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): July 9, 2008
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) | (zip code) |
| 70 Harbour Drive | ||
| Grand Cayman, Cayman Islands | KY1-1003 | |
| (Address of principal executive offices) | (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):
| ¨ | 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 July 9, 2008 is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference. You may subscribe to the free Transocean Financial Report Alert which will alert you to new Transocean Fleet Status Reports. This service will send you an automated email which will provide a link directly to the web page containing the updated report. You may subscribe to this service at the “Investor Relations/Email Alerts” section of the site by selecting “Receive E-mail” and providing your email address. Our website may be found at www.deepwater.com.
Item 9.01. Financial Statements and Exhibits
| (d) | Exhibits. |
The exhibit to this report furnished pursuant to item 7.01 is as follows:
| Exhibit No. |
Description | |
| 99.1 | Transocean Inc. Fleet Status Report | |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| TRANSOCEAN INC. | ||||||
| Date: July 9, 2008 | By | /s/ Chipman Earle | ||||
| Chipman Earle Associate General Counsel and Corporate Secretary | ||||||
Index to Exhibits
| Exhibit |
Description | |
| 99.1 | Transocean Inc. Fleet Status Report | |
 |
Transocean Inc. (NYSE: RIG) Fleet Status Report |
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.). Estimated out of service time for 2008 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. Additional rig out of service time in 2008 may occur and will be added to the report as such events arise. 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, except as required by law.
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 Floaters” is comprised of “Ultra-Deepwater” which refers to the latest generation of semisubmersible rigs and drillships possessing the latest technical drilling capabilities and the ability to operate in water depths equal to or greater than 7,500 feet, “Deepwater” which refers to semisubmersible rigs and drillships that possess the ability to drill in water depths equal to or greater than 4,500 feet, and “Harsh Environment” comprised of five of the company’s premium harsh environment rigs, the semisubmersibles Henry Goodrich, Transocean Leader, Paul B. Loyd, Jr., Transocean Arctic and Polar Pioneer. The category titled “Midwater Floaters” represents semisubmersible rigs and drillships that possess the ability to drill in water depths of up to 4,499 feet. The jackup fleet is subdivided into two categories; “High Specification” which consists of harsh environment and high performance jackups and “Standard”.
|
|
Transocean Inc. (NYSE: RIG) Fleet Status Report |
Updated: July 9, 2008
Revisions to Last Month’s Fleet Status Report Noted in Bold
Dynamically positioned «
| Rig Type/Name | Floater Type |
Yr. (1) Entered Service |
Water Depth (Feet) |
Drilling Depth (Feet) |
Location | Client | Current Contract Start/Idle Date |
