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): October 8, 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 October 8, 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: October 8, 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 | |
Exhibit 99.1
| Fleet Status Report
October 08, 2009
Transocean Ltd. (NYSE: RIG) |
 |
Transocean Ltd. (NYSE: RIG) Fleet Status Report |
Updated: October 8, 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 Date (26) |
Estimated /Out of |
Current Contract Dayrate (3) (Dollars) |
Previous Contract Dayrate (3) (Dollars) |
|||||||||||||||
| Rigs Under Construction (8) |
| ||||||||||||||||||||||||
| 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 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),(23) |
ship | « | TBA | 10,000 | 37,500 | Angola | Petrobras | See Footnote 23 | See Footnote 23 | See Footnote 23 | N/A | ||||||||||||||
| Discoverer Luanda (16) |
ship | « | TBA | 7,500 | 40,000 | Angola | BP | See Footnote 11 | See Footnote 11 | See Footnote 11 | N/A | ||||||||||||||
| Development Driller III (16) |
semi | « | TBA | 7,500 | 30,000 | USGOM | BP | See Footnote 12 | See Footnote 12 | 403,000 | N/A | ||||||||||||||
| High Specification Floaters: |
|||||||||||||||||||||||||
| Ultra-Deepwater (20) |
| ||||||||||||||||||||||||
| Discoverer Clear Leader (16), (4) |
ship | « | 2009 | 12,000 | 40,000 | USGOM | Chevron | Aug-09 | Jul-14 | 469,000 | N/A | ||||||||||||||
| Dhirubhai Deepwater KG1(8) |
ship | « | 2009 | 12,000 | 35,000 | India | Reliance | Aug-09 | Aug-14 | 510,000 | N/A | ||||||||||||||
| Discoverer Deep Seas (16) |
ship | « | 2001 | 10,000 | 35,000 | USGOM | Chevron | Mar-09 | Feb-11 | 512,000 | 335,000 | ||||||||||||||
| 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 | ||||||||||||||||||||
| Apr-10 | 70 days Shipyard or Project | ||||||||||||||||||||||||
| GSF C.R. Luigs (16) |
ship | « | 2000 | 10,000 | 35,000 | USGOM | BHP Billiton | Sep-09 | Nov-13 | 510,000 | 411,000 | ||||||||||||||
| Mar-10 | 55 days Shipyard or Project | 510,000 | 510,000 | ||||||||||||||||||||||
| GSF Jack Ryan (16) |
ship | « | 2000 | 10,000 | 35,000 | Nigeria | Total | Jun-09 | Jun-13 | 425,000 | 297,000 | ||||||||||||||
| Deepwater Discovery |
ship | « | 2000 | 10,000 | 30,000 | Brazil | Devon | Oct-09 | Jan-14 | 463,000 | (15),(16) | 425,000 | |||||||||||||
| Nov-09 | 14 days Shipyard or Project | ||||||||||||||||||||||||
| Jul-10 | 85 days Shipyard or Project | ||||||||||||||||||||||||
| 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 | ||||||||||||||
| USGOM | Anadarko | Aug-10 | May-13 | 535,000 | 493,000 | ||||||||||||||||||||
| Deepwater Pathfinder |
ship | « | 1998 | 10,000 | 30,000 | Nigeria / Sao Tome |
Addax | Aug-09 | Dec-09 | 600,000 | (15) | 395,000 |
| ||||||||||||
| Ivory Coast | Lukoil | Dec-09 | Feb-10 | 630,000 | 600,000 |
| |||||||||||||||||||
| USGOM | Eni | Feb-10 | Feb-15 | 650,000 | (16) | 630,000 | |||||||||||||||||||
| Apr-10 | 95 days Shipyard or Project | ||||||||||||||||||||||||
| Deepwater Horizon (16) |
semi | « | 2001 | 10,000 | 30,000 | USGOM | BP | Oct-07 | Oct-10 | See Footnote 13 | 278,000 | ||||||||||||||
| USGOM | BP | Oct-10 | Oct-13 | 497,000 | |||||||||||||||||||||
| 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 | |||||||||||||||||||
| Sep-10 | 50 days Shipyard or Project | ||||||||||||||||||||||||
| Cajun Express (16) |
