Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
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
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (date of earliest event reported): July 6, 2007
TRANSOCEAN INC.
(Exact name of registrant as specified in its charter)
| Cayman Islands | 333-75899 | 66-0582307 | ||
| (State or other jurisdiction of incorporation or organization) |
(Commission File Number) |
(I.R.S. Employer Identification No.) |
4 Greenway Plaza
Houston, Texas 77046
(Address of principal executive offices and zip code)
Houston, Texas 77046
(Address of principal executive offices and zip code)
Registrant’s telephone number, including area code: (713) 232-7500
(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))
TABLE OF CONTENTS
| Item 7.01 Regulation FD Disclosure. | ||||||||
| ITEM 9.01 Financial Statements and Exhibits. | ||||||||
| SIGNATURES | ||||||||
| INDEX TO EXHIBITS | ||||||||
| Transocean, Inc. Fleet Update | ||||||||
Table of Contents
Item 7.01 Regulation FD Disclosure.
Transocean Inc. (the “Company”) issues a report entitled “Transocean Fleet Update”, which
includes drilling rig status and contract information, including contract dayrate and duration.
This report is dated as of July 6, 2007 and is furnished as Exhibit 99.1 to this Current Report on
Form 8-K and is incorporated herein by reference. You may also 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 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. The Company’s website may be
found at www.deepwater.com.
The statements made in the Transocean 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
Transocean Fleet Update include, but are not limited to statements involving the estimated duration
of client contracts, contract dayrate amounts, future contract commencement dates and locations and
planned shipyard projects. 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, the Company’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, storms, 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 the Company’s Form 10-K for
the year ended December 31, 2006 and in the Company’s other filings with the SEC, which are
available free of charge on the SEC’s website at www.sec.gov. Should one or more of these risks or
uncertainties materialize, or 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.
The information in Item 7.01 of this report, including Exhibit 99.1, is being furnished, not
filed. Accordingly, the information in Item 7.01 of this report will not be incorporated by
reference into any registration statement filed by the Company under the Securities Act of 1933, as
amended, unless specifically identified therein as being incorporated therein by reference. The
furnishing of the information in this report is not intended to, and does not, constitute a
determination or admission by the Company that the information in this report is material or
complete, or that investors should consider
- 1 -
Table of Contents
this information before making an investment decision with respect to any security of the
Company.
ITEM 9.01 Financial Statements and Exhibits.
| (d) | Exhibits. |
The following exhibit is furnished pursuant to Item 7.01:
| Exhibit Number | Description | |
99.1
|
Transocean Inc. Fleet Update |
- 2 -
Table of Contents
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 thereunto duly authorized.
| TRANSOCEAN INC. |
||||
| Date: July 6, 2007 | By: | /s/ Chipman Earle | ||
| Chipman Earle | ||||
| Associate General Counsel and Assistant Corporate Secretary |
||||
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Table of Contents
INDEX TO EXHIBITS
The following exhibits is furnished pursuant to Item 7.01:
| Exhibit Number | Description | |
99.1
|
Transocean Inc. Fleet Update |
- 4 -
TRANSOCEAN INC. (NYSE: RIG) FLEET UPDATE
The information contained in this Fleet Update report (the “Information”) is as of the date of
the report only and is subject to change without notice to the recipient. Transocean Inc. assumes
no duty to update any portion of the Information.
DISCLAIMER. NEITHER TRANSOCEAN INC. 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 Inc. 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 Inc. 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 Inc.
Client Contract Duration, Timing and Dayrates and Risks Associated with Operations. The duration
and timing (including both starting and ending dates) of the client contracts are estimates only,
and client contracts are subject to cancellation, suspension and delays for a variety of reasons,
including some beyond the control of Transocean Inc. 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 Inc. Our client contracts and
operations are generally subject to a number of risks and uncertainties, and we urge you to review
the description and explanation of such risks and uncertainties in our filings with the Securities
and Exchange Commission (SEC), which are available free of charge on the SEC’s website at
www.sec.gov. The dayrates do not include revenue for mobilizations, demobilizations, upgrades,
shipyards or recharges.
Out of Service Days (Shipyards, Mobilizations, Etc.). Certain estimated out of service time for
2007 is noted where the company anticipates that a rig will be out of service and not be available
to earn an operating dayrate for a period of 14 days or longer. With respect to expected out of
service time for 2008, we have modified the information in this report given the inherent
uncertainty of predicting out of service time events that far in advance. Certain estimated out of
service time in 2008 is noted, but only where the rig is contracted through the estimated out of
service time or where an out of service period is expected to immediately follow the conclusion of
a contract. We do expect to experience additional rig out of service time in 2008, and will add
this information to the report once the timing of such events is more certain. We currently
estimate the aggregate out of service time for 2008 that is not included to be approximately as
reflected in the Fleet Update table entitled “Additional Estimated Potential Out of Service Time by
Rig Class.” However this additional estimated out of service time is not firm and could change
significantly based on a variety of factors. No estimates are made for 2009 and beyond.
Out of service time is denoted as “Mob/Contract Prep” and “Shipyard or Project” out of service
days. Mob/Contract Prep refers to periods during which the rig is being mobilized, demobilized
and/or modifications or upgrades are being made as a result of contract requirements. Shipyard or
Project refers to periods during which the rig is out of service as a result of other planned
shipyards, surveys, repairs, regulatory inspections or other planned service or work on the rig.
Similar Mob/Contract Prep and Shipyard or Project periods of durations under 14 days will occur but
are not noted in the Update. In some instances such as certain mobilizations, demobilizations,
upgrades and shipyards, we are paid compensation by our clients that is generally recognized over
the life of the underlying contract, although such compensation is not typically significant in
relation to the revenue generated by the dayrates we charge our clients.
