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 16, 2015
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):
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 2.06 Material Impairment
On April 16, 2015, Transocean Ltd. (the "Company") announced that it intends to dispose of the GSF Explorer in an environmentally responsible manner, and has classified this rig as held for sale. Accordingly, the Company expects its second quarter 2015 results to include an estimated non-cash charge of $100 million to $120 million, net of taxes. As the Company continues to evaluate the long-term competitiveness of its fleet, additional rigs may be identified as candidates for sale or disposal.
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 16, 2015 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 updates. This service will send you an automated email which will provide a link directly to the web page containing the fleet updates. You may subscribe to this service at the “Investor Relations/Email Alerts” section of the website 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 | Fleet Status Report Dated April 16, 2015 | ||
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 16, 2015 | By | /s/ Jill S. Greene |
Jill S. Greene | ||
Authorized Person | ||
Index to Exhibits
Exhibit
Number Description
99.1 Fleet Status Report dated April 16, 2015
Updated: April 16, 2015
Revisions Noted in Bold*
Dynamically Positioned*
Dayrate on | Dayrate on | Estimated Out of Service Days (4) | Estimated Out of Service Days (4) | |||||||||||||||||||||||||
Yr. (1) | Water | Drilling | Estimated | Estimated | Current | Previous | ||||||||||||||||||||||
Footnote | Floater | Dynamically | Entered | Depth | Depth | Contract | Expiration | Contract (3) | Contract (3) | 2015 | 2016 | |||||||||||||||||
Rig Type/Name | References | Type | Positioned | Service | (Feet) | (Feet) | Location | Customer | Start Date (2) | Date (2) | (Dollars) | (Dollars) | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | ||||||||
Rigs Under Construction (12) | ||||||||||||||||||||||||||||
Deepwater Thalassa | (6), (11) | ship | * | TBA | 12,000 | 40,000 | TBA | Shell | Q1 2016 | Q1 2026 | 519,000 | N/A | ||||||||||||||||
Deepwater Proteus | (6), (11) | ship | * | TBA | 12,000 | 40,000 | TBA | Shell | Q3 2016 | Q2 2026 | 519,000 | N/A | ||||||||||||||||
Deepwater Pontus | (6), (11) | ship | * | TBA | 12,000 | 40,000 | TBA | Shell | Q1 2017 | Q4 2026 | 519,000 | N/A | ||||||||||||||||
Deepwater Poseidon | (6), (11) | ship | * | TBA | 12,000 | 40,000 | TBA | Shell | Q2 2017 | Q2 2027 | 519,000 | N/A | ||||||||||||||||
Deepwater Conqueror | (6), (8), (11) | ship | * | TBA | 12,000 | 40,000 | USGOM | Chevron | Q4 2016 | Q4 2021 | 599,000 | N/A | ||||||||||||||||
JSPL Ultra-Deepwater Drillship TBN 1 | (9 | ) | ship | * | TBA | 12,000 | 40,000 | TBA | ||||||||||||||||||||
JSPL Ultra-Deepwater Drillship TBN 2 | (9 | ) | ship | * | TBA | 12,000 | 40,000 | TBA | ||||||||||||||||||||
Transocean Cepheus | (12 | ) | TBA | 400 | 35,000 | TBA | ||||||||||||||||||||||
Transocean Cassiopeia | (12 | ) | TBA | 400 | 35,000 | TBA | ||||||||||||||||||||||
Transocean Centaurus | (12 | ) | TBA | 400 | 35,000 | TBA | ||||||||||||||||||||||
Transocean Cetus | (12 | ) | TBA | 400 | 35,000 | TBA | ||||||||||||||||||||||
Transocean Circinus | (12 | ) | TBA | 400 | 35,000 | TBA | ||||||||||||||||||||||
High Specification Floater: Ultra-Deepwater (27) | ||||||||||||||||||||||||||||
Deepwater Asgard | ship | * | 2014 | 12,000 | 40,000 | USGOM | Chevron | Apr-15 | Jul-17 | 623,000 | 600,000 | — | — | — | — | — | — | — | — | |||||||||