semi | « | 2001 | 8,500 | 35,000 | USGOM | Chevron | Aug-07 | Jan-10 | 493,000 | 216,000 | ||||||||||||||
| Jan-10 | 115 days Shipyard or Project | ||||||||||||||||||||||||
| Brazil | Petrobras | May-10 | May-13 | 510,000 | (28),(15) | 493,000 | |||||||||||||||||||
| Deepwater Nautilus (16) |
semi | 2000 | 8,000 | 30,000 | USGOM | Shell | Dec-08 | Dec-11 | 538,000 | 493,000 | |||||||||||||||
| GSF Explorer |
ship | « | 1972/1998 | 7,800 | 30,000 | Angola | BP | Jun-07 | Jan-10 | 426,000 | (16) | 365,000 | |||||||||||||
| Jan-10 | 125 days Mob/ Contract Prep |
||||||||||||||||||||||||
| Indonesia | Marathon-led Consortium |
May-10 | Apr-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 | ||||||||||||||
| Mar-10 | 45 days Shipyard or Project | ||||||||||||||||||||||||
| 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 (16) |
semi | « | 2001 | 7,500 | 30,000 | Angola | BP | Jun-05 | May-10 |
188,000 |
(14) |
125,000 | |||||||||||||
| Jun-10 | 100 days Mob/ Contract Prep |
||||||||||||||||||||||||
| Mediterranean Sea |
Noble Energy | Sep-10 | Dec-11 |
530,000 |
(16) |
188,000 | |||||||||||||||||||
| Deepwater (16) |
| ||||||||||||||||||||||||
| Deepwater Navigator (15) |
ship | « | 2000 | 7,200 | 25,000 | Brazil | Petrobras | Mar-07 | Feb-11 | 188,000 | 300,000 | ||||||||||||||
| Brazil | Petrobras | Mar-11 | Jul-16 | 372,000 | (14) | 188,000 | |||||||||||||||||||
| Apr-10 | 180 days Shipyard or Project | ||||||||||||||||||||||||
| 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 | ||||||||||||||
| Page 1 |
|
|
Transocean Ltd. (NYSE: RIG) Fleet Status Report |
Updated: October 8, 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 Date (26) |
Estimated /Out of |
Current Contract Dayrate (3) (Dollars) |
Previous Contract Dayrate (3) (Dollars) | ||||||||||||||
| Sedco 707 (15) |
semi | « | 1976/1997 | 6,500 | 25,000 | Brazil | Petrobras | Dec-05 | Nov-09 | 188,000 | N/A | |||||||||||||
| Brazil | Petrobras | Nov-09 | Apr-15 | 390,000 | (14) | 188,000 | ||||||||||||||||||
| 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 |
486,000 | 342,000 | ||||||||||||||
| Page 2 |
|
|
Transocean Ltd. (NYSE: RIG) Fleet Status Report |
Updated: October 8, 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 Date (26) |
Estimated /Out of |
Current Contract Dayrate (3) (Dollars) |
Previous Contract Dayrate (3) (Dollars) |
|||||||||||||||
| Jack Bates |
semi | 1986/1997 | 5,400 | 30,000 | Australia | Hess | Jun-09 | Jul-10 | 376,000 | (22) | 519,000 | ||||||||||||||
| Sedco 709 (15) |
semi | « | 1977/1999 | 5,000 | 25,000 | Nigeria | Shell | Oct-06 | Oct-09 | 205,000 | 175,000 | ||||||||||||||
| M.G. Hulme, Jr. |
semi | 1983/1996 | 5,000 | 25,000 | Nigeria | Eni | Sep-08 | Dec-09 | 430,000 | (15) | 430,000 | ||||||||||||||
| Dec-09 | 250 days Shipyard or Project | ||||||||||||||||||||||||
| Libya | Gazprom | Aug-10 | Jul-11 | 495,000 | (16),(25) | 430,000 | |||||||||||||||||||
| Transocean Richardson (14), (16) |
semi | 1988 | 5,000 | 25,000 | Angola | Chevron | Aug-07 | Jul-10 | 459,000 | 456,000 | |||||||||||||||
| Jim Cunningham (16) |
semi | 1982/1995 | 4,600 | 25,000 | Angola | ExxonMobil | Apr-09 | Oct-09 | 450,000 | 372,000 | |||||||||||||||
| Angola | ExxonMobil | Nov-09 | Jan-10 | 257,000 | 450,000 | ||||||||||||||||||||
| Angola | ExxonMobil | May-10 | Oct-12 | 450,000 | 257,000 | ||||||||||||||||||||
| Sedco 710 (14), (15) |