Estimated Expiration /Out of Service (2) |
Current Contract Dayrate (3) (Dollars) |
Previous Contract Dayrate (3) (Dollars) |
|||||||||||||||
| Rigs Under Construction (10) |
|||||||||||||||||||||||||
| Discoverer Clear Leader (16) |
ship | « | TBA | 12,000 | 40,000 | USGOM | Chevron | See Footnote 4 | See Footnote 4 | See Footnote 4 | N/A | ||||||||||||||
| Discoverer Americas (16) |
ship | « | TBA | 12,000 | 40,000 | USGOM | StatoilHydro | See Footnote 5 | See Footnote 5 | 475,000 | N/A | ||||||||||||||
| Discoverer Inspiration (16) |
ship | « | TBA | 12,000 | 40,000 | USGOM | Chevron | See Footnote 6 | See Footnote 6 | 472,000 | N/A | ||||||||||||||
| HHI Drillship TBN |
ship | « | TBA | 12,000 | 40,000 | TBA | TBA | See Footnote 7 | See Footnote 7 | See Footnote 7 | N/A | ||||||||||||||
| Dhirubhai Deepwater KG1 |
ship | « | TBA | 12,000 | 35,000 | India | Reliance | See Footnote 8 | See Footnote 8 | See Footnote 8 | N/A | ||||||||||||||
| Dhirubhai Deepwater KG2 |
ship | « | TBA | 10,000 | 35,000 | India | Reliance | See Footnote 9 | See Footnote 9 | See Footnote 9 | N/A | ||||||||||||||
| Enhanced Enterprise-Class Drillship No. 5 |
ship | « | TBA | 10,000 | 35,000 | India | Reliance | See Footnote 10 | See Footnote 10 | See Footnote 10 | N/A | ||||||||||||||
| Petrobras 10000 (31) |
Ship | « | TBA | 10,000 | 37,500 | TBA | Petrobras | See Footnote 31 | See Footnote 31 | See Footnote 31 | N/A | ||||||||||||||
| Discoverer Luanda |
ship | « | TBA | 7,500 | 40,000 | Angola | BP | See Footnote 11 | See Footnote 11 | See Footnote 11 | N/A | ||||||||||||||
| GSF Development Driller III (16) |
semi | « | TBA | 7,500 | 30,000 | Angola | BP | See Footnote 12 | See Footnote 12 | 382,000 | N/A | ||||||||||||||
| High Specification Floaters: |
|||||||||||||||||||||||||
| Ultra-Deepwater (18) |
|||||||||||||||||||||||||
| Discoverer Deep Seas (16) |
ship | « | 2001 | 10,000 | 35,000 | USGOM | Chevron | Jan-08 | Feb-09 | 335,000 | 294,000 | ||||||||||||||
| USGOM | Chevron | Mar-09 | Mar-11 | 485,000 | 335,000 | ||||||||||||||||||||
| Discoverer Enterprise (16) |
ship | « | 1999 | 10,000 | 35,000 | USGOM | BP | Dec-07 | Dec-10 | 520,000 | 191,000 | ||||||||||||||
| Discoverer Spirit (16) |
ship | « | 2000 | 10,000 | 35,000 | USGOM | Anadarko | Dec-07 | Dec-10 | 500,000 | 298,000 | ||||||||||||||
| USGOM | Anadarko | Dec-10 | Dec-13 | 520,000 | 500,000 | ||||||||||||||||||||
| GSF C.R. Luigs (16) |
ship | « | 2000 | 10,000 | 35,000 | USGOM | BHP Billiton | Sep-07 | Sep-09 | 393,000 | 225,000 | ||||||||||||||
| USGOM | BHP Billiton | Sep-09 | Nov-13 | 510,000 | 393,000 | ||||||||||||||||||||
| GSF Jack Ryan (16) |
ship | « | 2000 | 10,000 | 35,000 | Nigeria | Total | Jun-07 | Jun-09 | 297,000 | 270,000 | ||||||||||||||
| Nigeria | Total | Jun-09 | Jul-13 | 425,000 | 297,000 | ||||||||||||||||||||
| Deepwater Discovery |
ship | « | 2000 | 10,000 | 30,000 | Nigeria | Total | Mar-07 | Aug-08 | 368,000 | 357,000 | ||||||||||||||
| Brazil | Devon | Aug-08 | Jan-14 | 425,000 | (15) | 368,000 | |||||||||||||||||||
| Deepwater Frontier |
ship | « | 1999 | 10,000 | 30,000 | India | Reliance | Aug-06 | Aug-08 | 320,000 | 145,000 | ||||||||||||||
