View:
Download DOC
Download PDF
Download XLS
Form 8-K

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): April 13, 2010

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.)

 

10 Chemin de Blandonnet
1214 Vernier, Geneva
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 April 13, 2010 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. 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: April 13, 2010     By:   /s/ Heather Callender
      Heather Callender
      Associate General Counsel

Index to Exhibits

 

Exhibit
Number

   

Description

99.1    Transocean Ltd. Fleet Status Report
Fleet Status Report

Exhibit 99.1

LOGO

 

  

Fleet Status

Report

 

    
  

 

April 13, 2010

 

Transocean Ltd. (NYSE: RIG)

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

Updated: April 13, 2010

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   Customer   Estimated
Contract
Start
Date (2)		   Estimated
Expiration
Date (2)		  

Current
Contract
Dayrate (4)

(Dollars)

    

Previous
Contract
Dayrate (4)

(Dollars)

        2010 Estimated Out of Service  Days (3)
                             Q1   Q2   Q3   Q4

Rigs Under Construction (3)

  

                                

Deepwater Champion (14)

   ship   «     TBA   12,000   40,000   TBA   ExxonMobil   See Footnote 6   See Footnote 6   See Footnote 6      N/A         -     -     -     -

Discoverer India

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

Discoverer Luanda (14)

   ship   «     TBA   7,500   40,000   Angola   BP   See Footnote 10   See Footnote 10   See Footnote 10      N/A         -     -     -     -

High Specification Floaters:

              

Ultra-Deepwater (25)

                                                                            

Discoverer Americas (14)

   ship   «     2009   12,000   40,000   USGOM   Statoil   Nov-09   Oct-13   482,000      N/A         -     -     -     -

Discoverer Clear Leader (5), (14)

   ship   «     2009   12,000   40,000   USGOM   Chevron   Aug-09   Jul-14   500,000      N/A         -     -     -     -

Discoverer Inspiration (14)

  ship   «     2010   12,000   40,000   USGOM   Chevron   Mar-10   Feb-15   472,000      N/A         -     -     -     -

Dhirubhai Deepwater KG1 (7)

   ship   «     2009   12,000   35,000   India   Reliance   Aug-09   Aug-14   510,000      N/A         -     -     -     -

Dhirubhai Deepwater KG2 (7)

   ship   «     2010   12,000   35,000   India   Reliance   Mar-10   Feb-15   510,000      N/A         -     -     -     -

Petrobras 10000 (12), (14), (21)

   ship   «     2009   10,000   37,500   Angola   Petrobras   Oct-09   Aug-19   408,000      N/A         -     -     -     -

Discoverer Deep Seas (14)

   ship   «     2001   10,000   35,000   USGOM   Chevron   Mar-09   Feb-11   512,000      335,000         -     -     -     -

Discoverer Enterprise (14)

   ship   «     1999   10,000   35,000   USGOM   BP   Dec-07   Mar-11   523,000      191,000         -     5     -     -

Discoverer Spirit (14)

   ship   «     2000   10,000   35,000   USGOM   Anadarko   Dec-07   Nov-10   505,000      298,000         -     30     40     -
            USGOM   Anadarko   Nov-10   Nov-13   520,000      505,000              

GSF C.R. Luigs (14)

   ship   «     2000   10,000   35,000   USGOM   BHP Billiton   Sep-09   Sep-13   522,000      411,000         -     2     53     -

GSF Jack Ryan (14)

   ship   «     2000   10,000   35,000   Nigeria   Total   Jun-09   Jul-13   425,000      297,000         -     -     -     -

Deepwater Discovery (13),(14)

   ship   «     2000   10,000   30,000   Brazil   Devon   Oct-09   Jan-14   463,000      425,000         -     -     -     61

Deepwater Frontier

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

Deepwater Millennium (13), (14)

  ship   «     1999   10,000   30,000   Brazil   Anadarko   Nov-08   May-10   495,000      302,000         -     -     -     -
                May-10   May-13   568,000      495,000              

Deepwater Pathfinder

   ship   «     1998   10,000   30,000   Ghana   Eni   Mar-10   Apr-10   550,000      630,000         4     75     67     -
            USGOM   Eni   Sep-10   Apr-15   650,000 (14)    550,000              

Deepwater Horizon (14)

   semi   «     2001   10,000   30,000   USGOM   BP   Sep-07   Sep-10   See Footnote 11      278,000         -     -     -     -
            USGOM   BP   Sep-10   Sep-13   497,000                   