semi | « | 1983 | 4,500 | 25,000 | Brazil | Petrobras | Dec-08 | Oct-10 | 126,000 | 121,000 | ||||||||||||||
| Brazil | Petrobras | Oct-10 | Feb-17 | 282,000 | 126,000 | ||||||||||||||||||||
| Transocean Rather (15), (16) |
semi | 1988 | 4,500 | 25,000 | UKNS | Dong E&P | Oct-09 | Oct-09 | 467,000 | 517,000 | |||||||||||||||
| Sovereign Explorer (16) |
semi | 1984 | 4,500 | 25,000 | Brazil | Repsol | Jun-09 | Apr-10 | 391,000 | (15) | 389,000 | ||||||||||||||
| Harsh Environment (5) |
|||||||||||||||||||||||||
| Henry Goodrich (16) |
semi | 1985/2007 | 5,000 | 30,000 | Canada | StatoilHydro | Jun-07 | Oct-10 | 381,000 | 173,000 | |||||||||||||||
| Apr-10 | 75 days Shipyard or Project | ||||||||||||||||||||||||
| Transocean Leader (15), (16) |
semi | 1987/1997 | 4,500 | 25,000 | NNS | StatoilHydro | Sep-09 | Mar-12 | 452,000 | 340,000 | |||||||||||||||
| Paul B. Loyd, Jr. (15), (16) |
semi | 1990 | 2,000 | 25,000 | UKNS | BP | Apr-09 | Mar-12 | 480,000 | 312,000 | |||||||||||||||
| Sep-10 | 70 days Shipyard or Project | ||||||||||||||||||||||||
| Transocean Arctic (15), (16) |
semi | 1986 | 1,650 | 25,000 | NNS | StatoilHydro | Jan-07 | Aug-11 | 282,000 | 195,000 | |||||||||||||||
| Aug-09 |
85 days Shipyard or Project | ||||||||||||||||||||||||
| Polar Pioneer (15), (16) |
semi | 1985 | 1,500 | 25,000 | NNS | StatoilHydro | Jul-09 | Feb-10 | 302,000 | 295,000 | |||||||||||||||
| NNS | StatoilHydro | Feb-10 | Jan-14 | 496,000 | 302,000 | ||||||||||||||||||||
| Midwater Floaters (27) |
|||||||||||||||||||||||||
| Sedco 700 |
semi | 1973/1997 | 3,600 | 25,000 | Eq. Guinea | Stacked | |||||||||||||||||||
| Transocean Legend |
semi | 1983 | 3,500 | 25,000 | Australia | ConocoPhillips | Sep-09 | Mar-10 | 300,000 | 450,000 | |||||||||||||||
| Aus./E. Timor | ENI | Mar-10 | Dec-10 | 298,000 | 300,000 | ||||||||||||||||||||
| 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 | Oct-10 | 289,000 | 265,000 | |||||||||||||||
| Jan-10 | 21 days Shipyard or Project | ||||||||||||||||||||||||
| C. Kirk Rhein, Jr. |
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 | 115,000 | 53,000 | |||||||||||||||
| Brazil | Petrobras | Jul-10 | Aug-16 | 262,000 | 115,000 | ||||||||||||||||||||
| GSF Rig 135 (16) |
semi | 1983 | 2,800 | 25,000 | Congo | Total | Oct-07 | Dec-09 | 325,000 | 325,000 | |||||||||||||||
| Congo | Total | Dec-09 | Apr-10 | 380,000 | 325,000 | ||||||||||||||||||||
| GSF Rig 140 (16) |
semi | 1983 | 2,400 | 25,000 | 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 | 239,000 | 180,000 | |||||||||||||||
| Sep-10 | 14 days Shipyard or Project | ||||||||||||||||||||||||
| GSF Aleutian Key (16) |
semi | 1976/2001 | 2,300 | 25,000 | Angola | Sonangol | Aug-09 | Jan-10 | 357,000 | 495,000 | |||||||||||||||
| Sedco 703 |
semi | 1973/1995 | 2,000 | 25,000 | Malaysia | 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 | Oct-09 | 352,000 | 380,000 | |||||||||||||||
| GSF Arctic III |
semi | 1984 | 1,800 | 25,000 | Italy | Stacked | |||||||||||||||||||
| Sedco 712 |
semi | 1983 | 1,600 | 25,000 | UKNS | Stacked | |||||||||||||||||||
| Sedco 714 (15), (16) |
semi | 1983/1997 | 1,600 | 25,000 | UKNS | Total | Aug-09 | Nov-10 | 391,000 | 236,000 | |||||||||||||||
| Oct-09 | 65 days Shipyard or Project | ||||||||||||||||||||||||
| GSF Arctic IV (16), (21) |
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 | Malaysia | Idle | |||||||||||||||||||