| India | Reliance | Aug-08 | Sep-11 | 477,000 | 320,000 | ||||||||||||||||||||
| Deepwater Millennium (15) (16) |
ship | « | 1999 | 10,000 | 30,000 | Brazil | Anadarko | May-08 | Aug-10 | 491,000 | 302,000 | ||||||||||||||
| Brazil | Anadarko | Aug-10 | Aug-13 | 535,000 | 491,000 | ||||||||||||||||||||
| Deepwater Pathfinder |
ship | « | 1998 | 10,000 | 30,000 | Nigeria | Shell/Chevron/ | Jul-07 | Jul-09 | 395,000 | (15) | 190,000 | |||||||||||||
| Agip/Petrobras | |||||||||||||||||||||||||
| TBN | TBN | Aug-09 | Dec-09 | 600,000 | 395,000 | (15) | |||||||||||||||||||
| Ivory Coast |
Lukoil | Dec-09 | Feb-10 | 630,000 | 600,000 | ||||||||||||||||||||
| Feb-10 | 25 days Mob/ Contract Prep |
||||||||||||||||||||||||
| USGOM | Eni | Mar-10 | Mar-15 | 650,000 | 630,000 | ||||||||||||||||||||
| Deepwater Horizon (16) |
semi | « | 2001 | 10,000 | 30,000 | USGOM | BP | Oct-07 | Oct-10 | See Footnote 13 | 278,000 | ||||||||||||||
| Deepwater Expedition |
ship | « | 1999 | 10,000 | 30,000 | India | Reliance | Jul-08 | Aug-10 | 375,000 | 320,000 | ||||||||||||||
| Cajun Express (16) |
semi | « | 2001 | 8,500 | 25,000 | USGOM | Chevron | Aug-07 | Jan-10 | 463,000 | 216,000 | ||||||||||||||
| Aug-08 | 15 days Shipyard or Project |
||||||||||||||||||||||||
| Deepwater Nautilus (16) |
semi | 2000 | 8,000 | 30,000 | USGOM | Shell | Dec-06 | Dec-08 | 449,000 | 220,000 | |||||||||||||||
| USGOM | Shell | Dec-08 | Jan-12 | 535,000 | 449,000 | ||||||||||||||||||||
| GSF Explorer |
ship | « | 1972/1998 | 7,800 | 30,000 | Angola | BP | Jun-07 | Apr-09 | 427,000 | (16) | 365,000 | |||||||||||||
| Angola | BP | Apr-09 | Jul-09 | 450,000 | (16) | 427,000 | (16) | ||||||||||||||||||
| Indonesia | Marathon-led Consortium |
Jan-10 | Jan-12 | 510,000 | 450,000 | ||||||||||||||||||||
| GSF Development Driller I (16) |
semi | « | 2004 | 7,500 | 37,500 | USGOM | BHP Billiton | Jun-08 | Aug-12 | 510,000 | 220,000 | ||||||||||||||
| GSF Development |
semi | « | 2004 | 7,500 | 37,500 | USGOM | BP | Nov-07 | Nov-08 | 208,000 | 198,000 | ||||||||||||||
| USGOM | BP | Nov-08 | Jan-14 | 580,000 | 208,000 | ||||||||||||||||||||
| Sedco Energy (15) (16) |
semi | « | 2001 | 7,500 | 30,000 | Nigeria | Chevron | Jan-08 | Mar-11 | 482,000 | 202,000 | ||||||||||||||
| Jun-08 | 30 days Shipyard or Project |
||||||||||||||||||||||||
| Sedco Express (14) (16) |
semi | « | 2001 | 7,500 | 30,000 | Angola | BP | Jun-05 | Aug-10 | 183,000 | 125,000 | ||||||||||||||
| Deepwater (16) | |||||||||||||||||||||||||
| Deepwater Navigator (15) |
ship | « | 2000 | 7,200 | 25,000 | Brazil | Petrobras | Mar-07 | Apr-11 | 190,000 | 300,000 | ||||||||||||||
| Discoverer 534 |
ship | « | 1975/1991 | 7,000 | 25,000 | India | Reliance | Dec-07 | Jul-10 | 250,000 | 245,000 | ||||||||||||||
| Discoverer Seven Seas |
ship | « | 1976/1997 | 7,000 | 25,000 | India | ONGC | Jul-08 | Aug-11 | 316,000 | 292,000 | ||||||||||||||
| Transocean Marianas (16) |
semi | 1979/1998 | 7,000 | 25,000 | USGOM | BP | Dec-07 | Jan-10 | 446,000 | 528,000 | |||||||||||||||
| USGOM | Eni | Jan-10 | Jan-12 | 565,000 | 446,000 | ||||||||||||||||||||