Deepwater Expedition

   ship   «     1999   10,000   30,000   India   Reliance   Jul-08   Sep-10   375,000      320,000         -     -     -     28
            Malaysia   Petronas/BHP   Oct-10   Oct-13   640,000 (14)    375,000              

Cajun Express (13),(14)

   semi   «     2001   8,500   35,000   Brazil   Petrobras   May-10   May-13   535,000 (24)    493,000         37     75     -     -

Deepwater Nautilus (14)

   semi     2000   8,000   30,000   USGOM   Shell   Dec-08   Dec-11   542,000      493,000         -     -     -     -

GSF Explorer

   ship   «     1972/1998   7,800   30,000   Indonesia   Marathon-led
Consortium		   May-10   Mar-12   510,000      426,000         84     37     -     -

GSF Development Driller I (14)

   semi   «     2004   7,500   37,500   USGOM   BHP Billiton   Jun-08   Jun-12   514,000      220,000         -     24     21     -

GSF Development Driller II (14)

   semi   «     2004   7,500   37,500   USGOM   BP   Nov-08   Nov-13   580,000      208,000         -     -     -     -

Development Driller III

   semi   «     2009   7,500   37,500   USGOM   BP   Nov-09   Nov-16   403,000      N/A         -     -     10     -

Sedco Energy (13), (14)

   semi   «     2001   7,500   30,000   Nigeria   Chevron   Jan-08   Dec-10   485,000      202,000         -     -     -     -

Sedco Express (14)

   semi   «     2001   7,500   30,000   Angola   BP   Jun-05   Jun-10   188,000 (12)    125,000         -     -     56     -
            Mediterranean Sea   Noble Energy   Sep-10   Nov-11   530,000      188,000         -     -     -     -
Total Estimated Days Out of Service         125     248     247     89
Average Contract Dayrate (30)       $ 482,000   $ 475,000   $ 492,000   $ 508,000

 

    Page 2

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

Updated: April 13, 2010

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   Customer   Estimated
Contract
Start
Date (2)		   Estimated
Expiration
Date (2)		  

Current
Contract
Dayrate (4)

(Dollars)

    

Previous
Contract
Dayrate (4)

(Dollars)

        2010 Estimated Out of Service  Days (3)
                             Q1   Q2   Q3   Q4

Deepwater (16)

                                                                            

Deepwater Navigator (13)

   ship   «     2000   7,200   25,000   Brazil   Petrobras   Mar-07   Aug-10   190,000      300,000         51     3     30     92
            Brazil   Petrobras   Mar-11   Dec-16   372,000  (12)    190,000              

Discoverer 534

   ship   «     1975/1991   7,000   25,000   India   Reliance   Dec-07   Jul-10   250,000      245,000         -     30     -     -

Discoverer Seven Seas

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

Transocean Marianas (14)

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

Sedco 706 (13), (14)

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

Sedco 702 (13), (14)

   semi   «     1973/2007   6,500   25,000   Nigeria   Shell   Mar-08   Mar-11   353,000      N/A         -     -     -     -

Sedco 707 (12), (13)

   semi   «     1976/1997   6,500   25,000   Brazil   Petrobras   Nov-09   Mar-15   390,000      188,000         8     -     -     -

GSF Celtic Sea (13), (14)

   semi     1982/1998   5,750   25,000   Brazil   British Gas   Jan-09   Dec-10   486,000      342,000         -     -     -     -
            Angola   ExxonMobil   Feb-11   Feb-14   320,000      486,000              

Jack Bates

   semi     1986/1997   5,400   30,000   Australia   Hess   Jan-10   Sep-10   375,000  (20)    450,000         -     -     -     -
            Australia   Hess   Sep-10   Apr-11   420,000      375,000              

Sedco 709

   semi   «     1977/1999   5,000   25,000   Malaysia       Stacked                  

M.G. Hulme, Jr. (14), (21), (31)

   semi     1983/1996   5,000   25,000   Libya   Gazprom   Jul-10   Jun-11   495,000      430,000         90     91     23    

Transocean Richardson (12), (14)

   semi     1988   5,000   25,000   Angola   Chevron   Aug-07   Jun-10   459,000      456,000         -     -     -     -

Jim Cunningham (14)

   semi     1982/1995   4,600   25,000   Angola   ExxonMobil   Apr-09   Apr-10   450,000      372,000         -     -     -     -

