View:
Download DOC
Download PDF
Download XLS
rig_FSR_8K

 

UNITED STATES

 

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

 

Date of Report (Date of earliest event reported): February 11, 2016

 

 

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 February 11, 2016 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 February 11, 2016

 

 

 

2

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

 

 

 

TRANSOCEAN LTD.

 

 

 

 

 

 

Date: February 11, 2016

By

/s/ Daniel Ro-Trock

 

 

Daniel Ro-Trock

 

 

Authorized Person

 

3

 

 

Index to Exhibits

 

Exhibit

 

 

 

 

Exhibit No.

 

Description

 

 

 
99.1 

 

 

Fleet Status Report dated February 11, 2016

 

 

 

 

4

rig_FSR_Ex99_1

Fleet StatC:\Users\Richard.LaMothe\Desktop\RIG cover page - 2.11.16.JPGus ReportFebruary11, 2016

 

 

image6.jpeg

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Updated: February 11, 2016

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 (11)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater Proteus

(6), (11)

ship

TBA

12,000

40,000

TBA

Shell

Q2 2016

Q2 2026
519,000

N/A

 

 

 

 

 

 

 

 

 

 

Deepwater Pontus

(6), (11)

ship

TBA

12,000

40,000

TBA

Shell

Q4 2017

Q4 2027
519,000

N/A

 

 

 

 

 

 

 

 

 

 

Deepwater Poseidon

(6), (11)

ship

TBA

12,000

40,000

TBA

Shell

Q1 2018

Q1 2028
519,000

N/A

 

 

 

 

 

 

 

 

 

 

Deepwater Conqueror

(6), (8), (11)

ship

TBA

12,000

40,000

USGOM

Chevron

Q4 2016

Q4 2021
589,000

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ultra-Deepwater (28)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater Thalassa
(6)

ship

2016

12,000

40,000

USGOM

Shell

Feb-16

Feb-26
519,000

N/A

 

 -

 -

 -

 -

 

 -

 -

 -

 -

Deepwater Asgard
(8)

ship

2014

12,000

40,000

USGOM

Chevron

Apr-15

Jun-17
615,000
600,000

 

 -

 -

 -

 -

 

 -

 -

 -
1

Deepwater Invictus

(6), (17)

ship

2014

12,000

40,000

USGOM

BHP Billiton

Jul-14

Mar-17
592,000

N/A

 

 -

 -

 -

 -

 

 -

 -

 -

 -

Discoverer Americas

 

ship

2009

12,000

40,000

 

 

 

Idle

 

 

 

 -

 -

 -

 -

 

 -

 -

 -

 -

Deepwater Champion

 

ship

2011

12,000

40,000

 

 

 

Stacked

 

 

 

 -

 -

 -

 -

 

 -

 -

 -

 -

Discoverer Clear Leader

(6), (8), (16)

ship

2009

12,000

40,000

USGOM

Chevron

Nov-14

Oct-18
581,000
569,000

 

 -

 -

 -

 -

 

 -

 -

 -

 -

Discoverer Inspiration

(6), (8), (16)

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
394,000
510,000

 
5

 -

 -

 -

 
14
16

 -

 -

Dhirubhai Deepwater KG2

 

ship

2010

12,000

35,000

 

 

 

Idle

 

 

 
13

 -

 -
39

 

 -

 -

 -

 -

Discoverer India
(14)

ship

2010

12,000

40,000

USGOM

Reliance

Sep-13

Sep-16
528,000
499,000

 

 -
16

 -

 -

 

 -

 -

 -

 -

 

 

 

 

 

 

 

India

Reliance

Sep-16

Jan-21
508,000
528,000

 

 

 

 

 

 

 

 

 

 

Petrobras 10000

(6), (7), (8)

ship

2009

12,000

37,500

Brazil

Petrobras

Feb-11

Aug-19
416,000

N/A

 

 -

 -

 -
5

 

 -

 -

 -

 -

Discoverer Deep Seas

 

ship

2001

10,000

35,000

 

