0001451505false00014515052020-02-142020-02-14

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):
February 14, 2020

TRANSOCEAN LTD.

(Exact name of Registrant as specified in its charter)

Switzerland

    

001-38373

    

98-0599916

(State or other jurisdiction of

(Commission

(I.R.S. Employer

incorporation or organization)

File Number)

Identification No.)

Turmstrasse 30

   

Steinhausen, Switzerland

CH-6312

(Address of principal executive offices)

(zip code)

Registrant’s telephone number, including area code: +41 (41) 749-0500

​ ​

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:

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))

Securities registered pursuant to Section 12(b) of the Act

Title of each class

Trading Symbol

Name of each exchange on which registered:

Shares, CHF 0.10 par value

RIG

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Item 7.01 Regulation FD Disclosure

We issue a report entitled “Transocean Fleet Status Report,” which includes drilling rig status and contract information. A report dated February 14, 2020, 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 Transocean “E-mail Alerts,” which based upon your selections will alert you to new Transocean press releases, financial and other updates. This free service will send you an automated email containing the Fleet Status Report press release and a link to our website: www.deepwater.com, where the reports are posted each quarter under “Investors/Fleet Status Report.” You may subscribe to this service in the footer of any of the website’s Investors pages by selecting “E-mail Alerts” then providing your email address. Please select the alerts to which you prefer to subscribe and click “Submit.”

Item 9.01  Financial Statements and Exhibits

(d)  Exhibits.

Exhibit No.

    

Description

99.1

Fleet Status Report dated February 14, 2020

104

Cover Page Interactive Data File (formatted as inline XBRL).

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: February 14, 2020

By:

/s/ Daniel Ro-Trock

Daniel Ro-Trock

Authorized Person

RIG_FSR_EX99_1

 

Picture 1

 

 

 

Picture 2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Updated: February 14, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revisions Noted in Bold

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dynamically positioned 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dayrate on

Dayrate on

 

 

 

 

 

 

 

 

 

Yr. (1)

Water

Drilling

 

 

Estimated

Estimated

Current

Previous

 

 

 

 

 

 

Footnote

Floater

Dynamically

Entered

Depth

Depth

 

 

Contract

Expiration

Contract (3)

Contract (3)

 

 

 

 

 

Rig Type/Name

References

Type

Positioned

Service

(Feet)

(Feet)

Location

Customer

Start Date (2)

Date (2)

(Dollars)

(Dollars)

    

Additional Comments for Q1 2020 - Q4 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rigs Under Construction (2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater Atlas

(9)

ship

TBA

12,000

40,000

TBA

 

 

 

 

 

 

 

 

 

 

Deepwater Titan

(6), (16)

ship

TBA

12,000

40,000

USGOM

Chevron

Q4 2021

Q4 2026

455,000

N/A

 

 

 

 

 

Ultra-Deepwater (28)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater Poseidon

(6)

ship

2018

12,000

40,000

USGOM

Shell

Sep-18

Feb-28

476,000

N/A

 

 

 

 

 

Deepwater Pontus

(6)

ship

2017

12,000

40,000

USGOM

Shell

Oct-17

Oct-27

476,000

N/A

 

 

 

 

 

Deepwater Conqueror

(6), (8)

ship

2016

12,000

40,000

USGOM

Chevron

Dec-16

Dec-21

582,000

N/A

 

 

 

 

 

Deepwater Proteus

(6)

ship

2016

12,000

40,000

USGOM

Shell

Aug-16

May-26

474,000

N/A

 

 

 

 

 

Deepwater Thalassa

(6)

ship

2016

12,000

40,000

USGOM

Shell

Jul-16

Feb-26

474,000

N/A

 

 

 

 

 

Ocean Rig Apollo

 

ship

2015

12,000

40,000

 

 

 

Stacked May 2016

 

 

 

 

 

 

 

Deepwater Asgard

 

ship

2014

12,000

40,000

USGOM

Beacon Offshore

Jan-20

Jul-20

220,000

185,000

 