Sedco 710 (12), (13)

   semi   «     1983   4,500   25,000   Brazil   Petrobras   Dec-08   Oct-10   126,000      121,000         -     -     -     -
            Brazil   Petrobras   Oct-10   Jan-17   282,000      126,000              

Transocean Rather

   semi     1988   4,500   25,000   Angola   ExxonMobil   May-10   Jul-10   256,000      N/A         90     36     -     -
                Jul-10   Jul-10   420,000      256,000              
                Aug-10   Apr-11   428,000      420,000              
                May-11   Jul-12   437,000      428,000              

Sovereign Explorer (13), (14)

   semi     1984   4,500   25,000   Brazil   Repsol   Mar-10   Dec-10   250,000  (8)    394,000         -     -     -     -
Total Estimated Days Out of Service         239     171     53     92
Average Contract Dayrate(30)       $ 359,000   $ 340,000   $ 353,000   $ 388,000
                               

Harsh Environment (5)

                                                                            

Henry Goodrich (14)

   semi     1985/2007   5,000   30,000   Canada   StatoilHydro   Jun-07   Oct-10   381,000      173,000         -     62     14     -

Transocean Leader (13), (14)

  semi     1987/1997   4,500   25,000   NNS   StatoilHydro   Sep-09   Feb-12   456,000      340,000         -     -     -     -

Paul B. Loyd, Jr. (13), (14)

   semi     1990   2,000   25,000   UKNS   BP   Apr-09   Mar-12   485,000      312,000         -     -     15     70

Transocean Arctic (13), (14)

  semi     1986   1,650   25,000   NNS   StatoilHydro   Jan-07   Aug-11   286,000      195,000         -     -     -     -

Polar Pioneer (13), (14)

   semi     1985   1,500   25,000   NNS   StatoilHydro   Feb-10   Feb-14   500,000      309,000         -     -     -     -
Total Estimated Days Out of Service         -     62     29     70
Average Contract Dayrate(30)       $ 396,000   $ 428,000   $ 421,000   $ 414,000

 

    Page 3

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

Updated: April 13, 2010

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   Customer   Estimated
Contract
Start
Date (2)		   Estimated
Expiration
Date (2)		  

Current
Contract
Dayrate (4)

(Dollars)

    

Previous
Contract
Dayrate (4)

(Dollars)

        2010 Estimated Out of Service  Days (3)
                             Q1   Q2   Q3   Q4

Midwater Floaters (26)

                           

Sedco 700

   semi     1973/1997   3,600   25,000   Malaysia       Stacked                  

Transocean Legend

   semi     1983   3,500   25,000   Australia   ConocoPhillips   Sep-09   May-10   300,000      450,000         -     -     -     -
            Aus./E. Timor   ENI   Jun-10   Mar-11   298,000      300,000              

Transocean Amirante (14)

   semi     1978/1997   3,500   25,000   USGOM   Eni   Jul-08   Apr-11   361,000      325,000         -     -     10     -

GSF Arctic I (13), (14)

   semi     1983/1996   3,400   25,000   Brazil   Shell   Mar-08   Oct-10   291,000      265,000         -     -     -     -
            Brazil   Starfish   Oct-10   May-11   250,000      291,000              

C. Kirk Rhein, Jr.

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

Transocean Driller (12), (13)

   semi     1991   3,000   25,000   Brazil   Petrobras   Aug-06   Jul-10   115,000      53,000         60     -     -     -
            Brazil   Petrobras   Jul-10   Jul-16   263,000      115,000              

GSF Rig 135

   semi     1983   2,800   25,000   Congo   Total   Dec-09   Jul-10   250,000      380,000         -     -     30     -

GSF Rig 140 (14)

   semi     1983   2,400   25,000   Eq. Guin.   ExxonMobil   Dec-09   May-11   435,000      256,000         -     -     -     -

Falcon 100 (12), (13)

   semi     1974/1999   2,400   25,000   Brazil   Petrobras   Mar-08   Mar-13   240,000      180,000         -     -     3     9

GSF Aleutian Key

   semi     1976/2001   2,300   25,000   Gabon       Stacked                  

Sedco 703

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

Sedco 711 (13)

   semi     1982   1,800   25,000   UKNS   Shell   Dec-08   Nov-10   384,000      283,000         -     -     -     -
            UKNS   Shell   Nov-10   Sep-11   417,000      384,000              