Forward-Looking Statement. The statements made in the Fleet Update that are not historical facts
are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. Forward-looking statements made in the Fleet
Update include, but are not limited to, statements involving the estimated duration of client
contracts, contract dayrate amounts, future contract commencement dates and locations and planned
shipyard projects and other out of service time. Such statements are subject to numerous risks,
uncertainties and assumptions, including but not limited to, uncertainties relating to the level of
activity in offshore oil and gas exploration and development, exploration success by producers, oil
and gas prices, competition and market conditions in the contract drilling industry, shipyard
delays, actions and approvals of third parties, possible cancellation or suspension of drilling
contracts as a result of mechanical difficulties or performance, the Company’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 the Company’s most recently filed Form 10-K, in the Company’s Forms 10-Q for
subsequent periods and in the Company’s other filings with the SEC, which are available free of
charge on the SEC’s website at www.sec.gov. Should one or more of these risks or uncertainties
materialize, or 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.
Fleet Classification. Transocean Inc. 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 Fleet,” 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 in
excess of 7,000 feet, “Other 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 “Other High
Specification,” comprised of four of the company’s premium harsh environment rigs, the
semisubmersibles Henry Goodrich, Paul B. Loyd, Jr., Transocean Arctic and Polar Pioneer. The
category titled “Other Floaters” represents semisubmersible rigs and drillships that possess the
ability to drill in water depths of up to 4,499 feet.
Transocean Inc. (NYSE: RIG) Fleet Update
Updated: July 6, 2007
Revisions to Last Month’s Fleet Status Report Noted in Bold
Dynamically positioned *
Revisions to Last Month’s Fleet Status Report Noted in Bold
Dynamically positioned *
| Estimated | ||||||||||||||||||||||||||||||||
| Yr. (1) | Current | Expiration | Current | Previous | ||||||||||||||||||||||||||||
| Floater | Entered | Water | Drilling | Contract | /Out of | Contract | Contract | |||||||||||||||||||||||||
| Rig Type/Name | Type | Service | Depth | Depth | Location | Client | Start/Idle Date | Service(2) | Dayrate(3) | Dayrate(3) | ||||||||||||||||||||||
| (Feet) | (Feet) | (Dollars) | (Dollars) | |||||||||||||||||||||||||||||
| High Specification Floaters: | ||||||||||||||||||||||||||||||||
| Ultra-Deepwater (17) (See Footnotes 12, 13, 14 and 15) | ||||||||||||||||||||||||||||||||
Discoverer Clear Leader
|
ship | * | TBA | 12,000 | 40,000 | USGOM | Chevron | See Footnote 12 | See Footnote 12 | See Footnote 12 | ||||||||||||||||||||||
Discoverer Americas
|
ship | * | TBA | 12,000 | 40,000 | USGOM | Hydro | See Footnote 13 | See Footnote 13 | 475,000 | ||||||||||||||||||||||
Discoverer Inspiration
|
ship | * | TBA | 12,000 | 40,000 | USGOM | Chevron | See Footnote 14 | See Footnote 14 | See Footnote 14 | ||||||||||||||||||||||
Enterprise-class (to be named)
|
ship | * | TBA | 7,500 | 40,000 | Angola | BP | See Footnote 15 | See Footnote 15 | See Footnote 15 | ||||||||||||||||||||||
Discoverer Deep Seas
|
ship | * | 2001 | 10,000 | 35,000 | USGOM | Chevron | Jan-07 | Jan-08 | 276,500 | 240,500 | |||||||||||||||||||||
| USGOM | Chevron | Jan-08 | Jan-09 | 317,900 | 276,500 | |||||||||||||||||||||||||||
| Feb-08 | 14 days Shipyard or Project | |||||||||||||||||||||||||||||||
| USGOM | Chevron | Jan-09 | Jan-11 | 485,000 | 317,900 | |||||||||||||||||||||||||||
Discoverer Enterprise
|
ship | * | 1999 | 10,000 | 35,000 | USGOM | BP | Dec-04 | Dec-07 | 190,900 | 198,600 | |||||||||||||||||||||
| USGOM | BP | Dec-07 | Jan-11 | 520,000 | 190,900 | |||||||||||||||||||||||||||
| Jun-08 | 60 days Shipyard or Project | |||||||||||||||||||||||||||||||
Discoverer Spirit
|
ship | * | 2000 | 10,000 | 35,000 | USGOM | Shell | Mar-06 | Nov-07 | 294,000 | 204,000 | |||||||||||||||||||||
| Dec-07 | 20 days Shipyard or Project | |||||||||||||||||||||||||||||||
| USGOM | Anadarko | Dec-07 | Dec-10 | 475,000 | 294,000 | |||||||||||||||||||||||||||
Deepwater Discovery
|
ship | * | 2000 | 10,000 | 30,000 | Nigeria | Total | Mar-07 | Aug-08 | 364,000 | 357,000 | |||||||||||||||||||||
| Sep-08 | 60 days Mob/ Contract Prep | |||||||||||||||||||||||||||||||
| Brazil | Devon | Nov-08 | Nov-13 | 425,000 | 364,000 | |||||||||||||||||||||||||||
Deepwater Frontier
|
ship | * | 1999 | 10,000 | 30,000 | India | Reliance | Aug-06 | Aug-08 | 320,000 | 145,000 | |||||||||||||||||||||
| Aug-08 | 15 days Shipyard or Project | |||||||||||||||||||||||||||||||