 

 

 

 

 

 

 

 

 

 

USGOM

Beacon Offshore

Jul-20

Oct-20

240,000

N/A

 

 

 

 

 

Deepwater Invictus

(6)

ship

2014

12,000

40,000

USGOM

BHP Billiton

Oct-19

Apr-20

Not Disclosed

Not Disclosed

 

 

 

 

 

 

(6)

 

 

 

 

Trinidad

BHP Billiton

Apr-20

Jul-20

155,000

N/A

 

 

 

 

 

 

(6)

 

 

 

 

USGOM

BHP Billiton

Jul-20

Apr-21

155,000

N/A

 

 

 

 

 

Deepwater Athena

 

ship

2014

12,000

40,000

 

 

 

Stacked March 2017

 

 

 

 

 

 

 

Deepwater Skyros

 

ship

2013

12,000

40,000

Angola

Total

Dec-18

Sep-21

573,000

N/A

 

 

 

 

 

Deepwater Mylos

 

ship

2013

12,000

40,000

 

 

 

Stacked September 2016

 

 

 

 

 

 

 

Deepwater Corcovado

(7), (8)

ship

2011

10,000

35,000

Brazil

Petrobras

Dec-19

Jul-21

191,000

N/A

 

30 days out of service in 2020

 

 

 

Deepwater Mykonos

(7), (8)

ship

2011

10,000

35,000

Brazil

Petrobras

Nov-19

May-21

211,000

N/A

 

 

 

 

 

Deepwater Olympia

 

ship

2011

10,000

35,000

 

 

 

Stacked April 2016

 

 

 

 

 

 

 

Deepwater Orion

 

ship

2011

10,000

35,000

 

 

 

Idle October 2019

 

 

 

 

 

 

 

Deepwater Champion

 

ship

2011

12,000

40,000

 

 

 

Stacked Feb. 2016

 

 

 

 

 

 

 

Discoverer Inspiration

(6), (8)

ship

2010

12,000

40,000

USGOM

Chevron

Mar-15

Mar-20

565,000

N/A

 

21 days out of service in April 2020

 

 

 

 

 

 

 

 

 

USGOM

Talos

Apr-20

Jul-20

210,000

565,000

 

 

 

 

 

Discoverer India

 

ship

2010

12,000

40,000

Egypt

Burullus

Sep-19

Apr-20

135,000

N/A

 

 

 

 

 

 

 

 

 

 

 

Egypt

Burullus

Apr-20

Aug-20

170,000

N/A

 

 

 

 

 

Dhirubhai Deepwater KG2

(13)

ship

2010

12,000

35,000

Australia

Chevron

Oct-19

Jun-20

260,000

N/A

 

 

 

 

 

 

 

 

 

 

 

Myanmar

Woodside

Oct-20

Apr-21

250,000

260,000

 

 

 

 

 

Discoverer Luanda

 

ship

2010

7,500

40,000

 

 

 

Stacked February 2018

 

 

 

 

 

 

 

Discoverer Americas

 

ship

2009

12,000

40,000

 

 

 

Stacked April 2016

 

 

 

 

 

 

 

Discoverer Clear Leader

 

ship

2009

12,000

40,000

 

 

 

Stacked June 2019

 

 

 

 

 

 

 

Petrobras 10000

(4), (6), (7)

ship

2009

12,000

37,500

Brazil

Petrobras

Mar-19

Feb-20

294,000

N/A

 

 

 

 

 

 

(4), (6), (7)

 

 

 

 

Brazil

Petrobras

Mar-20

Feb-21

307,000

N/A

 

 

 

 

 

 

(4), (6), (7)

 

 

 

 

Brazil

Petrobras

Mar-21

Sep-21

316,000

N/A

 

 

 

 

 

Dhirubhai Deepwater KG1

 

ship

2009

12,000

35,000

India

Reliance

Nov-19

Nov-20

127,000

124,000

 

 

 

 

 