Transocean John Shaw (13)

  semi     1982   1,800   25,000   UKNS   Petrofac   Apr-10   Oct-10   248,000      285,000         26     19     -     -

GSF Arctic III

   semi     1984   1,800   25,000   Italy       Stacked                  

Sedco 712

   semi     1983   1,600   25,000   UKNS       Stacked                  

Sedco 714 (13)

   semi     1983/1997   1,600   25,000   UKNS   Total   Feb-10   Dec-10   395,000      236,000         68     -     -     -

GSF Arctic IV (14), (19)

   semi     1983/1999   1,500   25,000   UKNS   Shell   Sep-07   Aug-10   278,000      185,000         -     -     -     -

GSF Grand Banks (14)

   semi     1984   1,500   25,000   East Canada   Husky   Jan-08   Jan-11   353,000      144,000         28     -     -     -
                Jan-11   Jan-13   295,000  (12)    353,000              

Actinia

   semi     1982   1,500   25,000   Myanmar   PTTEP   Dec-09   May-10   206,000      206,000         -     -     -     -

Sedco 601 (14)

   semi     1983   1,500   25,000   Malaysia   Petronas
Carigali		   Jan-08   Jan-11   255,000      268,000         -     20     -     -

Sedneth 701

   semi     1972/1993   1,500   25,000   Angola   Chevron   Mar-10   Jun-10   265,000      366,000         -     -     -     -

Transocean Winner (13), (14)

  semi     1983   1,500   25,000   NNS   Lundin   Jan-10   Apr-10   390,000      469,000         -     14     -     -
                Apr-10   Oct-12   465,000      390,000              

Transocean Searcher (13), (14)

   semi     1983/1988   1,500   25,000   NNS   StatoilHydro   May-09   Sep-12   419,000      395,000         -     -     -     -

Transocean Prospect (13)

  semi     1983/1992   1,500   25,000   UKNS   Nexen   Nov-08   Oct-10   378,000      207,000         -     -     -     -

J.W. McLean (13)

   semi     1974/1996   1,250   25,000   UKNS   ADTI   Mar-10   May-10   See Footnote 18      259,000         -     -     -     -
            UKNS   ADTI   May-10   Jul-10   See Footnote 18      N/A              
            UKNS   Marathon   Jul-10   Dec-10   260,000      See Footnote 18              

Sedco 704 (13), (14)

   semi     1974/1993   1,000   25,000   UKNS   Shell   Oct-09   Dec-10   417,000      371,000         -     -     -     -
Total Estimated Days Out of Service         182     53     43     9
Average Contract Dayrate(30)       $ 331,000   $ 320,000   $ 333,000   $ 335,000

 

    Page 4

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

Updated: April 13, 2010

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   Customer   Estimated
Contract
Start
Date (2)		   Estimated
Expiration
Date (2)		  

Current
Contract
Dayrate (4)

(Dollars)

    

Previous
Contract
Dayrate (4)

(Dollars)

        2010 Estimated Out of Service  Days (3)
                             Q1   Q2   Q3   Q4

High Specification Jackups (10)

                           

GSF Constellation I (14)

      2003   400   30,000   Trinidad   BP   Aug-09   Aug-10   110,000      220,000         -     -     26     -
            Gabon   Total   Sep-10   Mar-12   100,000      110,000              

GSF Constellation II (14)

      2004   400   30,000   Egypt   Pharonic
Petroleum
Company		   Feb-10   Mar-11   109,000      194,000         -     -     -     -

GSF Galaxy I

       1991/2001   400   30,000   UKNS       Stacked                  

GSF Galaxy II

       1998   400   30,000   UKNS   ADTI   Feb-10   Apr-10   See Footnote 18      N/A         42     -     -     -
            UKNS   ADTI   Apr-10   May-10   See Footnote 18      See Footnote 18              

GSF Galaxy III (13), (14)

       1999   400   30,000   UKNS   Nexen   Oct-07   May-11   106,000      100,000         -     -     -     -

GSF Baltic (13), (14)

       1983   375   25,000   Nigeria   ExxonMobil   May-09   Apr-10   248,000      213,000         -     -     -     -

GSF Magellan

       1992   350   30,000   Holland       Stacked                  

GSF Monarch (13)

       1986   350   30,000   UKNS   Shell   Sep-09   Jul-10   199,000      207,000         -     -     -     -