Deepwater Invictus | (6), (20) | ship | * | 2014 | 12,000 | 40,000 | USGOM | BHP Billiton | Jul-14 | Mar-17 | 603,000 | N/A | — | — | — | — | — | — | — | — | ||||||||
Discoverer Americas | (6 | ) | ship | * | 2009 | 12,000 | 40,000 | Tanzania | Statoil | Mar-14 | May-15 | 735,000 | 636,000 | — | — | — | — | — | — | — | — | |||||||
USGOM | Statoil | May-15 | Mar-16 | 611,000 | 735,000 | |||||||||||||||||||||||
Deepwater Champion | (6) | ship | * | 2011 | 12,000 | 40,000 | Guyana | ExxonMobil | Mar-15 | May-15 | 708,000 | 677,000 | — | 14 | — | — | — | — | — | — | ||||||||
USGOM | ExxonMobil | May-15 | Nov-15 | 670,000 | 708,000 | — | — | — | — | |||||||||||||||||||
Discoverer Clear Leader | (6), (8), (17) | ship | * | 2009 | 12,000 | 40,000 | USGOM | Chevron | Nov-14 | Oct-18 | 590,000 | 569,000 | — | — | — | — | — | — | — | — | ||||||||
Discoverer Inspiration | (6), (8), (17) | ship | * | 2010 | 12,000 | 40,000 | USGOM | Chevron | Mar-15 | Mar-20 | 585,000 | 523,000 | 18 | — | — | — | — | — | — | — | ||||||||
Dhirubhai Deepwater KG1 | (6), (7), (8) | ship | * | 2009 | 12,000 | 35,000 | Brazil | Petrobras | Dec-14 | Dec-17 | 408,000 | 510,000 | 5 | — | — | — | 30 | — | — | — | ||||||||
Dhirubhai Deepwater KG2 | ship | * | 2010 | 12,000 | 35,000 | India | Reliance | Feb-15 | Jul-15 | 395,000 | 510,000 | 13 | — | 55 | 13 | — | — | — | — | |||||||||
Discoverer India | (14) | ship | * | 2010 | 12,000 | 40,000 | USGOM | Reliance | Sep-13 | Sep-16 | 528,000 | 499,000 | — | 40 | — | — | — | — | — | — | ||||||||
India | Reliance | Sep-16 | Nov-20 | 508,000 | 528,000 | — | — | — | — | |||||||||||||||||||
Petrobras 10000 | (6), (7), (8) | ship | * | 2009 | 12,000 | 37,500 | Brazil | Petrobras | Feb-11 | Aug-19 | 421,000 | N/A | — | — | — | — | — | — | — | 10 | ||||||||
Discoverer Deep Seas | (6) | ship | * | 2001 | 10,000 | 35,000 | USGOM | Murphy Oil | Oct-13 | Nov-16 | 604,000 | 456,000 | — | 21 | 51 | — | — | — | — | — | ||||||||
Discoverer Enterprise | ship | * | 1999 | 10,000 | 35,000 | Idle | — | — | — | — | — | — | — | — | ||||||||||||||
Discoverer Spirit | ship | * | 2000 | 10,000 | 35,000 | Stacked | — | — | — | — | — | — | — | — | ||||||||||||||
GSF C.R. Luigs | ship | * | 2000 | 10,000 | 35,000 | Idle | 29 | — | — | — | — | — | — | — | ||||||||||||||
GSF Jack Ryan | ship | * | 2000 | 10,000 | 35,000 | Stacked | — | — | — | — | — | — | — | — | ||||||||||||||
Deepwater Discovery | ship | * | 2000 | 10,000 | 30,000 | Stacked | — | — | — | — | — | — | — | — | ||||||||||||||
Deepwater Frontier | ship | * | 1999 | 10,000 | 30,000 | Idle | — | — | — | — | — | — | — | — | ||||||||||||||
Deepwater Millennium | (7) | ship | * | 1999 | 10,000 | 30,000 | Australia | Woodside | Apr-14 | Apr-15 | 582,000 | 570,000 | — | — | — | — | — | — | — | — | ||||||||
(7) | Australia | Woodside | Apr-15 | Apr-16 | 593,000 | 582,000 | — | — | — | — | ||||||||||||||||||
Deepwater Pathfinder | ship | * | 1998 | 10,000 | 30,000 | Stacked | — | — | — | — | — | — | — | — | ||||||||||||||
Cajun Express | semi | * | 2001 | 8,500 | 35,000 | Ivory Coast | CNR | Dec-14 | Dec-15 | 495,000 | 487,000 | 14 | — | — | — | — | — | — | — | |||||||||
Deepwater Nautilus | (6), (8) | semi | * | 2000 | 8,000 | 30,000 | USGOM | Shell | Aug-12 | Aug-17 | 531,000 | 551,000 | — | 70 | 64 | — | — | — | — | — | ||||||||
Discoverer Luanda | (6), (13) | ship | * | 2010 | 7,500 | 40,000 | Angola | BP | Jan-11 | Jan-18 | 487,000 | N/A | — | 14 | — | — | — | — | — | — | ||||||||