| Sedco 706 (to be upgraded) (15) |
semi | « | 1976/1994/ 2008 |
6,500 | 25,000 | Nov-07 | 430 days Shipyard or Project |
||||||||||||||||||
| Dec-08 | 80 days Mob/ Contract Prep |
||||||||||||||||||||||||
| Brazil | Chevron | Mar-09 | Apr-14 | 313,000 | N/A | ||||||||||||||||||||
| Sedco 702 (15) |
semi | « | 1973/2007 | 6,500 | 25,000 | Nigeria | Shell | Mar-08 | Mar-11 | 350,000 | N/A | ||||||||||||||
| Sedco 707 (15) |
semi | « | 1976/1997 | 6,500 | 25,000 | Brazil | Petrobras | Dec-05 | Dec-09 | 190,000 | N/A | ||||||||||||||
| GSF Celtic Sea (16) |
semi | 1982/1998 | 5,750 | 25,000 | Jun-08 | 120 days Shipyard or Project |
|||||||||||||||||||
| Oct-08 | 60 days Mob/ Contract Prep |
||||||||||||||||||||||||
| Brazil | British Gas | Dec-08 | Dec-10 | 457,000 | (15) | 342,000 | |||||||||||||||||||
| Brazil | British Gas | Dec-08 | Dec-10 | 457,000 | (15) | 0 | |||||||||||||||||||
Page 2
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|
Transocean Inc. (NYSE: RIG) Fleet Status Report |
Updated: July 9, 2008
Revisions to Last Month’s Fleet Status Report Noted in Bold
Dynamically positioned «
| Rig Type/Name | Floater Type |
Yr. (1) Entered Service |
Water Depth (Feet) |
Drilling Depth (Feet) |
Location | Client | Current Contract Start/Idle Date |
Estimated Expiration /Out of Service (2) |
Current Contract Dayrate (3) (Dollars) |
Previous Contract Dayrate (3) (Dollars) | ||||||||||||||
| Jack Bates |
semi | 1986/1997 | 5,400 | 30,000 | Australia | Woodside | Jun-07 | Sep-08 | 362,000 | (25) | 475,000 | |||||||||||||
| Sep-08 | 21 days Mob/ Contract Prep |
|||||||||||||||||||||||
| Indonesia | Eni | Oct-08 | Apr-09 | 530,000 | 362,000 | |||||||||||||||||||
| Apr-09 | 15 days Mob/ Contract Prep |
|||||||||||||||||||||||
| Australia | Hess | Apr-09 | Jul-10 | 362,000 | (25) | 530,000 | ||||||||||||||||||
| Sedco 709 (15) |
semi | « | 1977/1999 | 5,000 | 25,000 | Nigeria | Shell | Oct-06 | Oct-09 | 205,000 | 175,000 | |||||||||||||
| M.G. Hulme, Jr. |
semi | 1983/1996 | 5,000 | 25,000 | Angola | Eni | Jan-08 | Sep-08 | 430,000 | 355,000 | ||||||||||||||
| Nigeria | Eni | Sep-08 | Jan-10 | 430,000 | (15) | 430,000 | ||||||||||||||||||
| Transocean Richardson (14) (16) |
semi | 1988 | 5,000 | 25,000 | Angola | Chevron | Aug-07 | Oct-10 | 454,000 | 300,000 | ||||||||||||||
| Jul-08 | 75 days Shipyard or Project |
|||||||||||||||||||||||
| Jim Cunningham (16) (32) |
semi | 1982/1995 | 4,600 | 25,000 | Angola | ExxonMobil | Oct-07 | Oct-08 | 364,000 | 357,000 | ||||||||||||||
| Angola | ExxonMobil | Oct-08 | May-09 | 372,000 | 364,000 | |||||||||||||||||||
| Angola | ExxonMobil | May-09 | Dec-10 | 475,000 | 372,000 | |||||||||||||||||||
| Sedco 710 (14) (15) |
semi | « | 1983/2001 | 4,500 | 25,000 | Brazil | Petrobras | Oct-06 | Nov-10 | 126,000 | 190,000 | |||||||||||||
| May-08 | 85 days Shipyard or Project |
|||||||||||||||||||||||
| Transocean Rather (15) |
semi | 1988 | 4,500 | 25,000 | UKNS | BP | Oct-07 | Dec-08 | 254,000 | 304,000 | ||||||||||||||
| Aug-08 | 20 days Shipyard or Project |
|||||||||||||||||||||||