| India | Reliance | Sep-08 | Sep-11 | 477,000 | 320,000 | |||||||||||||||||||||||||||
Deepwater Millennium
|
ship | * | 1999 | 10,000 | 30,000 | USGOM | Anadarko | Jun-07 | Jun-10 | 425,000 | 301,700 | |||||||||||||||||||||
Deepwater Pathfinder
|
ship | * | 1998 | 10,000 | 30,000 | Nigeria | Shell/Devon | Apr-07 | Jul-07 | 190,000 | 395,000 | |||||||||||||||||||||
| Nigeria | Shell/Agip/Petrobras | Jul-07 | Jun-09 | 395,000 | 190,000 | |||||||||||||||||||||||||||
| Dec-08 | 35 days Shipyard or Project | |||||||||||||||||||||||||||||||
Deepwater Expedition
|
ship | * | 1999 | 10,000 | 30,000 | Egypt | Shell | Jan-07 | Dec-07 | 240,000 | 147,400 | |||||||||||||||||||||
| Morocco | Petronas | Jan-08 | Feb-08 | 320,000 | 240,000 | |||||||||||||||||||||||||||
| Mar-08 | 140 days Mob/ Contract Prep | |||||||||||||||||||||||||||||||
| India | Reliance | Jul-08 | Aug-10 | 375,000 | 320,000 | |||||||||||||||||||||||||||
Deepwater Horizon
|
semi | * | 2001 | 10,000 | 30,000 | USGOM | BP | Sep-05 | Sep-07 | 277,500 | 165,000 | |||||||||||||||||||||
| Aug-07 | 15 days Shipyard or Project | |||||||||||||||||||||||||||||||
| USGOM | BP | Sep-07 | Sep-10 | See Footnote 8 | 277,500 | |||||||||||||||||||||||||||
Cajun Express
|
semi | * | 2001 | 8,500 | 25,000 | USGOM | Chevron | Jul-05 | Aug-07 | 216,400 | 140,000 | |||||||||||||||||||||
| USGOM | Chevron | Aug-07 | Feb-10 | 460,000 | 216,400 | |||||||||||||||||||||||||||
| May-08 | 15 days Shipyard or Project | |||||||||||||||||||||||||||||||
| Estimated | ||||||||||||||||||||||||||||||||
| Yr. (1) | Current | Expiration | Current | Previous | ||||||||||||||||||||||||||||
| Floater | Entered | Water | Drilling | Contract | /Out of | Contract | Contract | |||||||||||||||||||||||||
| Rig Type/Name | Type | Service | Depth | Depth | Location | Client | Start/Idle Date | Service(2) | Dayrate(3) | Dayrate(3) | ||||||||||||||||||||||
| (Feet) | (Feet) | (Dollars) | (Dollars) | |||||||||||||||||||||||||||||
Deepwater Nautilus
|
semi | 2000 | 8,000 | 30,000 | USGOM | Shell | Dec-06 | Dec-08 | 425,000 | 220,000 | ||||||||||||||||||||||
| Dec-08 | 20 days Shipyard or Project | |||||||||||||||||||||||||||||||
Sedco Energy
|
semi | * | 2001 | 7,500 | 25,000 | Nigeria | Chevron | Jan-06 | Jan-08 | 202,000 | 175,000 | |||||||||||||||||||||
| TBA | TBA | Jan-08 | Jan-11 | 485,000 | 202,000 | |||||||||||||||||||||||||||
| Jun-08 | 30 days Shipyard or Project | |||||||||||||||||||||||||||||||
Sedco Express(6)
|
semi | * | 2001 | 7,500 | 25,000 | Angola | BP | Jun-05 | Jul-09 | 169,500 | 125,000 | |||||||||||||||||||||
| Jun-08 | 30 days Shipyard or Project | |||||||||||||||||||||||||||||||
| Other Deepwater (16) | ||||||||||||||||||||||||||||||||
Deepwater Navigator
|
ship | * | 2000 | 7,200 | 25,000 | Brazil | Petrobras | Mar-07 | Apr-11 | 180,000 | 300,000 | |||||||||||||||||||||
Discoverer 534
|
ship | * | 1975/1991 | 7,000 | 25,000 | Sep-06 | 330 days Mob/ Contract Prep | |||||||||||||||||||||||||
| Pakistan | Shell | Aug-07 | Aug-07 | 245,000 | 245,000 | |||||||||||||||||||||||||||
| Sep-07 | 25 days Mob/ Contract Prep | |||||||||||||||||||||||||||||||
| India | Reliance | Oct-07 | Apr-10 | 250,000 | 245,000 | |||||||||||||||||||||||||||
Discoverer Seven Seas
|
ship | * | 1976/1997 | 7,000 | 25,000 | India | ONGC | Feb-04 | Oct-07 | 125,000 | 125,000 | |||||||||||||||||||||
| Nov-07 | 100 days Shipyard or Project | |||||||||||||||||||||||||||||||
| India | ONGC | Feb-08 | Mar-11 | 315,800 | 125,000 | |||||||||||||||||||||||||||
Transocean Marianas
|
semi | 1998 | 7,000 | 25,000 | USGOM | BP | Jan-07 | Jan-10 | 435,000 | 250,800 | ||||||||||||||||||||||
| Oct-08 | 21 days Shipyard or Project | |||||||||||||||||||||||||||||||
Sedco 707
|
semi | * | 1976/1997 | 6,500 | 25,000 | Brazil | Petrobras | Dec-05 | Jan-10 | 180,000 | 100,000 | |||||||||||||||||||||
Sedco 702
|
semi | * | 6,500 | Singapore | Apr-06 | 550 days Shipyard or Project | ||||||||||||||||||||||||||
| TBA | Shell | Oct-07 | Sep-10 | 350,000 | N/A | |||||||||||||||||||||||||||
Jack Bates
|
semi | 1986/1997 | 5,400 | 30,000 | Australia | Woodside | Jun-07 | Feb-08 | 475,000 | 475,000 | ||||||||||||||||||||||
| Mar-08 | 35 days Mob/ Contract Prep | |||||||||||||||||||||||||||||||
| China | PetroChina | Apr-08 | Jun-08 | 475,000 | 475,000 | |||||||||||||||||||||||||||
| Jul-08 | 35 days Mob/ Contract Prep | |||||||||||||||||||||||||||||||
| Australia | Woodside | Aug-08 | Nov-09 | 475,000 | 475,000 | |||||||||||||||||||||||||||
Peregrine I(6)
|
ship | * | 1982/1996 | 5,280 | 25,000 | Brazil | Petrobras | Jan-06 | Feb-09 | 112,000 | 70,000 | |||||||||||||||||||||
| Jun-08 | 30 days Shipyard or Project | |||||||||||||||||||||||||||||||
Sedco 709
|
semi | * | 1977/1999 | 5,000 | 25,000 | Nigeria | Shell | Oct-06 | Oct-08 | 205,000 | 205,000 | |||||||||||||||||||||
| Oct-08 | 45 days Shipyard or Project | |||||||||||||||||||||||||||||||
M.G. Hulme, Jr.