| Sedco 601 (16) |
semi | 1983 | 1,500 | 25,000 | Malaysia | Petronas Carigali |
Jan-08 | Jan-11 | 255,000 | 268,000 | |||||||||||||||
| Jan-10 | 21 days Shipyard or Project | ||||||||||||||||||||||||
| Sedneth 701 |
semi | 1972/1993 | 1,500 | 25,000 | Angola | Chevron | Sep-09 | Dec-09 | 366,000 | 90,000 | |||||||||||||||
| Transocean Winner (15), (16) |
semi | 1983 | 1,500 | 25,000 | 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 | Sep-12 | 415,000 | 395,000 | |||||||||||||||
| Transocean Prospect (15) |
semi | 1983/1992 | 1,500 | 25,000 | UKNS | Nexen | Nov-08 | Oct-10 | 367,000 | 207,000 | |||||||||||||||
| J.W. McLean (15) |
semi | 1974/1996 | 1,250 | 25,000 | UKNS | Petro-Canada | May-09 | Feb-10 | 422,000 | (16) | 389,000 | ||||||||||||||
| GSF Arctic II (21) |
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 | Oct-09 | 371,000 | (20) | 316,000 | ||||||||||||||
| UKNS | Shell | Oct-09 | Sep-11 | 427,000 | 371,000 | ||||||||||||||||||||
| High Specification Jackups (10) |
|||||||||||||||||||||||||
| GSF Constellation I (16) |
2003 | 400 | 30,000 | Trinidad | BP | Aug-09 | Jan-10 | 110,000 | 220,000 | ||||||||||||||||
| 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 | Stacked | ||||||||||||||||||||
| GSF Galaxy II |
1998 | 400 | 30,000 | UKNS | Stacked | ||||||||||||||||||||
| Page 3 |
|
|
Transocean Ltd. (NYSE: RIG) Fleet Status Report |
Updated: October 8, 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 Date (26) |
Estimated /Out of |
Current Contract Dayrate (3) (Dollars) |
Previous Contract Dayrate (3) (Dollars) | |||||||||||||
| GSF Galaxy III (15), (16) |
1999 | 400 | 30,000 | UKNS | Nexen | Oct-07 | Aug-11 | 109,000 | 100,000 | ||||||||||||||
| GSF Baltic (15), (16) |
1983 | 375 | 25,000 | Nigeria | ExxonMobil | May-09 | May-10 | 248,000 | 213,000 | ||||||||||||||
| GSF Magellan |
1992 | 350 | 30,000 | Holland | Stacked | ||||||||||||||||||
| GSF Monarch |
1986 | 350 | 30,000 | UKNS | Shell | Sep-09 | Jul-10 | 212,000 | (15),(24) | 207,000 | |||||||||||||
| GSF Monitor |
1989 | 350 | 30,000 | Trinidad | Stacked | ||||||||||||||||||
| Trident 20 |
2000 | 350 | 25,000 | Caspian | Petronas Carigali | Jan-06 | Dec-09 | 130,000 | 90,000 | ||||||||||||||
| Oct-09 | 25 days Shipyard or Project | ||||||||||||||||||||||
| Caspian | Petronas Carigali | Dec-09 | Dec-12 | 185,000 | 130,000 | ||||||||||||||||||
| Aug-10 | 60 days Shipyard or Project |
| Page 4 |
|
|
Transocean Ltd. (NYSE: RIG) Fleet Status Report |
Updated: October 8, 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 (26) |
Estimated /Out of Service(2)(26) |
Current Contract Dayrate (3) (Dollars) |
Previous Contract Dayrate (3) (Dollars) | |||||||||||||
| Standard Jackups (55) |
|||||||||||||||||||||||
| Trident IX | 1982 | 400 | 20,000 | Vietnam | JVPC | Mar-09 | Oct-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 | Nigeria | Afren | Sep-09 | May-10 | 97,000 | 188,000 | ||||||||||||||
| GSF Adriatic X | 1982 | 350 | 30,000 | Egypt | Petrobel | Nov-08 | Oct-10 | 182,000 | 150,000 | ||||||||||||||
| Feb-10 | 14 days Mob | ||||||||||||||||||||||
| GSF Key Manhattan | 1980 | 350 | 25,000 | Croatia | Idle / Contract Prep | ||||||||||||||||||
| Italy | Eni | Feb-10 | Feb-13 | 137,000 | |||||||||||||||||||
| GSF Key Singapore | 1982 | 350 | 25,000 | Egypt | Stacked | ||||||||||||||||||
| 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 | ||||||||||||||