GSF Development Driller I | (7), (8) | semi | * | 2005 | 7,500 | 37,500 | Angola | ExxonMobil | May-15 | May-16 | 382,000 | N/A | 90 | 47 | — | — | — | — | — | — | ||||||||
(7), (8) | * | Angola | ExxonMobil | May-16 | May-17 | 385,000 | 382,000 | — | — | — | — | |||||||||||||||||
GSF Development Driller II | (8) | semi | * | 2005 | 7,500 | 37,500 | Romania | Lukoil | Oct-14 | Oct-15 | 355,000 | 606,000 | — | — | — | — | — | — | — | — | ||||||||
Development Driller III | (6), (17) | semi | * | 2009 | 7,500 | 37,500 | USGOM | BP | Nov-09 | Nov-16 | 429,000 | N/A | — | — | — | — | — | — | — | — | ||||||||
Sedco Energy | (19) | semi | * | 2001 | 7,500 | 35,000 | Idle | — | — | — | — | — | — | — | — | |||||||||||||
Sedco Express | (6) | semi | * | 2001 | 7,500 | 35,000 | Nigeria | CAMAC | Dec-14 | Apr-15 | 300,000 | N/A | — | — | — | — | — | — | — | — | ||||||||
Total Estimated Days Out of Service | 169 | 206 | 170 | 13 | 30 | 10 | ||||||||||||||||||||||
Estimated Average Contract Dayrate (5) | $502,000 | $516,000 | $516,000 | $528,000 | $530,000 | $518,000 | $517,000 | $516,000 | ||||||||||||||||||||
High Specification Floater: Deepwater (7) | ||||||||||||||||||||||||||||
Deepwater Navigator | (7), (8), (15) | ship | * | 1971/2000 | 7,200 | 25,000 | Brazil | Petrobras | May-11 | Feb-16 | 361,000 | 190,000 | — | 0 | — | — | — | — | — | — | ||||||||
Transocean Marianas | (6), (8) | semi | 1979/1998 | 7,000 | 30,000 | South Africa | PetroSA | Jun-14 | Apr-15 | 370,000 | N/A | — | 0 | — | — | — | — | — | — | |||||||||
Sedco 706 | (6), (7), (8) | semi | * | 1976/1994/ 2008 | 6,500 | 25,000 | Brazil | Petrobras | May-14 | Sep-16 | 281,000 | 361,000 | — | 60 | — | — | — | — | — | — | ||||||||
Sedco 702 | (6), (7) | semi | * | 1973/2007 | 6,500 | 25,000 | Nigeria | Shell | Sep-12 | Feb-16 | 461,000 | 357,000 | — | 0 | — | — | — | — | — | — | ||||||||
GSF Celtic Sea | semi | 1982/1998 | 5,750 | 25,000 | Angola | Vaalco | Jan-15 | Apr-15 | 338,000 | 332,000 | — | 0 | — | — | — | — | — | — | ||||||||||
Jack Bates | semi | 1986/1997 | 5,400 | 30,000 | Australia | Inpex | Feb-15 | Feb-16 | 370,000 | 420,000 | — | 0 | — | — | — | — | — | — | ||||||||||
M.G. Hulme, Jr. | semi | 1983/1996 | 5,000 | 25,000 | Malaysia | Petronas | Dec-14 | Apr-15 | 174,000 | N/A | — | 0 | — | — | — | — | — | — | ||||||||||
TBA | TBA | Apr-15 | Jun-15 | 200,000 | 174,000 | — | — | — | — | |||||||||||||||||||
Total Estimated Days of Service | — | 60 | — | — | — | — | — | — | ||||||||||||||||||||
Estimated Average Contract Dayrate (5) | $347,000 | $385,000 | $337,000 | $366,000 | $357,000 | $281,000 | $281,000 | $281,000 | ||||||||||||||||||||
High Specification Floater: Harsh Environment (7) | ||||||||||||||||||||||||||||
Transocean Barents | (6), (7) | semi | * | 2009 | 10,000 | 30,000 | NNS | Shell | Sep-14 | Sep-15 | 550,000 | 574,000 | — | — | — | — | — | — | — | — | ||||||||
Transocean Spitsbergen | (6), (7), (16), (18) | semi | * | 2010 | 10,000 | 30,000 | NNS | Statoil | Jul-13 | Jul-15 | 497,000 | 504,000 | 42 | — | — | — | — | — | — | — | ||||||||
Henry Goodrich | semi | 1985/2007 | 5,000 | 30,000 | Idle | — | — | — | — | — | — | — | — | |||||||||||||||
Transocean Leader | semi | 1987/1997 | 4,500 | 25,000 | UKNS | Enquest | May-15 | May-18 | 335,000 | 377,000 | 46 | — | — | — | — | — | — | — | ||||||||||
(21 | ) | UKNS | Enquest | May-18 | May-19 | 305,000 | 335,000 | — | — | — | — | |||||||||||||||||
Paul B. Loyd, Jr. | (7 | ) | semi | 1990 | 2,000 | 25,000 | UKNS | BP | Mar-15 | Aug-15 | 419,000 | 441,000 | — | — | 43 | 50 | — | — | — | — | ||||||||
(7 | ) | UKNS | BP | Nov-15 | Mar-16 | 426,000 | 419,000 | — | — | — | — | |||||||||||||||||