|
semi | 1983/1996 | 5,000 | 25,000 | Jul-07 | 45 days Shipyard or Project | ||||||||||||||||||||||||||
| Nigeria | Eni | Aug-07 | Sep-09 | 430,000 | 175,000 | |||||||||||||||||||||||||||
Transocean Richardson
|
semi | 1988 | 5,000 | 25,000 | Angola | Total | Jun-06 | Jul-07 | 355,000 | 85,000 | ||||||||||||||||||||||
| TBA | Chevron | Aug-07 | Sep-10 | 450,000 | 355,000 | |||||||||||||||||||||||||||
| Mar-08 | 60 days Shipyard or Project | |||||||||||||||||||||||||||||||
Jim Cunningham
|
semi | 1982/1995 | 4,600 | 25,000 | Angola | ExxonMobil | Apr-07 | May-09 | 350,000 | 300,000 | ||||||||||||||||||||||
Sedco 710(6)
|
semi | * | 1983 | 4,500 | 25,000 | Brazil | Petrobras | Oct-06 | Nov-10 | 120,000 | 109,500 | |||||||||||||||||||||
| Jan-08 | 85 days Shipyard or Project | |||||||||||||||||||||||||||||||
Transocean Rather (9)
|
semi | 1988 | 4,500 | 25,000 | UKNS | Chevron | Oct-06 | Oct-07 | 300,000 | 190,000 | ||||||||||||||||||||||
| Oct-07 | 14 days Shipyard or Project | |||||||||||||||||||||||||||||||
| UKNS | BP | Nov-07 | Feb-09 | 250,000 | 300,000 | |||||||||||||||||||||||||||
| Mar-08 | 40 days Shipyard or Project | |||||||||||||||||||||||||||||||
| Estimated | ||||||||||||||||||||||||||||||||
| Yr. (1) | Current | Expiration | Current | Previous | ||||||||||||||||||||||||||||
| Floater | Entered | Water | Drilling | Contract | /Out of | Contract | Contract | |||||||||||||||||||||||||
| Rig Type/Name | Type | Service | Depth | Depth | Location | Client | Start/Idle Date | Service(2) | Dayrate(3) | Dayrate(3) | ||||||||||||||||||||||
| (Feet) | (Feet) | (Dollars) | (Dollars) | |||||||||||||||||||||||||||||
| UKNS | BP | Feb-09 | Nov-09 | 432,000 | 250,000 | |||||||||||||||||||||||||||
Transocean Leader(7)(9) |
semi | 1987/1997 | 4,500 | 25,000 | NNS | Statoil | Jan-07 | Aug-07 | 276,500 | 248,300 | ||||||||||||||||||||||
| Sep-07 | 45 days Shipyard or Project | |||||||||||||||||||||||||||||||
| NNS | Statoil | Oct-07 | Jan-08 | 246,500 | 276,500 | |||||||||||||||||||||||||||
| NNS | Statoil | Jan-08 | Jul-09 | 340,000 | 246,500 | |||||||||||||||||||||||||||
Sovereign Explorer
|
semi | 1984 | 4,500 | 25,000 | Venezuela | Statoil | Jun-07 | Sep-07 | 65,000 | 65,000 | ||||||||||||||||||||||
| Trinidad | BG | Sep-07 | Dec-07 | 65,000 | 65,000 | |||||||||||||||||||||||||||
| Dec-07 | 90 days Shipyard or Project | |||||||||||||||||||||||||||||||
| Brazil | Repsol | Mar-08 | Feb-10 | 380,000 | 65,000 | |||||||||||||||||||||||||||
| Other High Specification (4) | ||||||||||||||||||||||||||||||||
Henry Goodrich
|
semi | 1985 | 2,000 | 30,000 | USGOM | Hydro | Jun-07 | Jun-09 | 350,000 | 173,100 | ||||||||||||||||||||||
| Aug-07 | 72 days Mob/ Contract Prep | |||||||||||||||||||||||||||||||
Paul B. Loyd, Jr.(9)
|
semi | 1987 | 2,000 | 25,000 | UKNS | BP | Mar-07 | Jun-09 | 322,400 | 145,200 | ||||||||||||||||||||||
Transocean Arctic(9)
|
semi | 1986 | 1,650 | 25,000 | NNS | Statoil | Jan-07 | Jul-11 | 261,100 | 195,400 | ||||||||||||||||||||||
| Feb-08 | 30 days Shipyard or Project | |||||||||||||||||||||||||||||||
Polar Pioneer(9)
|
semi | 1985 | 1,500 | 25,000 | NNS | Statoil | Aug-06 | Jan-10 | 281,100 | 180,700 | ||||||||||||||||||||||
| Jul-08 | 30 days Shipyard or Project | |||||||||||||||||||||||||||||||
| Other Floaters (20) | ||||||||||||||||||||||||||||||||
Sedco 700
|
semi | 1973/1997 | 3,600 | 25,000 | E. Guinea | A. Hess | Jan-07 | Feb-08 | 362,600 | 200,000 | ||||||||||||||||||||||
| Jun-07 | 40 days Shipyard or Project | |||||||||||||||||||||||||||||||
Transocean Legend
|
semi | 1983 | 3,500 | 25,000 | Sakhalin Is. | BP | Jun-07 | Dec-07 | 120,000 | 435,000 | ||||||||||||||||||||||
| Nov-07 | 40 days Shipyard or Project | |||||||||||||||||||||||||||||||
| Sakhalin Is. | BP | Feb-08 | Feb-09 | 405,000 | 120,000 | |||||||||||||||||||||||||||
Transocean Amirante
|
semi | 1978/1997 | 3,500 | 25,000 | USGOM | Remington | Apr-07 | Aug-07 | 135,000 | 102,000 | ||||||||||||||||||||||
| USGOM | Repsol | Aug-07 | Oct-07 | 325,000 | 135,000 | |||||||||||||||||||||||||||
| Oct-07 | 75 days Shipyard or Project | |||||||||||||||||||||||||||||||