| Nov-09 |
20 days Shipyard or Project |
||||||||||||||||||||||
| F.G. McClintock | 1975 | 300 | 25,000 | India | ONGC | Oct-08 | Oct-11 | 145,000 | 50,000 | ||||||||||||||
| Dec-09 | 14 days Shipyard or Project |
||||||||||||||||||||||
| G.H. Galloway | 1984 | 300 | 25,000 | Croatia | Stacked | ||||||||||||||||||
| 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 | Malaysia | Stacked | ||||||||||||||||||
| GSF Compact Driller | 1992 | 300 | 25,000 | Thailand | Chevron | Apr-09 | Apr-12 | 120,000 | (27) | 196,000 | |||||||||||||
| Mar-10 | 14 days Shipyard or Project |
||||||||||||||||||||||
| GSF Galveston Key | 1978 | 300 | 25,000 | Vietnam | Cuu Long JOC | Sep-09 | Mar-10 | 202,000 | 197,000 | ||||||||||||||
| GSF Key Gibraltar | 1976/1996 | 300 | 25,000 | Malaysia | Stacked | ||||||||||||||||||
| GSF Key Hawaii | 1982 | 300 | 25,000 | Bahrain | Stacked | ||||||||||||||||||
| GSF Labrador | 1983 | 300 | 25,000 | UKNS | E.On | Mar-09 | Feb-10 | 205,000 | 210,000 | ||||||||||||||
| UKNS | Dana | Feb-10 | Mar-10 | 220,000 | 205,000 | ||||||||||||||||||
| GSF Main Pass I | 1982 | 300 | 25,000 | Saudi Arabia | Saudi Aramco | Jul-07 | Jul-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 | ||||||||||||||
| Nov-09 | 15 days Shipyard or Project |
||||||||||||||||||||||
| GSF Parameswara (16) | 1983 | 300 | 20,000 | Indonesia | Total | Mar-09 | Nov-10 | 168,000 | 106,000 | ||||||||||||||
| Apr-10 | 20 days Shipyard or Project |
||||||||||||||||||||||
| 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 | Stacked | ||||||||||||||||||
| 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 | ||||||||||||||
| 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 | Feb-10 | 148,000 | 62,000 | ||||||||||||||
| Oct-09 | 14 days Shipyard or Project |
||||||||||||||||||||||
| Shelf Explorer | 1982 | 300 | 20,000 | Sakhalin | Venin Holdings | Jun-09 | Nov-09 | 210,000 | (25) | 150,000 | |||||||||||||
| Transocean Nordic | 1984 | 300 | 25,000 | Malaysia | Stacked | ||||||||||||||||||
| Trident 15 | 1982 | 300 | 25,000 | Thailand | Chevron | Feb-06 | Mar-12 | 100,000 | (17) | 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 | 140,000 | 148,000 | ||||||||||||||
| 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 | 140,000 | 148,000 | ||||||||||||||
| 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 | ||||||||||||||
| Jan-10 | 21 days Shipyard or Project |
||||||||||||||||||||||
| GSF High Island IV | 1980/2001 | 270 | 20,000 | Saudi Arabia | Saudi Aramco | May-07 | May-11 | 164,000 | 107,000 | ||||||||||||||
| Dec-10 | 15 days Shipyard or Project |
||||||||||||||||||||||
| GSF High Island V | 1981 | 270 | 20,000 | Congo | Stacked | ||||||||||||||||||
| GSF High Island IX | 1983 | 250 | 20,000 | Ghana | Stacked | ||||||||||||||||||
| GSF High Island VII | 1982 | 250 | 20,000 | Cameroon | Total | Jan-09 | Mar-10 | 170,000 | (16) | 160,000 | |||||||||||||
| GSF Rig 103 | 1974 | 250 | 20,000 | Egypt | Stacked | ||||||||||||||||||
| GSF Rig 105 | 1975 | 250 | 20,000 | Egypt | Petrobel | Mar-08 | Feb-11 | 112,000 | 90,000 | ||||||||||||||
| Feb-10 | 21 days Shipyard or Project |
||||||||||||||||||||||
| 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 | Oct-09 | 112,000 | 62,000 | ||||||||||||||
| Transocean Mercury | 1969/1998 | 250 | 20,000 | Egypt | Petrobel | Feb-08 | Jan-10 | 110,000 | 58,000 |
| Page 5 |