| UKNS | BP | Dec-08 | Sep-09 | 436,000 | 254,000 | |||||||||||||||||||
| Sovereign Explorer (16) |
semi | 1984 | 4,500 | 25,000 | Brazil | Repsol | Jul-08 | May-10 | 386,000 | (15) | 380,000 | |||||||||||||
| Aug-08 | 35 days Shipyard or Project |
|||||||||||||||||||||||
| Harsh Environment (5) |
||||||||||||||||||||||||
| Henry Goodrich (16) |
semi | 1985/2007 | 5,000 | 30,000 | USGOM | StatoilHydro | Jun-07 | Jul-10 | 358,000 | 173,000 | ||||||||||||||
| Transocean Leader (15) (16) |
semi | 1987/1997 | 4,500 | 25,000 | NNS | StatoilHydro | May-08 | Nov-08 | 340,000 | 320,000 | ||||||||||||||
| NNS | StatoilHydro | Nov-08 | Nov-09 | 392,000 | 340,000 | |||||||||||||||||||
| NNS | StatoilHydro | Nov-09 | May-12 | 452,000 | (17) | 392,000 | ||||||||||||||||||
| Paul B. Loyd, Jr. (15) |
semi | 1990 | 2,000 | 25,000 | UKNS | BP | Mar-07 | May-09 | 326,000 | 145,000 | ||||||||||||||
| Transocean Arctic (15) (16) |
semi | 1986 | 1,650 | 25,000 | NNS | StatoilHydro | Jan-07 | Apr-12 | 293,000 | 195,000 | ||||||||||||||
| Polar Pioneer (15) (16) |
semi | 1985 | 1,500 | 25,000 | NNS | StatoilHydro | Aug-06 | Feb-10 | 313,000 | 181,000 | ||||||||||||||
| NNS | StatoilHydro | Feb-10 | Feb-14 | 508,000 | 313,000 | |||||||||||||||||||
| Midwater Floaters (29) |
||||||||||||||||||||||||
| Sedco 700 |
semi | 1973/1997 | 3,600 | 25,000 | Equatorial Guinea |
Noble Energy | May-08 | Jul-08 | 410,000 | 395,000 | ||||||||||||||
| Transocean Legend |
semi | 1983 | 3,500 | 25,000 | Philippines | Tap Oil | Jul-08 | Aug-08 | 443,000 | 405,000 | ||||||||||||||
| Myanmar | Daewoo | Sep-08 | Jan-09 | 411,000 | 443,000 | |||||||||||||||||||
| Transocean Amirante (16) |
semi | 1978/1997 | 3,500 | 25,000 | USGOM | Eni | Jul-08 | May-11 | 380,000 | 325,000 | ||||||||||||||
| GSF Arctic I (15) (16) |
semi | 1983/1996 | 3,400 | 25,000 | Brazil | Shell | Mar-08 | Dec-10 | 271,000 | 265,000 | ||||||||||||||
| C. Kirk Rhein, Jr. |
semi | 1976/1997 | 3,300 | 25,000 | India | Reliance | Feb-07 | Jul-08 | 190,000 | (27) | N/A | |||||||||||||
| Jul-08 | 30 days Mob/ Contract Prep |
|||||||||||||||||||||||
| Mozambique | Sasol | Aug-08 | Oct-08 | 362,000 | 190,000 | |||||||||||||||||||
| Transocean Driller (14) (15) |
semi | 1991 | 3,000 | 25,000 | Brazil | Petrobras | Aug-06 | Aug-10 | 116,000 | 53,000 | ||||||||||||||
| GSF Rig 135 (16) |
semi | 1983 | 2,400 | 25,000 | Congo | Total | Oct-07 | Dec-09 | 325,000 | 325,000 | ||||||||||||||
| Congo | Total | Feb-10 | Jun-10 | 380,000 | 325,000 | |||||||||||||||||||
| GSF Rig 140 (16) |
semi | 1983 | 2,400 | 25,000 | Angola | ExxonMobil | Oct-07 | Oct-08 | 254,000 | (22) | 309,000 | |||||||||||||
| Angola | ExxonMobil | Oct-08 | Jun-09 | 309,000 | 254,000 | |||||||||||||||||||
| Falcon 100 (14) (15) |
semi | 1974/1999 | 2,400 | 25,000 | Brazil | Petrobras | Mar-08 | Apr-13 | 249,000 | 180,000 | ||||||||||||||
| GSF Aleutian Key (16) |
semi | 1976/2001 | 2,300 | 25,000 | Angola | Sonangol | Nov-07 | Jul-09 | 357,000 | 145,000 | ||||||||||||||
| Istiglal (16) (21) |
semi | 1995/1998 | 2,300 | 20,000 | Caspian | BP | Jun-08 | Feb-09 | 111,000 | 113,000 | ||||||||||||||
| Sedco 703 |