(7 | ) | UKNS | BP | Mar-16 | Sep-16 | 432,000 | 426,000 | — | — | — | — | |||||||||||||||||
(7 | ) | UKNS | BP | Sep-16 | Mar-17 | 439,000 | 432,000 | — | — | — | — | |||||||||||||||||
(7 | ) | UKNS | BP | Mar-17 | Jun-17 | 446,000 | 439,000 | — | — | — | — | |||||||||||||||||
Transocean Arctic | (6), (7) | semi | 1986 | 1,650 | 25,000 | NNS | Rig Management Norway | Jul-14 | Jan-16 | 379,000 | 414,000 | — | — | — | — | — | — | — | — | |||||||||
(6), (7) | NNS | OMV | Jan-16 | Jun-16 | 473,000 | 379,000 | — | — | — | — | ||||||||||||||||||
Polar Pioneer | (6 | ) | semi | 1985 | 1,500 | 25,000 | Alaska | Shell | Mar-15 | Apr-15 | 561,000 | 592,000 | — | — | — | — | — | — | — | — | ||||||||
(6 | ) | Alaska | Shell | Apr-15 | May-15 | 593,000 | 561,000 | — | — | — | — | |||||||||||||||||
(6 | ) | Alaska | Shell | May-15 | Jun-15 | 561,000 | 593,000 | — | — | — | — | |||||||||||||||||
(6 | ) | Alaska | Shell | Jun-15 | Oct-15 | 624,000 | 561,000 | — | — | — | — | |||||||||||||||||
(6 | ) | Alaska | Shell | Oct-15 | Dec-15 | 561,000 | 624,000 | — | — | — | — | |||||||||||||||||
(6 | ) | Alaska | Shell | Dec-15 | Apr-16 | 593,000 | 561,000 | — | — | — | — | |||||||||||||||||
(6 | ) | Alaska | Shell | Apr-16 | Jun-16 | 561,000 | 593,000 | — | — | — | — | |||||||||||||||||
(6 | ) | Alaska | Shell | Jun-16 | Oct-16 | 624,000 | 561,000 | — | — | — | — | |||||||||||||||||
(6 | ) | Alaska | Shell | Oct-16 | Dec-16 | 561,000 | 624,000 | — | — | — | — | |||||||||||||||||
(6 | ) | Alaska | Shell | Dec-16 | Jun-17 | 593,000 | 561,000 | — | — | — | — | |||||||||||||||||
Total Estimated Days Out of Service | 88 | — | 43 | 50 | ||||||||||||||||||||||||
Estimated Average Contract Dayrate (5) | $468,000 | $459,000 | $462,000 | $395,000 | $446,000 | $435,000 | $464,000 | $415,000 | ||||||||||||||||||||
Midwater Floaters (14) | ||||||||||||||||||||||||||||
Transocean Amirante | (22 | ) | semi | 1978/1997 | 3,500 | 25,000 | Idle | — | — | — | — | — | — | — | — | |||||||||||||
Transocean Driller | (7), (8) | semi | 1991 | 3,000 | 25,000 | Brazil | Petrobras | Jul-10 | Jul-16 | 256,000 | 116,000 | — | — | — | — | — | — | — | — | |||||||||
GSF Rig 135 | (7 | ) | semi | 1983 | 2,800 | 25,000 | Nigeria | NPDC | Nov-14 | Jun-15 | 311,000 | 387,000 | — | — | — | — | — | — | — | — | ||||||||
GSF Rig 140 | (6 | ) | semi | 1983 | 2,800 | 25,000 | India | ONGC | Mar-12 | May-15 | 260,000 | N/A | — | — | — | — | — | — | — | — | ||||||||
Sedco 711 | semi | 1982 | 1,800 | 25,000 | UKNS | Talisman | Dec-14 | Jun-15 | 361,000 | 355,000 | — | — | — | — | — | — | — | — | ||||||||||
UKNS | Talisman | Jun-15 | Dec-15 | 366,000 | 361,000 | — | — | — | — | |||||||||||||||||||
Transocean John Shaw | (7 | ) | semi | 1982 | 1,800 | 25,000 | UKNS | Taqa | Jan-15 | Jan-16 | 414,000 | 353,000 | — | — | — | — | — | — | — | — | ||||||||
Sedco 712 | semi | 1983 | 1,600 | 25,000 | UKNS | Talisman | Oct-14 | Apr-15 | 391,000 | 386,000 | 25 | — | — | — | — | — | — | — | ||||||||||
UKNS | Talisman | Apr-15 | Oct-15 | 397,000 | 391,000 | — | — | — | — | |||||||||||||||||||
UKNS | Talisman | Oct-15 | Apr-16 | 403,000 | 397,000 | — | — | — | — | |||||||||||||||||||
UKNS | Talisman | Apr-16 | Oct-16 | 409,000 | 403,000 | — | — | — | — | |||||||||||||||||||
Sedco 714 | (7 | ) | semi | 1983/1997 | 1,600 | 25,000 | UKNS | Total | Sep-14 | Sep-15 | 430,000 | 401,000 | — | — | — | — | — | — | — | — | ||||||||
(7 | ) | UKNS | Total | Sep-15 | Mar-16 | 436,000 | 430,000 | — | — | — | — | |||||||||||||||||