 

 

Stacked

 

 

 

 -
23
49

 -

 

 -

 -

 -

 -

Discoverer Enterprise

 

ship

1999

10,000

35,000

 

 

 

Stacked

 

 

 

 -

 -

 -

 -

 

 -

 -

 -

 -

Discoverer Spirit

 

ship

2000

10,000

35,000

 

 

 

Stacked

 

 

 

 -

 -

 -

 -

 

 -

 -

 -

 -

GSF C.R. Luigs

 

ship

2000

10,000

35,000

 

 

 

Stacked

 

 

 
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

 

 

 

Stacked

 

 

 

 -

 -

 -

 -

 

 -

 -

 -

 -

Deepwater Millennium
(7)

ship

1999

10,000

30,000

Myanmar

Woodside

Nov-15

Apr-16
593,000
584,000

 

 -

 -

 -

 -

 

 -

 -

 -

 -

Deepwater Pathfinder

 

ship

1998

10,000

30,000

 

 

 

Stacked

 

 

 

 -

 -

 -

 -

 

 -

 -

 -

 -

Cajun Express
(8)

semi

2001

8,500

35,000

Ivory Coast

TBA

Jan-16

Mar-16

Not Disclosed
495,000

 
14

 -

 -

 -

 

 -

 -

 -

 -

Deepwater Nautilus

(6), (8)

semi

 

2000

8,000

30,000

USGOM

Shell

Aug-12

Aug-17
531,000
551,000

 

 -
61
92
2

 

 -

 -

 -

 -

Discoverer Luanda

(6), (13)

ship

2010

7,500

40,000

Angola

BP

Jan-11

Jan-18
487,000

N/A

 

 -
9

 -

 -

 

 -

 -

 -

 -

GSF Development Driller I

(7), (8)

semi

2005

7,500

37,500

Angola

ExxonMobil

Jun-15

Jun-16
367,000

N/A

 
90
78

 -

 -

 

 -

 -

 -

 -

 

(7), (8)

 

 

 

 

 

Angola

ExxonMobil

Jun-16

Jun-17
370,000
367,000

 

 

 

 

 

 

 

 

 

 

GSF Development Driller II

 

semi

2005

7,500

37,500

 

 

 

Stacked

 

 

 

 -

 -

 -

 -

 

 -

 -

 -

 -

Development Driller III

(6), (16)

semi

2009

7,500

37,500

USGOM

BP

Nov-09

Nov-16
422,000

N/A

 

 -

 -

 -

 -

 

 -

 -

 -

 -

Sedco Energy

 

semi

2001

7,500

35,000

 

 

 

Stacked

 

 

 

 -

 -

 -

 -

 

 -

 -

 -

 -

Sedco Express

 

semi

2001

7,500

35,000

 

 

 

Stacked

 

 

 

 -

 -

 -

 -

 

 -

 -

 -

 -

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Estimated Days Out of Service

 
169
187
141
46

 
14
16

 -
1

 

 

 

 

 

 

 

 

 

 

 

Estimated Average Contract Dayrate(5)

 
$
511,000
$
512,000
$
514,000
$
485,000

 
$
484,000
$
510,000
$
511,000
$
510,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Harsh Environment (7)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Transocean Barents

 

semi

2009

10,000

30,000

 

 

 

Idle

 

 

 

 -

 -

 -

 -

 

 -

 -

 -

 -

Transocean Spitsbergen

(6), (7)

semi

2010

10,000

30,000

NNS

OMV

Jan-16

Mar-16
464,000

N/A

 
42

 -

 -

 -

 

 -

 -

 -

 -

Henry Goodrich
(6)

semi

 

1985/2007

5,000

30,000

Canada

Husky

May-16

May-18
275,000

N/A

 

 -

 -

 -

 -

 
91
21

 -

 -

Transocean Leader

 

semi

 

1987/1997

4,500

25,000

UKNS

Enquest

May-15

May-18
335,000
377,000

 
46
17

 -

 -

 