GSF Monitor

       1989   350   30,000   Trinidad       Stacked                  

Trident 20 (14)

       2000   350   25,000   Caspian   Petronas
Carigali		   Dec-09   Dec-12   185,000      130,000         -     -     7     -
Total Estimated Days Out of Service         42     -     33     -
Average Contract Dayrate(30)       $ 169,000   $ 151,000   $ 135,000   $ 125,000
                               

Standard Jackups (55)

                                                                          

Trident IX

       1982   400   20,000   Indonesia   Pearl Energy   Apr-10   Oct-10   115,000      N/A         -     -     -     -

Trident 17

       1983   300   25,000   Malaysia       Stacked                  

GSF Adriatic II

       1981   350   25,000   Gabon       Stacked                  

GSF Adriatic IX

       1981   350   25,000   Nigeria   Afren   Sep-09   May-10   97,000      188,000         -     -     -     -
            Nigeria   Afren   May-10   Oct-10   95,000      97,000              

GSF Adriatic X

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

GSF Key Manhattan

       1980   350   25,000   Italy   Eni   Apr-10   Apr-13   137,000      N/A         90     8     -     -

GSF Key Singapore

       1982   350   25,000   Egypt   Petrobel   Dec-09   Aug-10   91,000      N/A         -     -     -     -

GSF Adriatic VI

       1981   328   25,000   Gabon       Stacked                  

GSF Adriatic VIII (13), (14), (22)

       1983   328   25,000   Nigeria   ExxonMobil   Apr-10   Jul-10   100,000      230,000         -     -     -     -

C.E. Thornton (13)

       1974   300   25,000   India   ONGC   Oct-08   Oct-11   130,000      45,000         -     -     -     -

D.R. Stewart

      1980   300   25,000   Italy   Eni   Apr-07   Apr-10   168,000      57,000         -     -     -     -

F.G. McClintock

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

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   Oct-09   Apr-12   104,000  (23)    196,000         7     14     -     -

GSF Galveston Key

       1978   300   25,000   Vietnam   Cuu Long JOC   Mar-10   Mar-11   100,000      202,000         -     -     -     -

GSF Key Gibraltar

       1976/1996   300   25,000   Malaysia       Stacked                  

GSF Key Hawaii

       1982   300   25,000   Qatar   Maersk Oil   Apr-10   Apr-11   70,000      N/A         -     28     -     -

GSF Labrador (13)

       1983   300   25,000   UKNS   Dana   Feb-10   May-10   93,000      85,000         -     -     -     -
            UKNS   E.ON   May-10   Jun-10   90,000      93,000              

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         -     -     -     -

GSF Parameswara

       1983   300   20,000   Indonesia   Total   Nov-09   Nov-12   122,000      168,000         20     8     -     -

GSF Rig 134

       1982   300   20,000   Malaysia       Idle                  

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       Idle                  

Randolph Yost

       1979   300   25,000   India   ONGC   Jan-10   Apr-10   77,000  (25)    148,000         -     -     -     -

Roger W. Mowell

       1982   300   25,000   Malaysia   Talisman   Apr-09   Aug-10   150,000      110,000         3     10     -     -

Ron Tappmeyer

       1978   300   25,000   India   ONGC   Feb-07   Apr-10   77,000  (25)    148,000         -     -     -     -

Transocean Shelf Explorer

       1982   300   20,000   Malaysia       Stacked                  

Transocean Nordic

       1984   300   25,000   Malaysia       Stacked                  

Trident 15

       1982   300   25,000   Thailand   Chevron   Feb-10   Feb-12   100,000  (15)    100,000         -     7     -     -

 

    Page 5

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

Updated: April 13, 2010

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   Customer   Estimated
Contract
Start
Date (2)		   Estimated
Expiration
Date (2)		  

Current
Contract
Dayrate (4)

(Dollars)

    

Previous
Contract
Dayrate (4)

(Dollars)

          2010 Estimated Out of Service  Days (3)
                             Q1   Q2   Q3   Q4

Trident 16 (14)

             1982   300   25,000   Vietnam   Petronas Carigali   Feb-08   Feb-11   189,000      195,000            7     -     -     -
            Malaysia   Petronas Carigali   Feb-11   Aug-11   180,000      189,000                 

Trident II

       1977/1985   300   25,000   India   ONGC   Mar-10   Mar-15   78,000      140,000            1     16     -     -