GSF Grand Banks | (6), (8) | semi | 1984 | 1,500 | 25,000 | Canada | Husky | Jan-13 | Sep-15 | 411,000 | 297,000 | — | — | — | — | — | — | — | — | |||||||||
Actinia | semi | 1982 | 1,500 | 25,000 | India | ONGC | Jun-12 | Jul-15 | 190,000 | 222,000 | — | — | 7 | — | — | — | — | — | ||||||||||
Transocean Winner | (6), (7) | semi | 1983 | 1,500 | 25,000 | NNS | Marathon | Jan-13 | Jun-15 | 417,000 | 495,000 | — | — | — | — | — | — | — | — | |||||||||
(6), (7) | NNS | Marathon | Jun-15 | Jul-16 | 499,000 | 417,000 | — | — | — | — | ||||||||||||||||||
Transocean Searcher | (6), (7) | semi | 1983/1988 | 1,500 | 25,000 | NNS | BG | Jun-12 | Jun-15 | 362,000 | 447,000 | — | — | — | — | — | — | — | — | |||||||||
NNS | Edison SpA | Jun-15 | Jul-15 | 340,000 | 362,000 | — | — | — | — | |||||||||||||||||||
Transocean Prospect | (7 | ) | semi | 1983/1992 | 1,500 | 25,000 | UKNS | Conoco Phillips | Nov-14 | May-15 | 402,000 | 403,000 | — | — | — | — | — | — | — | — | ||||||||
(7 | ) | UKNS | Conoco Phillips | May-15 | Aug-15 | 298,000 | 402,000 | — | — | — | — | |||||||||||||||||
Sedco 704 | (7 | ) | semi | 1974/1993 | 1,000 | 25,000 | UKNS | Maersk | Jun-13 | Jun-15 | 362,000 | 335,000 | — | — | — | — | — | — | — | — | ||||||||
UKNS | Maersk | Jun-15 | Feb-16 | 372,000 | 362,000 | — | — | — | — | |||||||||||||||||||
Total Estimated Days Out of Service | 25 | — | 7 | — | — | — | — | — | ||||||||||||||||||||
Estimated Average Contract Dayrate (5) | $348,000 | $349,000 | $377,000 | $392,000 | $395,000 | $388,000 | $412,000 | $409,000 | ||||||||||||||||||||
High Specification Jackups (10) | ||||||||||||||||||||||||||||
GSF Constellation I | (8) | 2003 | 400 | 30,000 | Indonesia | Total | Sep-12 | Jan-16 | 150,000 | 140,000 | — | — | — | — | — | — | — | — | ||||||||||
GSF Constellation II | (6) | 2004 | 400 | 30,000 | Gabon | Vaalco | Oct-14 | Jul-16 | 167,000 | 165,000 | — | — | — | — | — | — | — | — | ||||||||||
GSF Galaxy I | (7) | 1991/2001 | 400 | 30,000 | UKNS | Total | Nov-14 | May-15 | 208,000 | 211,000 | — | — | — | — | — | — | — | — | ||||||||||
(7) | UKNS | Total | May-15 | Nov-15 | 211,000 | 208,000 | — | — | — | — | — | — | — | — | ||||||||||||||
(7) | UKNS | Total | Nov-15 | May-16 | 214,000 | 211,000 | — | — | — | — | — | — | — | — | ||||||||||||||
(7) | UKNS | Total | May-16 | Nov-16 | 218,000 | 214,000 | — | — | — | — | — | — | — | — | ||||||||||||||
(7) | UKNS | Total | Nov-16 | May-17 | 221,000 | 218,000 | — | — | — | — | — | — | — | — | ||||||||||||||
GSF Galaxy II | (7) | 1998 | 400 | 30,000 | UKNS | GDF Suez | Mar-15 | May-15 | 190,000 | 214,000 | — | — | — | — | — | — | — | — | ||||||||||
GSF Galaxy III | 1999 | 400 | 30,000 | Idle | — | — | — | — | — | — | — | — | ||||||||||||||||
Transocean Honor | (6), (13) | 2012 | 400 | 30,000 | Angola | Chevron | May-12 | Apr-15 | 155,000 | N/A | — | — | — | — | — | — | — | — | ||||||||||
(6) | Angola | Chevron | Apr-15 | Apr-16 | 194,000 | 155,000 | — | — | — | — | — | — | — | — | ||||||||||||||
GSF Monarch | (7) | 1986 | 350 | 30,000 | UKNS | GDF Suez | Sep-14 | Apr-15 | 163,000 | 168,000 | — | — | — | — | — | — | — | — | ||||||||||
Transocean Andaman | (6), (8) | 2013 | 350 | 35,000 | Thailand | Chevron | May-13 | May-16 | 150,000 | N/A | — | — | 5 | 3 | — | — | — | — | ||||||||||
Transocean Siam Driller | (6), (8) | 2013 | 350 | 35,000 | Thailand | Chevron | Mar-13 | Mar-18 | 140,000 | N/A | — | 8 | — | — | — | — | — | — | ||||||||||
Transocean Ao Thai | (6), (8) | 2013 | 350 | 35,000 | Thailand | Chevron | Oct-13 | Sep-18 | 139,000 | N/A | — | — | — | — | — | — | 8 | — | ||||||||||
Total Estimated Days Out of Service | — | 8 | 5 | 3 | — | — | 8 | — | ||||||||||||||||||||