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Transocean Ltd. (NYSE: RIG) Fleet Status Report |
Updated: October 8, 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 (26) |
Estimated /Out of |
Current Contract Dayrate (3) (Dollars) |
Previous Contract Dayrate (3) (Dollars) | ||||||||||||
| Trident VI |
1981 | 220 | 21,000 | Vietnam | Vietsovpetro | Mar-09 | Oct-09 | 137,000 | 193,000 | |||||||||||||
| GSF Britannia |
1968 | 200 | 20,000 | UKNS | Shell | Dec-08 | Oct-09 | 110,000 | 110,000 | |||||||||||||
| Swamp Barges (2) |
||||||||||||||||||||||
| Searex 4 |
1981/1989 | 21 | 25,000 | Singapore | Stacked | |||||||||||||||||
| Hibiscus (16), (18) |
1979/1993 | 25 | 16,000 | Indonesia | Total | Oct-07 | Dec-12 | 73,000 | 74,000 |
| Page 6 |
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|
Transocean Ltd. (NYSE: RIG) Fleet Status Report |
Updated: October 8, 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 (26) |
Estimated /Out of |
Current Contract Dayrate (3) (Dollars) |
Previous Contract Dayrate (3) (Dollars) | ||||||||||||||
| Other (1) |
||||||||||||||||||||||||
| Joides Resolution (16), (19) |
ship | « | 1978 | 27,000 | 30,000 | Worldwide | TAMRF | Jan-09 | Jan-14 | 66,000 | 35,000 | |||||||||||||
| Fixed-Price Options (30) |
||||||||||||||||||||||||
| High Specification Floaters: |
||||||||||||||||||||||||
| Ultra-Deepwater |
||||||||||||||||||||||||
| GSF Explorer |
ship | « | 1972/1998 | 7,800 | 30,000 | Indonesia | Marathon-led Consortium |
Apr-12 | Mar-13 | 510,000 | 510,000 | |||||||||||||
| Deepwater Frontier |
ship | « | 1999 | 10,000 | 30,000 | India | Reliance | Aug-11 | Sep-11 | 477,000 | 477,000 | |||||||||||||
| Deepwater |
||||||||||||||||||||||||
| Jack Bates |
semi | 1986/1997 | 5,400 | 30,000 | Australia | Hess | Jul-10 | Oct-10 | 376,000 | (22) | 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 | Aus./E. Timor |
ENI | Dec-10 | May-11 | 298,000 | 298,000 | ||||||||||||||
| May-11 | Dec-11 | 298,000 | 298,000 | |||||||||||||||||||||
| Standard Jackups |
||||||||||||||||||||||||
| GSF Adriatic IX |
1981 | 350 | 25,000 | Nigeria | Afren | May-10 | See Footnote 29 | See Footnote 29 | ||||||||||||||||
| GSF Parameswara (16) |
1983 | 300 | 20,000 | Indonesia | Total | Nov-10 | Nov-12 | 168,000 | 168,000 | |||||||||||||||
| Other |
||||||||||||||||||||||||
| Joides Resolution (16), (19) |
ship | « | 1978 | 27,000 | 30,000 | Worldwide | TAMRF | Jan-14 | Jan-24 | 66,000 | 66,000 | |||||||||||||
| Page 7 |
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Transocean Ltd. (NYSE: RIG) Fleet Status Report |
Updated: October 8, 2009
Revisions to Fleet Status Report Noted in Bold
Dynamically positioned «
| 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 |
34 | 5 | 39 | |||||
| Other Deepwater |
14 | — | 14 | |||||
| Other High Spec |
50 | — | 50 | |||||
| Other Floater |
243 | 28 | 271 | |||||
| High Spec Jackup |
29 | 7 | 36 | |||||
| Jackup |
131 | 84 | 215 | |||||
| Other |
— | — | — | |||||
| Total |
501 | 124 | 625 |
| 2010 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 |
756 | 37 | 793 | |||||
| Other Deepwater |
421 | 153 | 574 | |||||
| Other High Spec |
147 | — | 147 | |||||
| Other Floater |
44 | 148 | 192 | |||||
| High Spec Jackup |
60 | 37 | 97 | |||||
| Jackup |
63 | 270 | 333 | |||||
| Other |
— | — | — | |||||
| Total |
1,491 | 645 | 2,136 |
| Page 8 |