 -

 -

 -

 -

 
(18)

 

 

 

 

 

UKNS

Enquest

May-18

May-19
305,000
335,000

 

 

 

 

 

 

 

 

 

 

Paul B. Loyd, Jr.
(7)

semi

 

1990

2,000

25,000

UKNS

BP

Dec-15

Mar-16
434,000
433,000

 

 -

 -
20
85

 

 -

 -

 -

 -

 
(7)

 

 

 

 

 

UKNS

BP

Mar-16

Sep-16
440,000
434,000

 

 

 

 

 

 

 

 

 

 

 
(7)

 

 

 

 

 

UKNS

BP

Sep-16

Mar-17
447,000
440,000

 

 

 

 

 

 

 

 

 

 

 
(7)

 

 

 

 

 

UKNS

BP

Mar-17

Jun-17
454,000
447,000

 

 

 

 

 

 

 

 

 

 

Transocean Arctic

(6), (7)

semi

 

1986

1,650

25,000

NNS

Rig Management Norway

Jul-14

Mar-16
393,000
414,000

 

 -

 -

 -

 -

 

 -

 -

 -

 -

 

 
(7)

 

 

 

 

 

NNS

Faroe Petroleum

May-16

Jun-16

Not Disclosed
393,000

 

 

 

 

 

 

 

 

 

 

 
(8)

 

 

 

 

 

NNS

Engie

Aug-16

Sep-16
179,000

Not Disclosed

 

 

 

 

 

 

 

 

 

 

 

(7), (20)

 

 

 

 

 

NNS

Det Norske

Nov-16

Jul-17
170,000
179,000

 

 

 

 

 

 

 

 

 

 

Polar Pioneer

 

semi

 

1985

1,500

25,000

 

 

 

Stacked

 

 

 

 -

 -

 -

 -

 

 -

 -

 -

 -

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Estimated Days Out of Service

 
88
17
20
85

 
91
21

 -

 -

 

 

 

 

 

 

 

 

 

 

 

Estimated Average Contract Dayrate(5)

 
$
469,000
$
466,000
$
463,000
$
449,000

 
$
361,000
$
335,000
$
346,000
$
384,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater (5)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Transocean Marianas

 

semi

 

1979/1998

7,000

30,000

 

 

 

Idle

 

 

 

 -

 -

 -

 -

 

 -

 -

 -

 -

Sedco 706

(6), (7)

semi

1976/1994/ 2008

6,500

25,000

Brazil

Petrobras

May-14

Sep-16
275,000
361,000

 

 -
56
3

 -

 

 -

 -

 -

 -

 

 

 

 

 

 

 

Brazil

Petrobras

Sep-16

Oct-18
266,000
275,000

 

 

 

 

 

 

 

 

 

 

Sedco 702

(6), (7)

semi

1973/2007

6,500

25,000

Nigeria

Shell

Sep-12

Feb-16
461,000
357,000

 

 -

 -

 -

 -

 

 -

 -

 -

 -

 
(7)

 

 

 

 

 

Nigeria

Shell

Feb-16

Mar-16
275,000
461,000

 

 

 

 

 

 

 

 

 

 

Jack Bates

 

semi

 

1986/1997

5,400

30,000

Australia

Inpex

Feb-15

Feb-16
370,000
420,000

 

 -

 -

 -

 -

 

 -

 -

 -

 -

 

 

 

 

 

 

 

Australia

Inpex

Feb-16

May-16
195,000
370,000

 

 

 

 

 

 

 

 

 

 

M.G. Hulme, Jr.