Trident IV-A

       1980/1999   300   25,000   Gabon       Stacked                  

Trident VIII

       1981   300   21,000   Gabon   Total   Apr-10   Sep-10   83,000      N/A            56     -     -     -
            Gabon   Perenco   Sep-10   Dec-10   88,000  (27)    83,000                 

Trident XII

       1982/1992   300   25,000   India   ONGC   Jan-10   Apr-10   77,000  (25)    140,000            -     -     -     -

Trident XIV (13)

       1982/1994   300   20,000   Angola   Chevron   Jul-09   May-11   149,000      195,000            9     -     36     -

GSF High Island II

       1979   270   20,000   Saudi Arabia   Saudi Aramco   Jul-07   Jul-11   164,000      100,000            -     21     -     -

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   Gabon       Stacked                  

GSF High Island IX

       1983   250   20,000   Ghana       Stacked                  

GSF High Island VII

       1982   250   20,000   Nigeria   Afren   Mar-10   Sep-10   84,000      17,000  (14)          25     -     -     -

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            -     9     -     -

GSF Rig 124

       1980   250   20,000   Egypt   AOC   Jan-10   Apr-10   60,000      120,000            8     -     -     -

GSF Rig 127

       1981   250   20,000   Bahrain       Stacked                  

GSF Rig 141

       1982   250   20,000   Egypt   Petrobel   Jan-10   Jul-10   58,000  (28)    110,000           -     -     -     -

Transocean Comet

       1980   250   20,000   Egypt   GUPCO   Sep-09   Sep-11   50,000      112,000            -     -     -     -

Transocean Mercury

       1969/1998   250   20,000   Egypt       Stacked                  

Trident VI

       1981   220   21,000   Malaysia       Stacked                  

GSF Britannia

       1968   200   20,000   UKNS       Stacked                                
Total Estimated Days Out of Service            226     121     36     -
Average Contract Dayrate(30)          $ 136,000   $ 122,000   $ 123,000   $ 124,000
                               

Swamp Barges (2)

                                                                              

Searex 4

       1981/1989   21   25,000   Singapore       Stacked                  

Hibiscus (14), (16)

       1979/1993   25   20,000   Indonesia   Total   Oct-07   Dec-12   73,000      74,000            -     -     -     -
                               

Other (1)

                                                                              

Joides Resolution (14),  (17)

   ship   «     1978   27,000   30,000   Worldwide   TAMRF   Jan-09   Sep-13   66,000      35,000            -     -     -     -

 

    Page 6

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

Updated: April 13, 2010

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   Customer   Estimated
Contract
Start
Date (2)		   Estimated
Expiration
Date (2)		  

Current
Contract
Dayrate (4)

(Dollars)

  

Previous
Contract
Dayrate (4)

(Dollars)

        2010 Estimated Out of Service  Days (3)
                             Q1   Q2   Q3   Q4

Fixed-Price Options (26)

                                                             

High Specification Floaters:

                                                     

Ultra-Deepwater

                                                     

Deepwater Frontier

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

GSF Explorer

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

Midwater Floaters

                                                          

GSF Rig 135

   semi     1983   2,800   25,000   Congo   Total   Aug-10   Sep-10   240,000   250,000          
            Congo   Total   Sep-10   Dec-10   230,000   240,000          

Transocean Legend

   semi     1983   3,500   25,000   Aus./E. Timor   ENI   Mar-11   Aug-11   298,000   298,000          
            Aus./E. Timor   ENI   Sep-11   Feb-12   298,000   298,000          

Transocean Searcher (13),  (14)

   semi     1983/1988   1,500   25,000   NNS   StatoilHydro   Sep-12   Dec-12   418,000   419,000          

J.W. McLean (13)

   semi     1974/1996   1,250   25,000   UKNS   ADTI   May-10   Jul-10   See Footnote 18   433,000          

High Specification Jackups

                                                         

GSF Constellation II (29)

      2004   400   30,000   Egypt   Pharaonic
Petroleum
Company		   Mar-11   Jun-11   115,000   109,000          

GSF Galaxy II

       1998   400   30,000   UKNS   ADTI   May-10   Jun-10   See Footnote 18   See Footnote 18          

Standard Jackups

                                                          