Estimated Average Contract Dayrate (5) | $166,000 | $167,000 | $165,000 | $165,000 | $167,000 | $166,000 | $167,000 | $166,000 | ||||||||||||||||||||
Total Estimated Days Out of Services | 282 | 274 | 225 | 66 | 30 | 8 | 10 | |||||||||||||||||||||
Fixed Price Options - See Footnote (10) | ||||||||||||||||||||||||||||
High Specification Floater: Ultra-Deepwater | ||||||||||||||||||||||||||||
GSF Development Driller II | (6) | semi | * | 2005 | 7,500 | 37,500 | Romania | Lukoil | Oct-15 | Apr-16 | 400,000 | 355,000 | ||||||||||||||||
Cajun Express | semi | * | 2001 | 8,500 | 35,000 | Ivory Coast | CNR | Dec-15 | Feb-16 | 495,000 | 495,000 | |||||||||||||||||
High Specification Floater: Deepwater | ||||||||||||||||||||||||||||
Jack Bates | semi | 1986/1997 | 5,400 | 30,000 | Australia | Inpex | Feb-16 | Nov-16 | 370,000 | 370,000 | ||||||||||||||||||
High Specification Floater: Harsh Environment | ||||||||||||||||||||||||||||
Polar Pioneer | (6) | semi | 1985 | 1,500 | 25,000 | Alaska | Shell | Jun-17 | Oct-17 | 623,000 | 589,000 | |||||||||||||||||
Paul B. Loyd, Jr. | (7) | semi | 1990 | 2,000 | 25,000 | UKNS | BP | Jun-17 | Sep-17 | 446,000 | 453,000 | |||||||||||||||||
(7) | UKNS | BP | Sep-17 | Mar-18 | 454,000 | 446,000 | ||||||||||||||||||||||
(7) | UKNS | BP | Mar-18 | Jun-18 | 460,000 | 454,000 | ||||||||||||||||||||||
High Specification Jackups | ||||||||||||||||||||||||||||
GSF Galaxy I | (6), (7) | 1991/2001 | 400 | 30,000 | UKNS | Total | May-17 | May-18 | 240,000 | 231,000 | ||||||||||||||||||
(6), (7) | UKNS | Total | May-18 | May-19 | 250,000 | 240,000 | ||||||||||||||||||||||
Revenue Efficiency | ||||||||||||||||||||||||||||
Revenue efficiency is defined as actual contract drilling revenues for the measurement period divided by the maximum revenue calculated for the measurement period, expressed as a percentage. Maximum revenue is defined as the greatest amount of contract drilling revenues the drilling unit could earn for the measurement period, excluding amounts related to incentive provisions. Revenue Efficiency does not apply during Out of Service Days (Shipyard, Mobilizations, Demobilizations, Contract Preparation). | ||||||||||||||||||||||||||||
Q4 2014 Actual | Q3 2014 Actual | Q2 2014 Actual | Q1 2014 Actual | Q4 2013 Actual | Q3 2013 Actual | Q2 2013 Actual | Q1 2013 Actual | |||||||||||||||||||||
Ultra Deepwater | 95.4% | 91.6% | 94.0% | 96.4% | 90% | 92.5% | 91.1% | 83.8% | ||||||||||||||||||||
Deepwater | 96.3% | 93.3% | 94.5% | 100.5% | 95.0% | 91.1% | 91.8% | 86.4% | ||||||||||||||||||||
Harsh Environment Floaters | 96.0% | 94.7% | 95.7% | 96.3% | 92.1% | 99.9% | 98.3% | 97.6% | ||||||||||||||||||||
Midwater Floaters | 93.0% | 92.2% | 97.0% | 91.1% | 92.3% | 95.3% | 94.5% | 92.1% | ||||||||||||||||||||
High Specification Jackups | 99.0% | 97.0% | 97.3% | 94.5% | 97.2% | 98.9% | 98.6% | 96.4% | ||||||||||||||||||||
Total Fleet - Continuing Operations | 95.3% | 92.6% | 95.0% | 95.7% | 91.7% | 94.0% | 93.1% | 88.0% | ||||||||||||||||||||
Estimated Contract Drilling Revenue can be calculated as: Paid Days on Contract * Average Contract Dayrate * Revenue Efficiency | ||||||||||||||||||||||||||||
Rig Type/Name | Start Date | |||||||||||||||||||||||||||
Stacked Rigs | ||||||||||||||||||||||||||||
Discoverer Spirit | 3/18/2015 | |||||||||||||||||||||||||||
GSF Jack Ryan | 3/18/2015 | |||||||||||||||||||||||||||
Deepwater Discovery | 3/18/2015 | |||||||||||||||||||||||||||
Deepwater Pathfinder | 3/18/2015 | |||||||||||||||||||||||||||
Discoverer Spirit | 3/18/2015 | |||||||||||||||||||||||||||