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Transocean Ltd. (NYSE: RIG) Fleet Status Report |
Updated: October 8, 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 and 2010 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 Disclaimers & Definitions 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 Disclaimers & Definitions for a description of dayrates.
(4) 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 in October 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 first quarter of 2011, after shipyard construction followed by sea trials, mobilization, 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 through a joint venture company with Pacific Drilling Limited. 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 is at $75 per barrel, (ii) will be adjusted upward on a straightline basis if crude oil is between $75 per barrel and $100 per barrel, with a maximum positive adjustment of approximately 10 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 a 10-year period (which includes paid and unpaid dayrate as well as a termination fee ranging from $100 million to $175 million), and, depending on the date of termination, may result in a discount to the 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 in October 2009, after shipyard construction followed by sea trials, mobilization to USGOM 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 subject to annual adjustment based on market dayrates within specific parameters.
(18) Owned by a joint venture in which the company owns an 80 percent interest. Dayrate indicated reflects 100 percent of contract rate.
(19) 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.
(20) 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.
(21) Transocean has signed the agreement to sale for the GSF Arctic II and GSF Arctic IV while keeping the OFT appraised of progress.
(22) 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.
(23) 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.
(24) 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 October 30, 2009.
(25) Dayrate excludes taxes for which Transocean will be reimbursed.
(26) 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).
(27) Dayrate is fixed for first 6 months then subject to quarterly adjustment based on market dayrates within specific parameters.
(28) The client has the right within one year of execution to convert the three-year contract to a five-year contract.
(29) The client has the right to extend the term of this contract for either 175 days at a dayrate of $95,000 or 250 days at a dayrate of $90,000 or 425 days at a dayrate of $85,000 by the 120th day following the contract commencement date.
(30) Fixed price options may be exercised at the customer’s discretion. During periods when dayrates on new contracts are increasing relative to existing contracts, the likelihood of customers’ exercising fixed price options increases. During periods when dayrates on new contracts are decreasing relative to existing contracts, the likelihood of customers’ exercising fixed price options declines.
| Page 9 |
|
|
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 and 2010 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 and 2010 will be reflected in subsequent Monthly Fleet Updates and Comprehensive Fleet Status Reports, as applicable. No estimates are made for 2011 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.