Trident IX

       1982   400   20,000   Indonesia   Pearl Energy   Oct-10   Jan-11   115,000   N/A          

Trident VIII

       1981   300   21,000   Gabon   Perenco   Jan-11   Apr-11   See Footnote 27            

GSF Key Singapore

       1982   350   25,000   Egypt   Petrobel   Oct-10   Feb-11   91,000   91,000          

GSF Rig 141

       1982   250   20,000   Egypt   Petrobel   Jul-10   Jan-11   See Footnote 28            

Transocean Comet

       1980   250   20,000   Egypt   GUPCO   Sep-11   Sep-12   50,000   112,000          

Other

                                                          

Joides Resolution (14), (17)

   ship   «     1978   27,000   30,000   Worldwide   TAMRF   Sep-13   Sep-23   66,000   66,000          

Revenue Efficiency

                                                          

Revenue Efficiency is defined as actual contract drilling revenue divided by the highest amount of total contract drilling revenue which could have been earned during the relevant period(s) expressed as a percentage. Revenue Efficiency measures how much revenue we have earned against our maximum potential revenue per the contract. Revenue Efficiency does not apply during Out of Service Days (Shipyard, Mobilizations, Demobilizations, Contract Preparation).

 

    Q4 2009 Actual     Q3 2009 Actual     Q2 2009 Actual     Q1 2009 Actual     Q4 2008 Actual     Q3 2008 Actual     Q2 2008 Actual     Q1 2008 Actual                      

Ultra Deepwater

   92.2 %    92.7 %    97.7 %    95.3 %    94.3 %    94.9 %    93.1 %    97.4 %           

Deepwater

   91.9 %    91.3 %    83.2 %    92.3 %    89.5 %    86.1 %    95.0 %    88.8 %           

Harsh Environment Floaters

   97.7 %    97.2 %    97.9 %    97.9 %    98.2 %    96.6 %    97.3 %    95.5 %           

Midwater Floaters

   95.1 %    97.5 %    92.0 %    91.1 %    91.5 %    92.1 %    93.0 %    95.6 %           

High Specification Jackups

   98.1 %    95.2 %    95.1 %    97.5 %    92.7 %    93.2 %    98.2 %    98.3 %           

Standard Jackups

   93.7 %    98.4 %    95.3 %    97.0 %    97.2 %    98.1 %    98.8 %    97.9 %           

Others

   98.7 %    84.8 %    99.5 %    93.2 %    94.2 %    95.7 %    94.1 %    96.8 %                     

Total Fleet

   93.5 %    95.0 %    93.1 %    94.4 %    93.8 %    93.9 %    95.3 %    95.9 %           
Estimated Contract Drilling Revenue can be calculated as:        Paid Days on Contract * Average Contract Dayrate * Revenue Efficiency             

 

    Page 7

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

Updated: April 13, 2010

Revisions to Fleet Status Report Noted in Bold

Dynamically positioned «

 

Stacked Rigs

Rig Type/Name    Start Date     

Deepwater (1)

Sedco 709

    Prior to 2010   

Midwater Floaters (6)

Sedco 700

    Prior to 2010   

C. Kirk Rhein, Jr.

    Prior to 2010   

GSF Aleutian Key

    1/9/2010   

Sedco 703

    Prior to 2010   

GSF Arctic III

    Prior to 2010   

Sedco 712

    Prior to 2010   

High Specification Jackups (3)

GSF Galaxy I

    Prior to 2010   

GSF Magellan

    Prior to 2010   

GSF Monitor

    Prior to 2010   

Standard Jackups (20)

GSF Adriatic II

    Prior to 2010   

GSF Adriatic VI

    Prior to 2010   

Trident 17

    Prior to 2010   

G.H. Galloway

    Prior to 2010   

GSF Adriatic I

    Prior to 2010   

GSF Adriatic V

    Prior to 2010   

GSF Adriatic XI

    Prior to 2010   

GSF Key Gibraltar

    Prior to 2010   

GSF Rig 136

    Prior to 2010   

Interocean III

    Prior to 2010   

Transocean Shelf Explorer

    Prior to 2010   

Transocean Nordic

    Prior to 2010   

Trident IV-A

    Prior to 2010   

GSF High Island V

    Prior to 2010   

GSF High Island IX

    Prior to 2010   

GSF Rig 103

    Prior to 2010   

GSF Rig 127

    Prior to 2010   

Transocean Mercury

    1/7/2010   

Trident VI

    Prior to 2010   

GSF Britannia

    Prior to 2010   

Swamp Barges (1)

Searex 4

    Prior to 2010   
     

Idle Rigs

Rig Type/Name    Start Date     

Standard Jackups (2)

GSF Rig 134

    4/3/2010   

J.T. Angel

    2/14/2010   

Stacked and Idle rigs detailed above are not currently operating on contract. Start date denotes when rig commences idle or stacked status. 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. However, stacked rigs will continue to incur operating costs at or above normal operating costs for 30 to 60 days following initiation of stacking.

