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) |
Registrants 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 |
Description | |
99.1 | Transocean Ltd. Fleet Status Report |
Exhibit 99.1
Fleet Status Report
July 1, 2009
Transocean Ltd. (NYSE: RIG) |
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 /Out of |
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 |
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 /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 |
||||||||||||||||||||||
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 |
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 /Out of |
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 |
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 /Out of |
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 |
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 /Out of |
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 |
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 years 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 customers 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.
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 clients 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 clients 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.
|
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 SECs 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, Transoceans 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 Transoceans most recently filed Form 10-K, in Transoceans Forms 10-Q for subsequent periods and in Transoceans other filings with the SEC, which are available free of charge on the SECs 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 companys 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 companys 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.