 

semi

 

1983/1996

5,000

25,000

TBA

TBA

Apr-16

Jul-16
163,000

N/A

 

 -

 -

 -

 -

 

 -
21

 -

 -

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Estimated Days Out of Service

 

 -
56
3

 -

 

 -
21

 -

 -

 

 

 

 

 

 

 

 

 

 

 

Estimated Average Contract Dayrate(5)

 
$
348,000
$
361,000
$
357,000
$
369,000

 
$
320,000
$
221,000
$
242,000
$
267,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Midwater Floaters (11)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Transocean Driller
(7)

semi

 

1991

3,000

25,000

Brazil

Petrobras

Jul-10

Jun-16
213,000
116,000

 

 -

 -

 -

 -

 

 -

 -

 -

 -

GSF Rig 140

 

semi

 

1983

2,800

25,000

India

Oil India Ltd.

Apr-16

Aug-16
158,000

N/A

 

 -

 -

 -

 -

 

 -

 -

 -

 -

Sedco 711

 

semi

 

1982

1,800

25,000

 

 

 

Stacked

 

 

 

 -

 -

 -

 -

 

 -

 -

 -

 -

Transocean John Shaw

 

semi

 

1982

1,800

25,000

 

 

 

Stacked

 

 

 

 -

 -

 -

 -

 

 -

 -

 -

 -

Sedco 712

 

semi

 

1983

1,600

25,000

UKNS

Talisman

Oct-15

Apr-16
403,000
397,000

 
25

 -

 -

 -

 

 -

 -

 -

 -

 

 

 

 

 

 

 

UKNS

Talisman

Apr-16

Oct-16
409,000
403,000

 

 

 

 

 

 

 

 

 

 

Sedco 714

 

semi

 

1983/1997

1,600

25,000

 

 

 

Stacked

 

 

 

 -

 -

 -

 -

 

 -

 -

 -

 -

Actinia

 

semi

 

1982

1,500

25,000

 

 

 

Idle

 

 

 

 -

 -

 -

 -

 

 -

 -

 -

 -

Transocean Winner

(6), (7)

semi

 

1983

1,500

25,000

NNS

Marathon

Aug-15

Jul-16
492,000
419,000

 

 -

 -

 -

 -

 

 -

 -

 -

 -

Transocean Searcher

 

semi

 

1983/1988

1,500

25,000

 

 

 

Stacked

 

 

 

 -

 -

 -

 -

 

 -

 -

 -

 -

Transocean Prospect

 

semi

 

1983/1992

1,500

25,000

 

 

 

Stacked

 

 

 

 -

 -

 -

 -

 

 -

 -

 -

 -

Sedco 704

 

semi

 

1974/1993

1,000

25,000

UKNS

Maersk

Jun-15

Feb-16
373,000
362,000

 

 -

 -

 -

 -

 

 -

 -

 -

 -

 

 

 

 

 

 

 

UKNS

Maersk

Feb-16

Mar-16
219,000
373,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

UKNS

Zennor Petroleum

Mar-16

May-16
160,000
219,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Estimated Days Out of Service

 
25

 -

 -

 -

 

 -

 -

 -

 -

 

 

 

 

 

 

 

 

 

 

 

Estimated Average Contract Dayrate(5)

 
$
351,000
$
350,000
$
377,000
$
382,000

 
$
338,000
$
309,000
$
431,000
$
409,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

High Specification Jackups (10)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GSF Constellation I
(8)

 

 

2003

400

30,000

UAE

Bunduq

Apr-16

Dec-16
104,000
150,000

 

 -

 -

 -

 -

 

 -

 -

 -

 -

GSF Constellation II
(21)

 

 

2004

400

30,000

Gabon

VAALCO

Oct-14

Jul-16
170,000
165,000

 

 -

 -

 -

 -

 

 -

 -

 -

 -

GSF Galaxy I
(7)

 

 

1991/2001

400

30,000

UKNS

Total

Nov-15

May-16
218,000
208,000

 

 -

 -

 -

 -

 

 -

 -

 -

 -

 
(7)

 

 

 

 

 

UKNS

Total

May-16

Nov-16
222,000
218,000

 

 

 

 

 

 

 

 

 

 

 
(7)

 

 

 

 

 

UKNS

Total

Nov-16

May-17
226,000
222,000

 

 

 

 

 

 

 

 

 

 