 

    Page 8

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

Updated: April 13, 2010

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) As of April 2, 2009, Estimated Contract Start and Estimated Expiration 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). 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 customer to extend the contract.

(3) The out of service time represents those days in 2010 where the company anticipates that a rig will be out of service and not be available to earn an operating dayrate. Please refer to the “Out of Service Days (Shipyards, Mobilizations, Demobilizations, Contract Preparation)” section of the Disclaimers & Definitions for a full description.

(4) 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 “Customer Contract Duration and Dayrates and Risks Associated with Operations” section of the Disclaimers & Definitions for a description of dayrates.

(5) 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.

(6) We have been awarded a five-year drilling contract by ExxonMobil which requires the construction and operation of a 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.

(7) 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.

(8) Due to a temporary equipment limitation, the rig is contracted in water depths of up to 2,130 ft.

(9) We have been awarded a five-year drilling contract by Reliance which requires the construction and operation 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 customer'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 customer elects to extend the contract to 10 years, then the customer 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 $50 per barrel, with a maximum negative 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 customer retains the right to terminate the contract for convenience. If the customer (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 customer elects to extend the contract to 10 years and the dayrate is fixed, then the customer 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.

(10) 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.

(11) Dayrate for contract period September 2007 through September 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 September 2010.

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

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

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

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

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

(17) 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.

(18) 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. Revenues from turnkey contracts will be recognized in other revenues and are contingent upon successful completion of the well program.

(19) In the first quarter 2010, we completed the sale of GSF Arctic II and GSF Arctic IV. We continue to operate GSF Arctic IV under a short-term bareboat charter with the new owner of the vessel through October 2010.

(20) 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.

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

(22) Contract has been extended on a “well to well” basis through the well in progress on July 31, 2010 but is subject to a 30-day notice of cancellation issued by either party.

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

(24) The customer has the right within one year of execution to convert the three-year contract to a five-year contract.

(25) The final dayrate will be the lower of this number or the fixture from the customer's upcoming 7 units Jackup tender results.

(26) 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.

(27) The customer has the right to convert the term from 3 firm wells plus 3 option wells, all at a dayrate of $87,500, to 6 wells at a dayrate of $85,000 by April 30, 2010.

(28) The customer has the right to convert the term from 6 months at a dayrate of $58,000 to 12 months at a dayrate of $55,000 by May 3, 2010.

(29) The contract includes three optional wells. The first optional well has a dayrate of $115,000. The dayrate for the second and third optional well will be adjusted based on market dayrates within specific parameters.

(30) Average Contract Dayrate is defined as the average contracted operating dayrate to be earned per revenue earning day.

(31) On April 6, 2010, we received a notice from Gazprom claiming force majeure on the grounds that the recently announced embargo by Libya against Swiss companies would prevent the MG Hulme from ultimately operating in Libya. We have rejected the notice on the basis that the claim is premature and the embargo should not apply to our operations in Libya. We are currently evaluating the situation and our rights under the contract.

 

    Page 9

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

Updated: April 13, 2010

Revisions to Fleet Status Report Noted in Bold

Dynamically positioned «

 

DISCLAIMERS & DEFINITIONS

The information contained in this Fleet Status 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.

Customer Contract Duration, Timing and Dayrates and Risks Associated with Operations. The duration and timing (including both starting and ending dates) of the customer contracts are estimates only, and customer 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 customer 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, Demobilizations, Contract Preparation). Changes in estimated out of service time for 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 Status 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 2010 will be reflected in subsequent Monthly Fleet Updates and Comprehensive Fleet Status Reports, as applicable. No estimates are made for 2011 and beyond.

Contract Preparation refers to periods during which the rig is undergoing modifications or upgrades as a result of contract requirements. Shipyards 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. In some instances such as certain mobilizations, demobilizations, upgrades and shipyards, we are paid compensation by our customers 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 customers.

Forward-Looking Statement. The statements made in the Fleet Status Report 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 Status Report 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. However, stacked rigs will continue to incur operating costs at or above normal operating costs for 30 to 60 days following initiation of stacking.

 

    Page 10