| USGOM | Eni | Jan-08 | Nov-10 | 350,000 | 325,000 | |||||||||||||||||||||||||||
C. Kirk Rhein, Jr.
|
semi | 1976/1997 | 3,300 | 25,000 | India | Reliance | Feb-07 | Mar-09 | 340,000 | N/A | ||||||||||||||||||||||
Transocean Driller(6)
|
semi | 1991 | 3,000 | 25,000 | Brazil | Petrobras | Aug-06 | Aug-10 | 110,000 | 53,000 | ||||||||||||||||||||||
| Feb-08 | 25 days Shipyard or Project | |||||||||||||||||||||||||||||||
Falcon 100
|
semi | 1974/1999 | 2,400 | 25,000 | USGOM | Petrobras | Jul-06 | Aug-07 | 180,000 | 145,000 | ||||||||||||||||||||||
Sedco 703
|
semi | 1973/1995 | 2,000 | 25,000 | Australia | Apache | Mar-07 | Aug-07 | 400,000 | 155,000 | ||||||||||||||||||||||
| Australia | Woodside | Aug-07 | Aug-08 | 435,000 | 400,000 | |||||||||||||||||||||||||||
Sedco 711
|
semi | 1982 | 1,800 | 25,000 | UKNS | Shell | Feb-06 | Dec-07 | 150,000 | 50,000 | ||||||||||||||||||||||
| UKNS | Shell | Dec-07 | Mar-09 | 283,000 | 150,000 | |||||||||||||||||||||||||||
| Feb-08 | 35 Days Shipyard or Project |
|||||||||||||||||||||||||||||||
Transocean John Shaw
|
semi | 1982 | 1,800 | 25,000 | UKNS | Nexen | Jan-06 | Oct-07 | 100,500 | 115,000 | ||||||||||||||||||||||
| UKNS | Total | Nov-07 | Feb-08 | 380,000 | 100,500 | |||||||||||||||||||||||||||
| Mar-08 | 30 Days Shipyard or Project |
|||||||||||||||||||||||||||||||
Transocean Inc. (NYSE: RIG) Fleet Update
Updated: July 6, 2007
Revisions to Last Month’s Fleet Status Report Noted in Bold
Dynamically positioned *
Revisions to Last Month’s Fleet Status Report Noted in Bold
Dynamically positioned *
| Estimated | ||||||||||||||||||||||||||||||||
| Yr. (1) | Current | Expiration | Current | Previous | ||||||||||||||||||||||||||||
| Floater | Entered | Water | Drilling | Contract | /Out of | Contract | Contract | |||||||||||||||||||||||||
| Rig Type/Name | Type | Service | Depth | Depth | Location | Client | Start/Idle Date | Service(2) | Dayrate(3) | Dayrate(3) | ||||||||||||||||||||||
| (Feet) | (Feet) | (Dollars) | (Dollars) | |||||||||||||||||||||||||||||
Sedco 712(9)
|
semi | 1983 | 1,600 | 25,000 | UKNS | Oilexco | Mar-07 | Mar-08 | 228,500 | 150,000 | ||||||||||||||||||||||
| UKNS | Oilexco | Mar-08 | Jun-10 | 340,000 | 228,500 | |||||||||||||||||||||||||||
| Nov-08 | 40 days Shipyard or Project | |||||||||||||||||||||||||||||||
Sedco 714(9)
|
semi | 1983/1997 | 1,600 | 25,000 | UKNS | Total | Jun-07 | Aug-07 | 350,000 | 200,100 | ||||||||||||||||||||||
| UKNS | Total | Sep-07 | Dec-07 | 300,000 | 350,000 | |||||||||||||||||||||||||||
| UKNS | Total | Jan-08 | Apr-08 | 250,900 | 300,000 | |||||||||||||||||||||||||||
| UKNS | Total | Apr-08 | Feb-09 | 350,000 | 250,900 | |||||||||||||||||||||||||||
Actinia
|
semi | 1982 | 1,500 | 25,000 | India | Reliance | Sep-06 | Jul-09 | 190,000 | 54,000 | ||||||||||||||||||||||
| Oct-07 | 30 days Shipyard or Project | |||||||||||||||||||||||||||||||
Sedco 601
|
semi | 1983 | 1,500 | 25,000 | Malaysia | Nippon Oil | May-07 | Jul-07 | 330,000 | 406,000 | ||||||||||||||||||||||
Sedneth 701
|
semi | 1972/1993 | 1,500 | 25,000 | Angola | Chevron | Jun-07 | Feb-10 | 360,000 | 90,000 | ||||||||||||||||||||||
Transocean Winner(9)
|
semi | 1983 | 1,500 | 25,000 | NNS | Hydro | Aug-06 | Oct-09 | 357,400 | 120,000 | ||||||||||||||||||||||
Transocean Searcher(9)
|
semi | 1983/1988 | 1,500 | 25,000 | NNS | Statoil | Oct-06 | Jan-09 | 335,500 | 137,500 | ||||||||||||||||||||||
| Apr-08 | 45 days Shipyard or Project | |||||||||||||||||||||||||||||||
| NNS | Statoil | Jan-09 | Mar-12 | 390,000 | 335,500 | |||||||||||||||||||||||||||
Transocean Prospect(9)
|
semi | 1983/1992 | 1,500 | 25,000 | UKNS | CNR | Sep-06 | Oct-08 | 201,200 | 98,000 | ||||||||||||||||||||||
| Nov-08 | 30 days Shipyard or Project | |||||||||||||||||||||||||||||||
J.W. McLean
|
semi | 1974/1996 | 1,250 | 25,000 | UKNS | Shell | Jul-07 | Sep-08 | 250,000 | 140,000 | ||||||||||||||||||||||
| Sep-08 | 30 days Shipyard or Project | |||||||||||||||||||||||||||||||
Sedco 704(9)
|
semi | 1974/1993 | 1,000 | 25,000 | UKNS | BG | Sep-06 | Jul-07 | 175,900 | 92,100 | ||||||||||||||||||||||
| Jul-07 | 60 Days Shipyard or project | |||||||||||||||||||||||||||||||