Idle (7) | ||||||||||||||||||||||||||||
Deepwater Frontier | 1/7/2015 | |||||||||||||||||||||||||||
GSF C.R. Luigs | 1/30/2015 | |||||||||||||||||||||||||||
Henry Goodrich | 3/1/2015 | |||||||||||||||||||||||||||
Transocean Amirante | 3/19/2015 | |||||||||||||||||||||||||||
Discoverer Enterprise | 3/21/2015 | |||||||||||||||||||||||||||
GSF Galaxy III | 3/31/2015 | |||||||||||||||||||||||||||
Sedco Energy | 4/12/2015 | |||||||||||||||||||||||||||
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. | ||||||||||||||||||||||||||||
Updated: April 16, 2015
Revisions Noted in Bold
Footnotes
(1) | Dates shown are the original service date and the date of the most recent upgrade, if any. |
(2) | 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, 2015 will be reported as commencing in April 2015) 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, 2015 will be reported as commencing in May 2015). 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) | 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, Timing and Dayrates and Risks Associated with Operations” section of the Disclaimers & Definitions for a description of dayrates. This column may not reflect the rate currently being received under the contract as a result of an applicable standby rate or other rate, which typically is less than the contract dayrate. |
(4) | The out of service time represents those days where a rig is scheduled to 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. |
(5) | Estimated Average Contract Dayrate is defined as the average contracted full operating dayrate to be earned per revenue earning day. See note (3) for definition of full operating dayrate. |
(6) | Reflects the current contracted dayrate which could reflect prior cost escalations and could change in the future due to further cost escalations. |
(7) | Reflects the current contracted dayrate which, along with costs, includes a foreign currency component. Changes in the value of the U.S. Dollar relative to certain foreign currencies will result in an adjustment to the dayrate according to the terms of the contract. The dayrate adjustment generally offsets the foreign currency exchange-related change in costs. |
(8) | Current contract provides for a bonus incentive opportunity not reflected in the stated current contract dayrate. |
(9) | On February 26, 2014, a subsidiary of Transocean Ltd. awarded contracts to Sembcorp Marine's subsidiary, Jurong Shipyard, in Singapore for construction of two newbuild dynamically positioned ultra-deepwater drillships. The two drillships are expected to be delivered from the shipyard in the second quarter of 2017 and the first quarter of 2018, respectively. |
(10) | 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. |
(11) | The contract is expected to start in the quarter indicated. Factors that could influence the contract start date include shipyard delivery, customer acceptance, and mobilization to operating location, among others. |
(12) | The first of five newbuild high-specification jackups contracted to Keppel FELS Limited's shipyard in Singapore is expected to be delivered from the shipyard in the third quarter of 2016 and the remaining four jackups delivered at approximately six-month intervals thereafter. |
(13) | The rig is owned by a joint venture in which the company owns less than a 100 percent interest. Dayrate reflects 100 percent of the contract rate. |