Development Driller III

 

semi

2009

7,500

37,500

Equatorial Guinea

ExxonMobil

Feb-19

Mar-20

192,000

N/A

 

 

 

 

 

 

 

 

 

 

 

Trinidad

Not Disclosed

Apr-20

Apr-21

250,000

192,000

 

Paid mobilization in March

 

 

 

GSF Development Driller II

 

semi

2005

7,500

37,500

 

 

 

Stacked Jan. 2016

 

 

 

 

 

 

 

GSF Development Driller I

(13)

semi

2005

7,500

37,500

Australia

Chevron

May-19

May-20

209,000

Not Disclosed

 

 

 

 

 

 

(13)

 

 

 

 

Australia

Chevron

May-20

Oct-20

217,000

N/A

 

 

 

 

 

Deepwater Nautilus

 

semi

2000

8,000

30,000

Brunei

Shell

Jan-20

Feb-20

175,000

N/A

 

 

 

 

 

 

 

 

 

 

 

Malaysia

Petronas (Shell Farmout)

Feb-20

Jul-20

140,000

175,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Q1 2020

Q2 2020

Q3 2020

Q4 2020

 

 

 

 

 

 

 

 

 

 

Estimated Average Contract Dayrates (5)

 

$323,000

$307,000

$322,000

$354,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Harsh Environment (14)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Transocean Norge

(7), (8), (12)

semi

2019

10,000

40,000

Norway

Equinor

Nov-19

May-20

281,000

N/A

 

 

 

 

 

 

(7), (8), (12)

 

 

 

 

Norway

Equinor

Jun-20

Aug-20

291,000

281,000

 

 

 

 

 

Transocean Enabler

(6), (7), (8)

semi

2016

1,640

28,000

Norway

Equinor

Jul-19

Jul-20

438,000

N/A

 

 

 

 

 

 

(6), (7), (8)

 

 

 

 

Norway

Equinor

Jul-20

Jul-21

434,000

N/A

 

 

 

 

 

 

(6), (7), (8)

 

 

 

 

Norway

Equinor

Jul-21

Jul-22

429,000

N/A

 

 

 

 

 

 

(6), (7), (8)

 

 

 

 

Norway

Equinor

Jul-22

Jul-23

425,000

N/A

 

 

 

 

 

 

(6), (7), (8)

 

 

 

 

Norway

Equinor

Jul-23

Mar-24

415,000

N/A

 

 

 

 

 

Transocean Encourage

(6), (7), (8)

semi

2016

1,640

28,000

Norway

Equinor

Mar-19

Mar-20

434,000

N/A

 

 

 

 

 

 

(6), (7), (8)

 

 

 

 

Norway

Equinor

Mar-20

Mar-21

430,000

N/A

 

 

 

 

 

 

(6), (7), (8)

 

 

 

 

Norway

Equinor

Mar-21

Mar-22

425,000

N/A

 

 

 

 

 

 

(6), (7), (8)

 

 

 

 

Norway

Equinor

Mar-22

Mar-23

421,000

N/A

 

 

 

 

 

 

(6), (7), (8)

 

 

 

 

Norway

Equinor

Mar-23

Nov-23

412,000

N/A

 

 

 

 

 

Transocean Endurance

(6), (8)

semi

2015

1,640

28,000

Norway

Equinor

Dec-19

Dec-20

487,000

N/A

 

 

 

 

 

 

(6), (8)

 

 

 

 

Norway

Equinor

Dec-20

Dec-21

483,000

N/A

 

 

 

 

 

 

(6), (8)

 

 

 

 

Norway

Equinor

Dec-21

Dec-22

478,000

N/A

 

 

 

 

 

 

(6), (8)

 

 

 

 

Norway

Equinor

Dec-22

Jun-23

467,000

N/A

 

 

 

 

 

Transocean Equinox

(6), (8)

semi

2015

1,640

28,000

Norway

Equinor

Nov-19

Nov-20

487,000

N/A

 

 

 

 

 

 

(6), (8)

 

 

 

 

