 which provided for Nexus and Oilex to use the Transocean Legend drilling unit on back-to-back drilling programs. Under the Cooperation Agreement Transocean had the right to terminate the Oilex drilling agreement if the Nexus agreement had been terminated. Oilex has no further financial obligations to Transocean arising out of the termination.

(35) An amendment for swapping the Sedco 703 with the Transocean Legend together with a term extension was executed on June 5th 2009 to continue the client’s exploration program in the Browse Basin. The Transocean Legend replaces the Sedco 703 which was released at the end of the Poseidon-1 well. The current schedule calls for the Transocean Legend to arrive in early July to begin work on the client’s new exploration well.

(36) Transocean sold the Sedco 135D; the transaction was concluded on June 9, 2009. Transocean will no longer include the Sedco 135D in Fleet Status Reports.


LOGO

   Transocean Ltd. (NYSE: RIG) Fleet Update Summary

DISCLAIMERS & DEFINITIONS

The information contained in this Fleet Update Report (the “Information”) is as of the date of the report only and is subject to change without notice to the recipient. Transocean Ltd. assumes no duty to update any portion of the Information.

DISCLAIMER. NEITHER TRANSOCEAN LTD. NOR ITS AFFILIATES MAKE ANY EXPRESS OR IMPLIED WARRANTIES (INCLUDING, WITHOUT LIMITATION, ANY WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE) REGARDING THE INFORMATION CONTAINED IN THIS REPORT, WHICH INFORMATION IS PROVIDED “AS IS.” Neither Transocean Ltd. nor its affiliates will be liable to any recipient or anyone else for any inaccuracy, error or omission, regardless of cause, in the information set forth in this report or for any damages (whether direct or indirect, consequential, punitive or exemplary) resulting therefrom.

No Unauthorized Publication or Use. All information provided by Transocean in this report is given for the exclusive use of the recipient and may not be published, redistributed or retransmitted without the prior written consent of Transocean.

Client Contract Duration, Timing and Dayrates and Risks Associated with Operations. The duration and timing (including both starting and ending dates) of the client contracts are estimates only, and client contracts are subject to cancellation, suspension and delays for a variety of reasons, including some beyond the control of Transocean. Also, the dayrates set forth in the report are estimates based upon the full contractual operating dayrate. However, the actual average dayrate earned over the course of any given contract will be lower and could be substantially lower. The actual average dayrate will depend upon a number of factors (rig downtime, suspension of operations, etc.) including some beyond the control of Transocean. Our client contracts and operations are generally subject to a number of risks and uncertainties, and we urge you to review the description and explanation of such risks and uncertainties in our filings with the Securities and Exchange Commission (SEC), which are available free of charge on the SEC’s website at www.sec.gov. The dayrates do not include revenue for mobilizations, demobilizations, upgrades, shipyards or recharges.

Out of Service Days (Shipyards, Mobilizations, Etc.). Changes in estimated out of service time for 2009 are noted where changes in the time Transocean anticipates that a rig will be out of service and not be available to earn an operating dayrate have changed by a period of 60 days or longer since the previously issued Monthly Fleet Update Summary or Comprehensive Fleet Status Report. The changes to estimated out of service time included in this Fleet Update are not firm and could change significantly based on a variety of factors. Any significant changes to our estimates of out of service time for 2009 will be reflected in subsequent Monthly Fleet Updates and Comprehensive Fleet Status Reports, as applicable. No estimates are made for 2010 and beyond.

Out of service time is denoted as “Mob/Contract Prep” and “Shipyard or Project” out of service days. Mob/Contract Prep refers to periods during which the rig is being mobilized, demobilized and/or modifications or upgrades are being made as a result of contract requirements. Shipyard or Project refers to periods during which the rig is out of service as a result of other planned shipyards, surveys, repairs, regulatory inspections or other planned service or work on the rig. Similar Mob/Contract Prep and Shipyard or Project periods of durations under 14 days will occur but are not noted in the Update. In some instances such as certain mobilizations, demobilizations, upgrades and shipyards, we are paid compensation by our clients that is generally recognized over the life of the underlying contract, although such compensation is not typically significant in relation to the revenue generated by the dayrates we charge our clients.

Forward-Looking Statement. The statements made in the Fleet Update that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements made in the Fleet Update include, but are not limited to, statements involving the estimated duration of client contracts, contract dayrate amounts, future contract commencement dates and locations and planned shipyard projects and other out of service time. Such statements are subject to numerous risks, uncertainties and assumptions, including but not limited to, uncertainties relating to the level of activity in offshore oil and gas exploration and development, exploration success by producers, oil and gas prices, competition and market conditions in the contract drilling industry, shipyard delays, actions and approvals of third parties, possible cancellation or suspension of drilling contracts as a result of mechanical difficulties or performance, Transocean’s ability to enter into and the terms of future contracts, the availability of qualified personnel, labor relations and the outcome of negotiations with unions representing workers, operating hazards, factors affecting the duration of contracts including well-in-progress provisions, the actual amount of downtime, factors resulting in reduced applicable dayrates, hurricanes and other weather conditions, terrorism, political and other uncertainties inherent in non-U.S. operations (including the risk of war, civil disturbance, seizure or damage of equipment and exchange and currency fluctuations), the impact of governmental laws and regulations, the adequacy of sources of liquidity, the effect of litigation and contingencies and other factors described above and discussed in Transocean’s most recently filed Form 10-K, in Transocean’s Forms 10-Q for subsequent periods and in Transocean’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. 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, except as required by law.

Fleet Classification. Transocean uses a rig classification for its semisubmersible rigs and drillships to reflect the company’s strategic focus on the ownership and operation of premium, high specification floating rigs. The rig classification “High Specification Floaters” is comprised of “Ultra-Deepwater” which refers to the latest generation of semisubmersible rigs and drillships possessing the latest technical drilling capabilities and the ability to operate in water depths equal to or greater than 7,500 feet, “Deepwater” which refers to semisubmersible rigs and drillships that possess the ability to drill in water depths equal to or greater than 4,500 feet, and “Harsh Environment” comprised of five of the company’s premium harsh environment rigs, the semisubmersibles Henry Goodrich, Transocean Leader, Paul B. Loyd, Jr., Transocean Arctic and Polar Pioneer. The category titled “Midwater Floaters” represents semisubmersible rigs and drillships that possess the ability to drill in water depths of up to 4,499 feet. The jackup fleet is subdivided into two categories; “High Specification” which consists of harsh environment and high performance jackups and “Standard”.

Stacking. An “Idle” rig is between contracts, readily available for operations, and operating costs are typically at or near normal levels. A “Stacked” rig, on the other hand, is manned by a reduced crew or unmanned and typically has reduced operating costs and is (i) preparing for an extended period of inactivity, (ii) expected to continue to be inactive for an extended period, or (iii) completing a period of extended inactivity.