STEINHAUSEN, Switzerland, Feb. 18, 2019 (GLOBE NEWSWIRE) -- Transocean Ltd. (NYSE: RIG) announced today that it has entered into an agreement with its customer, Equinor, to license and install Automated Drilling Control (“ADC”) systems on four high-specification, harsh environment rigs currently on contract in Norway and a fifth semisubmersible that is expected to commence operations in the Norwegian sea this summer.
The Transocean Enabler was previously equipped with the ADC system in 2017 and has delivered tangible improvements in overall drilling efficiency that have led to more cost-effective wells for Equinor. Further, the system has demonstrated improvements in well integrity, while enhancing safety and operations assurance.
In addition to the Transocean Enabler, the upgraded floaters in Transocean’s fleet will include:
- Transocean Spitsbergen
- Transocean Norge
- Transocean Encourage
- Transocean Equinox
- Transocean Endurance
The ADC systems are developed through the combination of various technologies from MHWirth, NOV and Sekal AS, which enable, among other things, higher rates of penetration while drilling, highly stable bottom hole pressures avoiding swab/surge effects and early detection of kick/loss events.
“The ADC upgrades advance our automation efforts and further enhance our industry leading fleet of high-specification, harsh environment semisubmersibles,” said Jeremy Thigpen, President and CEO. “We are delighted to work alongside Equinor and our suppliers as we continue to identify and realize opportunities to deliver safer, higher quality and lower cost wells for our customers.”
Transocean is a leading international provider of offshore contract drilling services for oil and gas wells. The company specializes in technically demanding sectors of the global offshore drilling business with a particular focus on deepwater and harsh environment drilling services, and believes that it operates one of the most versatile offshore drilling fleets in the world.
Transocean owns or has partial ownership interests in, and operates a fleet of 48 mobile offshore drilling units consisting of 31 ultra-deepwater floaters, 13 harsh environment floaters, and four midwater floaters. In addition, Transocean is constructing four ultra-deepwater drillships; and one harsh environment semisubmersible in which the company has a one-third interest.
The statements described in this press release that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements contain words such as "possible," "intend," "will," "if," "expect," or other similar expressions. Forward-looking statements are based on management’s current expectations and assumptions, and are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. As a result, actual results could differ materially from those indicated in these forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, estimated duration of customer contracts, contract dayrate amounts, future contract commencement dates and locations, planned shipyard projects and other out-of-service time, sales of drilling units, timing of the company’s newbuild deliveries, operating hazards and delays, risks associated with international operations, actions by customers and other third parties, the future prices of oil and gas, the intention to scrap certain drilling rigs, the success of our business following the acquisitions of Songa Offshore SE and Ocean Rig UDW Inc., and other factors, including those and other risks discussed in the company's most recent Annual Report on Form 10-K for the year ended December 31, 2017, and in the company's other filings with the SEC, which are available free of charge on the SEC's website at: www.sec.gov. Should one or more of these risks or uncertainties materialize (or the other consequences of such a development worsen), or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or expressed or implied by such forward-looking statements. All subsequent written and oral forward-looking statements attributable to the company or to persons acting on our behalf are expressly qualified in their entirety by reference to these risks and uncertainties. You should not place undue reliance on forward-looking statements. Each forward-looking statement speaks only as of the date of the particular statement, and we undertake no obligation to publicly update or revise any forward-looking statements to reflect events or circumstances that occur, or which we become aware of, after the date hereof, except as otherwise may be required by law. All non-GAAP financial measure reconciliations to the most comparative GAAP measure are displayed in quantitative schedules on the company’s website at: www.deepwater.com.
This press release, or referenced documents, do not constitute an offer to sell, or a solicitation of an offer to buy, any securities, and do not constitute an offering prospectus within the meaning of article 652a or article 1156 of the Swiss Code of Obligations. Investors must rely on their own evaluation of Transocean and its securities, including the merits and risks involved. Nothing contained herein is, or shall be relied on as, a promise or representation as to the future performance of Transocean.