(14) | The customer may elect to have the operating dayrate for the last five years of the contract fluctuate based on crude oil price with a floor of $458,250 corresponding to a crude oil price of less than or equal to $50 per barrel, and a ceiling of $558,250 corresponding to a crude oil price of $100 per barrel or greater. |
(15) | While the customer has the option to add any out of service days to the end of the contract, the Estimated Expiration Date does not reflect any extension due to this option until actually exercised by the customer. |
(16) | Dayrate excludes additional premiums for parallel operations at well centers and dynamic position operations. |
(17) | The rig is owned by Transocean Partners LLC in which the company owns less than a 100% interest. Please refer to Transocean Partners LLC (NYSE: RIGP) Fleet Status Report which can be found at www.transoceanpartners.com. |
(18) | The customer has exercised a contract provision whereby the estimated dayrate will be $400,000 from approximately November 10, 2014 to December 31, 2014. |
(19) | The customer, Total, has elected to release the rig; the contract provides for a payment to the company in the event of an early termination. |
(20) | Mobilization, customer commissioning and acceptance testing commenced in March 2014. Revenue of approximately $52 million earned from March 2014 to July 2014 will be recognized over the remaining three-year contract period ending in March 2017. |
(21) | The dayrate for the last year of the contract will be set three months prior to the third anniversary of the contract commencement date, subject to a floor dayrate of $305,000 and a ceiling dayrate of $365,000, pursuant to the terms of the contract. |
(22) | ENI has repudiated the contract. Transocean is contesting the termination and is taking appropriate legal action. |
DISCLAIMERS AND 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 are noted where changes in the time Transocean anticipates that a rig is scheduled to be out of service and not be available to earn an operating dayrate have changed by a period of 15 days or longer for all rig classifications 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 may not be firm and could change significantly based on a variety of factors. Any significant changes to our estimates of out of service time will be reflected in subsequent Monthly Fleet Updates and Comprehensive Fleet Status Reports, as applicable.
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 scheduled shipyards, surveys, repairs, regulatory inspections or other scheduled 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 primary contract term of the drilling project, although such compensation is not typically significant in relation to the revenues generated by the dayrates we charge our customers. When mobilization or demobilization occurs during a contract period, we recognize revenues as earned. In instances where mobilization or demobilization time occurs before or between the start of a contract period, the stated estimated contract start date represents the expected commencement date for the primary contract term of the drilling project and the point at which we expect to begin recognizing revenues.
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 customer 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 seven of the company’s premium harsh environment rigs, the semisubmersibles Transocean Barents, Transocean Spitsbergen, 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 category titled "High Specification Jackups" consists of high performance jackup rigs that possess the ability to drill in water depths of 400 feet or less.
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.