Norway

Equinor

Nov-20

Nov-21

482,000

N/A

 

 

 

 

 

 

(6), (8)

 

 

 

 

Norway

Equinor

Nov-21

Nov-22

478,000

N/A

 

 

 

 

 

 

(6), (8)

 

 

 

 

Norway

Equinor

Nov-22

Dec-22

468,000

N/A

 

 

 

 

 

Transocean Spitsbergen

(7), (8)

semi

2010

10,000

30,000

Norway

Equinor

Oct-19

Jun-22

Not Disclosed

230,000

 

 

 

 

 

Transocean Barents

(14)

semi

2009

10,000

30,000

Canada

Equinor

Footnote 14

Footnote 14

Not Disclosed

N/A

 

 

 

 

 

Leiv Eiriksson

 

semi

2001

7,500

25,000

Norway

ConocoPhillips

Dec-19

Mar-20

Not Disclosed

N/A

 

 

 

 

 

 

 

 

 

 

 

Norway

Spirit Energy

Jun-20

Jul-20

225,000

Not Disclosed

 

 

 

 

 

 

 

 

 

 

 

Norway

ConocoPhillips

Jul-20

Nov-20

235,000

225,000

 

 

 

 

 

Paul B. Loyd, Jr.

(3)

semi

 

1990

2,000

25,000

UKNS

Hurricane Energy PLC

Feb-20

Mar-20

160,000

Not Disclosed

 

 

 

 

 

 

 

 

 

 

 

 

UKNS

Hurricane Energy PLC

Apr-20

Sep-20

205,000

N/A

 

 

 

 

 

 

 

 

 

 

 

 

UKNS

Hurricane Energy PLC

Oct-20

Oct-20

160,000

N/A

 

 

 

 

 

Transocean Leader

 

semi

 

1987/1997

4,500

25,000

UKNS

Premier Oil

Mar-20

Jun-20

Not Disclosed

Not Disclosed

 

 

 

 

 

Transocean Arctic

(7)

semi

 

1986

1,650

25,000

Norway

DEA Norge

Jul-19

Jul-20

Not Disclosed

Not Disclosed

 

 

 

 

 

Henry Goodrich

 

semi

 

1985/2007

5,000

30,000

 

 

 

Idle February 2020

 

 

 

 

 

 

 

Polar Pioneer

 

semi

 

1985/2014

1,500

25,000

 

 

 

Stacked Dec. 2015

 

 

 

 

 

 

 

Songa Dee

 

semi

 

1984/2014

1,500

30,000

 

 

 

Stacked Sep. 2016

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Q1 2020

Q2 2020

Q3 2020

Q4 2020

 

 

 

 

 

 

 

 

 

 

 

Estimated Average Contract Dayrates (5)

 

$334,000

$338,000

$346,000

$374,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Midwater Floaters (3)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sedco 714

 

semi

 

1983/1997

1,600

25,000

 

 

 

Stacked Nov. 2015

 

 

 

 

 

 

 

Transocean 712

(7)

semi

 

1983

1,600

25,000

UKNS

ConocoPhillips

Mar-19

Jan-21

Not Disclosed

Not Disclosed

 

 

 

 

 

Sedco 711

 

semi

 

1982

1,800

25,000

 

 

 

Stacked Jan. 2016

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Q1 2020

Q2 2020

Q3 2020

Q4 2020

 

 

 

 

 

 

 

 

 

 

 

Estimated Average Contract Dayrates (5)

 

$130,000

$130,000

$130,000

$130,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed-Price Options - See Footnote 10

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ultra-Deepwater

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GSF Development Driller I

 

semi

2005

7,500

37,500

Australia

Chevron

Nov-20

Dec-20

Not Disclosed

N/A

 

 

 

 

 

 

 

 

 

 

 

Australia

Chevron

Dec-20

Jan-21

Not Disclosed

N/A

 

 

 

 

 

 

 

 

 

 

 

 

Australia

Chevron

Jan-21

Feb-21

Not Disclosed

N/A

 