| UKNS | BP | Sep-07 | Nov-08 | 312,200 | 175,900 | |||||||||||||||||||||||||||
Sedco 706 (to be upgraded) (10) |
semi | 1976/1994 | 1,000 | 25,000 | UKNS | Total | Nov-06 | Jul-07 | 75,000 | 78,000 | ||||||||||||||||||||||
| semi | * | 6,500 | Aug-07 | 108 days Mob/Contract Prep | ||||||||||||||||||||||||||||
| Nov-07 | 319 days Shipyard or Project | |||||||||||||||||||||||||||||||
| Sep-08 | 79 days Mob/ Contract Prep | |||||||||||||||||||||||||||||||
| Brazil | Chevron | Nov-08 | Dec-11 | 361,000 | N/A | |||||||||||||||||||||||||||
| Jackups (25) | ||||||||||||||||||||||||||||||||
Interocean III
|
1978/1993 | 300 | 25,000 | Egypt | Devon | Jul-06 | Jul-07 | 65,000 | 52,000 | |||||||||||||||||||||||
| Egypt | Agiba | Jul-07 | Jun-08(16) | 119,000 | 65,000 | |||||||||||||||||||||||||||
Shelf Explorer
|
1982 | 300 | 20,000 | Malaysia | CTOC | Oct-06 | Sep-07 | 212,200 | 120,000 | |||||||||||||||||||||||
| Jul-07 | 14 days Shipyard or Project | |||||||||||||||||||||||||||||||
| Oct-07 | 15 days Mob/ Contract Prep | |||||||||||||||||||||||||||||||
Transocean Comet
|
1980 | 250 | 20,000 | Egypt | GUPCO | Oct-05 | Oct-07 | 61,500 | 32,000 | |||||||||||||||||||||||
Transocean Mercury
|
1969/1998 | 250 | 20,000 | Egypt | Petrobel | Feb-06 | Feb-08 | 58,000 | 50,000 | |||||||||||||||||||||||
Transocean Nordic
|
1984 | 300 | 25,000 | India | ONGC | Mar-05 | Dec-07 | 74,200 | 57,800 | |||||||||||||||||||||||
| Dec-07 | 100 days Shipyard or Project | |||||||||||||||||||||||||||||||
Trident II
|
1977/1985 | 300 | 25,000 | India | ONGC | Apr-07 | Apr-10 | 147,500 | 60,000 | |||||||||||||||||||||||
Trident IV
|
1980/1999 | 300 | 25,000 | Nigeria | Chevron | Feb-06 | Feb-08 | 90,000 | 120,000 | |||||||||||||||||||||||
Trident VI
|
1981 | 220 | 21,000 | Vietnam | PetroVietnam | Apr-07 | May-08 | 193,100 | 142,100 | |||||||||||||||||||||||
Trident VIII
|
1981 | 300 | 21,000 | Nigeria | Conoil | Apr-06 | May-08 | 66,000 | 55,500 | |||||||||||||||||||||||
| Estimated | ||||||||||||||||||||||||||||||||
| Yr. (1) | Current | Expiration | Current | Previous | ||||||||||||||||||||||||||||
| Floater | Entered | Water | Drilling | Contract | /Out of | Contract | Contract | |||||||||||||||||||||||||
| Rig Type/Name | Type | Service | Depth | Depth | Location | Client | Start/Idle Date | Service(2) | Dayrate(3) | Dayrate(3) | ||||||||||||||||||||||
| (Feet) | (Feet) | (Dollars) | (Dollars) | |||||||||||||||||||||||||||||
Trident IX
|
1982 | 400 | 20,000 | Vietnam | JVPC | Aug-06 | Aug-07 | 189,500 | 77,100 | |||||||||||||||||||||||
| Vietnam | JVPC | Aug-07 | Aug-08 | 210,000 | 189,500 | |||||||||||||||||||||||||||
Trident XII
|
1982/1992 | 300 | 25,000 | India | ONGC | Jan-07 | Feb-10 | 147,500 | 62,250 | |||||||||||||||||||||||
Trident XIV
|
1982/1994 | 300 | 20,000 | Cabinda | Chevron | Jun-06 | Feb-09 | 98,000 | 61,000 | |||||||||||||||||||||||
| Jan-07 | 250 days Shipyard or Project | |||||||||||||||||||||||||||||||
Trident 15
|
1982 | 300 | 25,000 | Thailand | Chevron | Feb-06 | Oct-11 | 100,000(11) | 59,750 | |||||||||||||||||||||||
| May-07 | 170 days Shipyard or Project | |||||||||||||||||||||||||||||||
Trident 16
|
1982 | 300 | 25,000 | Thailand | Chevron | Dec-05 | Oct-07 | 95,000 | 69,000 | |||||||||||||||||||||||
| Oct-07 | 15 days Shipyard or Project | |||||||||||||||||||||||||||||||
Trident 17
|
1983 | 355 | 25,000 | Malaysia | Carigali | May-07 | May-10 | 185,000 | 130,000 | |||||||||||||||||||||||
Trident 20
|
2000 | 350 | 25,000 | Caspian | Petronas Carigali | Jan-06 | Jan-10 | 130,000 | 90,000 | |||||||||||||||||||||||
| Jun-07 | 14 days Shipyard or Project | |||||||||||||||||||||||||||||||
| Nov-07 | 14 days | |||||||||||||||||||||||||||||||
| Shipyard or Project | ||||||||||||||||||||||||||||||||
| Feb-08 | 14 days | |||||||||||||||||||||||||||||||
| Shipyard or Project | ||||||||||||||||||||||||||||||||
Ron Tappmeyer
|
1978 | 300 | 25,000 | India | ONGC | Feb-07 | Feb-10 | 147,500 | 62,250 | |||||||||||||||||||||||
Randolph Yost
|
1979 | 300 | 25,000 | India | ONGC | Mar-07 | Mar-10 | 147,500 | 60,750 | |||||||||||||||||||||||
D.R. Stewart
|