GSF Galaxy II

 

 

 

1998

400

30,000

 

 

 

Stacked

 

 

 

 -

 -

 -

 -

 

 -

 -

 -

 -

GSF Galaxy III

 

 

 

1999

400

30,000

 

 

 

Stacked

 

 

 

 -

 -

 -

 -

 

 -

 -

 -

 -

Transocean Honor

(6), (13)

 

 

2012

400

30,000

Angola

Chevron

Apr-15

Apr-16
194,000
155,000

 

 -

 -

 -

 -

 

 -

 -

 -

 -

GSF Monarch

 

 

 

1986

350

30,000

 

 

 

Stacked

 

 

 

 -

 -

 -

 -

 

 -

 -

 -

 -

Transocean Andaman

 

 

 

2013

350

35,000

Thailand

Chevron

May-13

May-16
150,000

N/A

 

 -

 -

 -

 -

 

 -

 -

 -

 -

 

 

 

 

 

 

 

Thailand

Chevron

May-16

May-17
115,000
150,000

 

 

 

 

 

 

 

 

 

 

Transocean Siam Driller

 

 

 

2013

350

35,000

Thailand

Chevron

Mar-13

Mar-18
140,000

N/A

 

 -

 -

 -

 -

 

 -

 -

 -

 -

Transocean Ao Thai

 

 

 

2013

350

35,000

Thailand

Chevron

Oct-13

Oct-18
139,000

N/A

 

 -

 -

 -

 -

 

 -

 -
3

 -

 

 

 

 

 

 

 

 

 

 

 

Total Estimated Days Out of Service

 

 -

 -

 -

 -

 

 -

 -
3

 -

 

 

 

 

 

 

 

 

 

 

 

Estimated Average Contract Dayrate(5)

 
$
167,000
$
166,000
$
166,000
$
167,000

 
$
169,000
$
150,000
$
144,000
$
145,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Estimated Days Out of Service

 
282
259
164
131

 
105
58
3
1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed-Price Options - See Footnote 10

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ultra-Deepwater

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cajun Express

 

semi

2001

8,500

35,000

Ivory Coast

TBA

Mar-16

May-16

Not Disclosed

Not Disclosed

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ivory Coast

TBA

May-16

Jun-16

Not Disclosed

Not Disclosed

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ivory Coast

TBA

Jun-16

Aug-16

Not Disclosed

Not Disclosed

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ivory Coast

TBA

Aug-16

Sep-16

Not Disclosed

Not Disclosed

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Harsh Environment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Paul B. Loyd, Jr.
(7)

semi

 

1990

2,000

25,000

UKNS

BP

Jun-17

Sep-17
451,000
454,000

 

 

 

 

 

 

 

 

 

 

 
(7)

 

 

 

 

 

UKNS

BP

Sep-17

Mar-18
457,000
451,000

 

 

 

 

 

 

 

 

 

 

 
(7)

 

 

 

 

 

UKNS

BP

Mar-18

Jun-18
464,000
457,000

 

 

 

 

 

 

 

 

 

 

Transocean Arctic

(7), (20)

semi

 

1986

1,650

25,000

NNS

Det Norske

Jul-17

Aug-17
200,000
170,000

 

 

 

 

 

 

 

 

 

 

 

(7), (20)

 

 

 

 

 

NNS

Det Norske

Aug-17

Oct-17
200,000
200,000

 

 

 

 

 

 

 

 

 

 

 

(7), (20)

 

 

 

 

 

NNS

Det Norske

Oct-17

Dec-17
200,000
200,000

 

 

 

 

 

 

 

 

 

 

 

(7), (20)

 

 

 

 

 

NNS

Det Norske

Dec-17

Mar-18
200,000
200,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Jack Bates
(6)

semi

 

1985

1,500

25,000

Australia

Inpex

May-16

Aug-16
195,000
195,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Australia

Inpex

Aug-16

Nov-16
195,000
195,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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).