 

 

 

 

 

 

 

 

 

 

 

Australia

Chevron

Mar-21

Apr-21

Not Disclosed

N/A

 

 

 

 

 

Deepwater Invictus

(6)

ship

2014

12,000

40,000

USGOM

BHP Billiton

Apr-21

Apr-22

Not Disclosed

N/A

 

 

 

 

 

 

(6)

 

 

 

 

USGOM

BHP Billiton

Apr-22

Apr-23

Not Disclosed

N/A

 

 

 

 

 

Ocean Rig Skyros

(8), (15)

ship

2013

12,000

40,000

Angola

Total

Oct-21

Jan-22

200,000

N/A

 

 

 

 

 

 

(8), (15)

 

 

 

 

Angola

Total

Jan-22

May-22

200,000

N/A

 

 

 

 

 

 

(8), (15)

 

 

 

 

Angola

Total

May-22

Sep-22

200,000

N/A

 

 

 

 

 

Ocean Rig Corcovado

(7), (8)

ship

2011

10,000

35,000

Brazil

Petrobras

Aug-21

Jun-23

Not Disclosed

N/A

 

 

 

 

 

Ocean Rig Mykonos

(7), (8)

ship

2011

10,000

35,000

Brazil

Petrobras

May-21

Aug-23

Not Disclosed

N/A

 

 

 

 

 

Discoverer India

 

ship

2010

12,000

40,000

Egypt

Burullus

Aug-20

Dec-20

Not Disclosed

N/A

 

 

 

 

 

 

 

 

 

 

 

Egypt

Burullus

Dec-20

Apr-21

Not Disclosed

N/A

 

 

 

 

 

 

 

 

 

 

 

Egypt

Burullus

Apr-21

Aug-21

Not Disclosed

N/A

 

 

 

 

 

 

 

 

 

 

 

Egypt

Burullus

Aug-21

Dec-21

Not Disclosed

N/A

 

 

 

 

 

 

 

 

 

 

 

Egypt

Burullus

Dec-21

Apr-22

Not Disclosed

N/A

 

 

 

 

 

Dhirubhai Deepwater KG1

 

ship

2009

12,000

35,000

India

Reliance

Nov-20

May-21

Not Disclosed

N/A

 

 

 

 

 

Deepwater Asgard

 

ship

2014

12,000

40,000

USGOM

Beacon Offshore

Oct-20

Nov-20

Not Disclosed

N/A

 

 

 

 

 

 

 

 

 

 

 

USGOM

Beacon Offshore

Nov-20

Jan-21

Not Disclosed

N/A

 

 

 

 

 

 

 

 

 

 

 

USGOM

Beacon Offshore

Jan-21

Feb-21

Not Disclosed

N/A

 

 

 

 

 

Discoverer Inspiration

 

 

 

 

 

USGOM

Talos

Jul-20

Sep-20

Not Disclosed

N/A

 

 

 

 

 

 

 

 

 

 

 

USGOM

Talos

Sep-20

Oct-20

Not Disclosed

N/A

 

 

 

 

 

 

 

 

 

 

 

USGOM

Talos

Oct-20

Nov-20

Not Disclosed

N/A

 

 

 

 

 

Dhirubhai Deepwater KG2

 

ship

2010

12,000

35,000

Myanmar

Woodside

Apr-21

Aug-21

250,000

N/A

 

 

 

 

 

Harsh Environment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Transocean Enabler

(7), (11), (8)

semi

2016

1,640

28,000

Norway

Equinor

Mar-24

Mar-27

415,000

N/A

 

 

 

 

 

 

(7), (11), (8)

 

 

 

 

Norway

Equinor

Mar-27

Mar-30

415,000

N/A

 

 

 

 

 

 

(7), (8)

 

 

 

 

Norway

Equinor

Mar-30

Mar-33

415,000

N/A

 

 

 

 

 

 

(7), (8)

 

 

 

 

Norway

Equinor

Mar-33

Mar-36

415,000

N/A