1980 | 300 | 25,000 | Italy | Eni | Apr-07 | Apr-10 | 168,000 | 57,000 | |||||||||||||||||||||||
G.H. Galloway
|
1984 | 300 | 25,000 | Italy | Eni | Aug-06 | Aug-08 | 115,000 | 54,000 | |||||||||||||||||||||||
Harvey H. Ward
|
1981 | 300 | 25,000 | Malaysia | Talisman | Mar-07 | Aug-08 | 110,000 | 115,800 | |||||||||||||||||||||||
Roger W. Mowell
|
1982 | 300 | 25,000 | Malaysia | Talisman | Nov-06 | Dec-08 | 110,000 | 48,200 | |||||||||||||||||||||||
J.T. Angel
|
1982 | 300 | 25,000 | India | ONGC | Mar-07 | Apr-10 | 147,500 | 105,000 | |||||||||||||||||||||||
| Nov-08 | 15 days Shipyard or Project | |||||||||||||||||||||||||||||||
F.G. McClintock
|
1975 | 300 | 25,000 | India | ONGC | Jan-05 | Feb-08 | 50,000 | 50,000 | |||||||||||||||||||||||
C.E. Thornton
|
1974 | 300 | 25,000 | India | ONGC | May-06 | Mar-08 | 45,000 | 45,000 | |||||||||||||||||||||||
| Non-U.S. Drilling Barges (2) | ||||||||||||||||||||||||||||||||
Searex 4
|
1981/1989 | 21 | 25,000 | Indonesia | Total | Sep-04 | Sep-09 | 39,200 | N/A | |||||||||||||||||||||||
Hibiscus(4)
|
1979/1993 | 25 | 16,000 | Indonesia | Total | Mar-07 | Sep-07 | 74,000 | 47,700 | |||||||||||||||||||||||
| Sep-07 | 14 days Shipyard or Project | |||||||||||||||||||||||||||||||
| Other (2) | ||||||||||||||||||||||||||||||||
Joides Resolution(5)
|
ship | * | 1978 | 27,000 | 30,000 | Singapore | Oct-06 | 380 Days Shipyard or Project | 34,900 | |||||||||||||||||||||||
| Worldwide | TAMRF | Jan-08 | Sep-13 | 62,000 | ||||||||||||||||||||||||||||
Sedco 135D
|
1966/77/01 | 600 | Brazil | SLB | Jun-01 | Jun-09 | 28,500 | N/A | ||||||||||||||||||||||||
Fixed-Price Options |
||||||||||||||||||||||||||||||||
High Specification Floaters |
||||||||||||||||||||||||||||||||
| Ultra-Deepwater (1) | ||||||||||||||||||||||||||||||||
Sedco Express
|
semi | 2001 | 7,500 | 25,000 | Angola | BP | Jul-09 | Jul-10 | 169,500 | 169,500 | ||||||||||||||||||||||
| Other Deepwater (3) | ||||||||||||||||||||||||||||||||
| Estimated | ||||||||||||||||||||||||||||||||
| Yr. (1) | Current | Expiration | Current | Previous | ||||||||||||||||||||||||||||
| Floater | Entered | Water | Drilling | Contract | /Out of | Contract | Contract | |||||||||||||||||||||||||
| Rig Type/Name | Type | Service | Depth | Depth | Location | Client | Start/Idle Date | Service(2) | Dayrate(3) | Dayrate(3) | ||||||||||||||||||||||
| (Feet) | (Feet) | (Dollars) | (Dollars) | |||||||||||||||||||||||||||||
Discoverer 534
|
ship | * | 1975/1991 | 7,000 | 25,000 | India | Reliance | May-10 | Oct-10 | 250,000 | 250,000 | |||||||||||||||||||||
Sedco 709
|
semi | * | 1977/1999 | 5,000 | 25,000 | Nigeria | Shell | Nov-08 | Nov-09 | 205,000 | 205,000 | |||||||||||||||||||||
| Other High Specification (1) | ||||||||||||||||||||||||||||||||
Henry Goodrich
|
semi | 1985 | 2,000 | 30,000 | USGOM | Hydro | May-07 | Jun-10 | 350,000 | 350,000 | ||||||||||||||||||||||
| Other Floaters (1) | ||||||||||||||||||||||||||||||||
Transocean Searcher
|
semi | 1983/1988 | 1,500 | 25,000 | NNS | Statoil | Mar-12 | Sep-12 | 390,000 | 390,000 | ||||||||||||||||||||||
| Held for Sale (1) | ||||||||||||||||||||||||||||||||
Searex 6
|
1981/1991 | 25 | 25,000 | Cameroon | Jul-02 | Idle | 27,500 | |||||||||||||||||||||||||
| Additional 2008 Estimated Potential Out of Service Time By Rig Class | ||||||||||||||||||||||||||||||||
| See “Out of Service Days (Shipyards, Mobilizations, etc.)” on the cover page for a full description. | ||||||||||||||||||||||||||||||||
Ultra-Deepwater
|
— | |
Other Deepwater
|
— | |
Other High Spec
|
— | |
Other Floater Jackup Other |
60 Days 610 Days 50 Days |
| Footnotes: | ||
| (1) | Dates shown are the original service date and the date of the most recent upgrade, if any. | |
| (2) | Expiration dates represent the company’s current estimate of the earliest date the contract for each rig is likely to expire. Some rigs have two contracts in continuation, so the second line shows the estimated earliest availability. Many contracts permit the client to extend the contract. The out of service time represents those days in 2007 and, for certain expected out of service time events, 2008 where the company anticipates that a rig will be out of service and not be available to earn an operating dayrate for a period of 14 days or longer. Please refer to the “Out of Service Days (Shipyards, Mobilizations, Etc.)” section of the Cover Page for a full description. | |