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Q3 2015 Actual

Q2 2015 Actual

Q1 2015 Actual

Q4 2014 Actual

Q3 2014 Actual

Q2 2014 Actual

Q1 2014 Actual

Q4 2013 Actual

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ultra-Deepwater Floaters

91.5%

97.0%

97.2%

95.4%

91.6%

94.0%

96.4%

90.0%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Harsh Environment Floaters

98.6%

98.4%

96.8%

96.0%

94.7%

95.7%

96.3%

92.1%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater Floaters

98.9%

100.3%

95.9%

96.3%

93.3%

94.5%

100.5%

95.0%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Midwater Floaters

98.2%

95.3%

91.4%

93.0%

92.2%

97.0%

91.1%

92.3%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

High-Specification Jackups

99.3%

98.6%

99.3%

99.0%

97.0%

97.3%

94.5%

97.2%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Fleet

95.0%

97.2%

95.9%

95.3%

92.6%

95.0%

95.7%

91.7%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Updated: February 11, 2016

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revisions Noted in Bold

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rig Type/Name

Start Date

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stacked Rigs (21)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Discoverer Spirit

Mar-15

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GSF Jack Ryan

Mar-15

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater Discovery

Mar-15

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater Pathfinder

Mar-15

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GSF C.R. Luigs

Jun-15

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GSF Galaxy III

Jul-15

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GSF Monarch

Jul-15

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Discoverer Enterprise

Sep-15

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sedco Energy

Sep-15

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sedco Express

Sep-15

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Transocean Searcher

Sep-15

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Transocean Prospect

Sep-15

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GSF Galaxy II

Sep-15

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater Frontier

Nov-15

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sedco 714

Nov-15

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Polar Pioneer

Dec-15

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sedco 711

Jan-16

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GSF Development Driller II

Jan-16

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Transocean John Shaw

Jan-16

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater Champion

Feb-16

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Discoverer Deep Seas

Feb-16

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Idle Rigs (6)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Transocean Marianas

May-15

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Actinia

Aug-15

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Transocean Barents

Sep-15

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Discoverer Americas

Dec-15

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dhirubhai Deepwater KG2

Jan-16

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GSF Constellation II

Feb-16

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

image6.jpeg

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Updated: February 11, 2016

 

 

 

 

 

 

 

 

 

 

 

 

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, 2016 will be reported as commencing in April 2016) 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, 2016 will be reported as commencing in May 2016). 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, or de-escalations, and could change in the future due to further cost escalations, or de-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 current contract dayrate.
(9)

 

The two drillships on order from Sembcorp Marine's subsidiary, Jurong Shipyard, are expected to be delivered in the second quarter of 2019 and the first quarter of 2020, 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 first quarter of 2018 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)

 

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.

 
(17)

 

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.
(18)

 

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.
(19)

 

Based on the rig's performance, the dayrate can fluctuate between $445,000 and $495,000.

(20)

 

Dayrate will be increased when the rig is performing high-pressure high-temperature wells, or wells in the Barents Sea.
(21)

 

Transocean has received a notice of early termination from VAALCO. The drilling contract provides for a lump-sum payment for terminating for convenience.

 

 

 

 

 

image6.jpeg

 

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 Classifications. Transocean uses classifications for its drillships, semisubmersibles, and jackup rigs. The classifications reflect the company’s strategic focus on the ownership and operations of premium, high- specification units and are as follows: “Ultra-Deepwater” are the latest generation of drillships and semisubmersible rigs and are capable of drilling in water depths equal to or greater than 7,500 feet; “Deepwater” rigs are drillships and semisubmersible rigs capable of drilling in water depths equal to or greater than 4,500 feet and less than 7,500 feet; “Harsh Environment” are premium rigs equipped for year-round operations in harsh environments; “Midwater Floaters” are semisubmersible rigs capable of drilling in water depths up to 4,499 feet; and "High-Specification Jackups" are high‑performance, independent cantilever jackup rigs that are capable of  drilling in water depths of 350’ or greater.

 

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.