| (3) | Represents the full operating dayrate, although the average dayrate over the term of the contract will be lower and could be substantially lower. Does not reflect incentive programs which are typically based on the rig’s operating performance against a performance curve. Please refer to the “Client Contract Duration and Dayrates and Risks Associated with Operations” section of the Cover Page for a description of dayrates. | |
| (4) | Owned by a joint venture in which the company has a 75% interest. | |
| (5) | Operated under a management contract with the rig’s owner. The rig is currently engaged in scientific geological coring activities and is owned by a joint venture in which a subsidiary of the company has a 50% interest. Dayrate indicated reflects 100% of contract rate. | |
| (6) | Current contract provides for a bonus incentive opportunity not reflected in the stated current contract dayrate. | |
| (7) | Dayrate reflects a base level to be paid over the estimated 450-day contract period. The rig will receive a dayrate higher than the stated base level when utilized in a water depth of greater than 2,000 feet. | |
| (8) | 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. | |
| (9) | Reflects contracted dayrate which could change due to foreign exchange adjustments. | |
| (10) | Chevron has the right to convert the contract to five years at a dayrate of $300,000. | |
| (11) | Dayrate subject to annual adjustment based on market dayrates within specified parameters. | |
| (12) | We have been awarded a 5-year drilling contract by Chevron for the construction of an enhanced Enterprise-class drillship to be named the Discoverer Clear Leader. Operations are expected to commence during the second quarter of 2009, after an estimated 30-month shipyard construction phase, followed by sea trials, mobilization to the U.S. Gulf of Mexico and customer acceptance. The contract commencement date is contingent on vendor performance and other factors. During the first three years of the contract, the contract dayrate is $472,300. The dayrate for the last two years of the contract are 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. | |
| (13) | We have been awarded a 4-year drilling contract by Hydro for the construction of an enhanced Enterprise-class drillship to be named the Discoverer Americas. Operations are expected to commence by mid-2009, after shipyard construction, followed by sea trials, mobilization to the U.S. Gulf of Mexico and customer acceptance. The contract commencement date is contingent on vendor performance and other factors. |
| (14) | We have been awarded a contract by Chevron for the construction of an enhanced Enterprise-class drillship to be named the Discoverer Inspiration. The contract has an initial term of five years, but can be converted at the customer’s election by September 2007 to a three-year duration. Operations are expected to commence during the first quarter of 2010, after shipyard construction, followed by sea trials, mobilization to the U.S. Gulf of Mexico and customer acceptance. The contract commencement date is contingent on vendor performance and other factors. The dayrate to be paid on a five-year contract period is $472,300, or $556,200 should the contract be converted to a three-year term. | |
| (15) | We have been awarded a drilling contract by BP for the construction of an enhanced Enterprise-class drillship. The contract has an initial term of five years, but can be converted at the customer’s election by the end of March 2008 to a seven-year duration. 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 a five-year contract period is $460,000, or $430,000 should the contract be converted to a seven-year term. | |
| (16) | The contract has an initial term of one year, but can be converted 18 months with a dayrate of $117,000 at the customer’s election. |