semi | 1973/1995 | 2,000 | 25,000 | Australia | Woodside | Aug-07 | Dec-08 | 435,000 | 400,000 | ||||||||||||||
| Australia | ConocoPhillips | Jan-09 | Aug-09 | 450,000 | 435,000 | |||||||||||||||||||
| Sedco 711 |
semi | 1982 | 1,800 | 25,000 | UKNS | Shell | Nov-07 | Feb-09 | 283,000 | 150,000 | ||||||||||||||
| UKNS | Shell | Feb-09 | Feb-11 | 385,000 | 283,000 | |||||||||||||||||||
| Transocean John Shaw |
semi | 1982 | 1,800 | 25,000 | Jun-08 | 40 Days Shipyard or Project |
||||||||||||||||||
| UKNS | Petrofac | Jul-08 | Sep-09 | 350,000 | 380,000 | |||||||||||||||||||
| GSF Arctic III |
semi | 1984 | 1,800 | 25,000 | Apr-08 | 160 Days Shipyard or Project |
||||||||||||||||||
| Sep-08 | 20 days Mob/ Contract Prep |
|||||||||||||||||||||||
| Libya | Eni | Sep-08 | Sep-09 | 453,000 | 350,000 | |||||||||||||||||||
| Sedco 712 |
semi | 1983 | 1,600 | 25,000 | UKNS | Oilexco | Mar-08 | May-10 | 340,000 | 235,000 | ||||||||||||||
| Sedco 714 (15) |
semi | 1983/1997 | 1,600 | 25,000 | UKNS | Total | Jun-08 | Aug-08 | 357,000 | 258,000 | ||||||||||||||
| UKNS | Total | Sep-08 | Jan-09 | 207,000 | 357,000 | |||||||||||||||||||
| UKNS | Total | Jan-09 | Mar-09 | 257,000 | 207,000 | |||||||||||||||||||
| UKNS | Total | Apr-09 | Jul-09 | 357,000 | 257,000 | |||||||||||||||||||
| GSF Arctic IV (16) (24) |
semi | 1983/1999 | 1,500 | 25,000 | UKNS | Shell | Sep-07 | Sep-10 | 275,000 | 185,000 | ||||||||||||||
| GSF Grand Banks (16) |
semi | 1984 | 1,500 | 25,000 | East Canada | Husky | Jan-08 | Feb-11 | 353,000 | 144,000 | ||||||||||||||
| Actinia |
semi | 1982 | 1,500 | 25,000 | India | Reliance | Sep-06 | Oct-09 | 190,000 | 54,000 | ||||||||||||||
| Sedco 601 |
semi | 1983 | 1,500 | 25,000 | Malaysia | Petronas Carigali |
Jan-08 | Feb-11 | 255,000 | 268,000 | ||||||||||||||
| Sedneth 701 |
semi | 1972/1993 | 1,500 | 25,000 | Angola | Chevron | Jun-07 | May-10 | 362,000 | 90,000 | ||||||||||||||
Page 3
|
|
Transocean Inc. (NYSE: RIG) Fleet Status Report |
Updated: July 9, 2008
Revisions to Last Month’s Fleet Status Report Noted in Bold
Dynamically positioned «
| Rig Type/Name | Floater Type |
Yr. (1) Entered Service |
Water Depth (Feet) |
Drilling Depth (Feet) |
Location | Client | Current Contract Start/Idle Date |
Estimated Expiration /Out of Service (2) |
Current Contract Dayrate (3) (Dollars) |
Previous Contract Dayrate (3) (Dollars) | |||||||||||||
| May-08 | 80 days Shipyard or Project |
||||||||||||||||||||||
| Transocean Winner (15) (16) |
semi | 1983 | 1,500 | 25,000 | NNS | StatoilHydro | Aug-06 | Oct-09 | 391,000 | 120,000 | |||||||||||||
| NNS | Lundin | Oct-09 | Dec-12 | 462,000 | 391,000 | ||||||||||||||||||
| Transocean Searcher (15) (16) |
semi | 1983/1988 | 1,500 | 25,000 | NNS | StatoilHydro | Oct-06 | Dec-08 | 368,000 | 138,000 | |||||||||||||
| NNS | StatoilHydro | Jan-09 | Mar-12 | 420,000 | 368,000 | ||||||||||||||||||
| Transocean Prospect |
semi | 1983/1992 | 1,500 | 25,000 | UKNS | CNR | Sep-06 | Nov-08 | 206,000 | (15) | 98,000 | ||||||||||||
| UKNS | Nexen | Nov-08 | Feb-11 | 365,000 | 207,000 | ||||||||||||||||||
| Dada Gorgud (16) (21) |
semi | 1978/1998 | 1,500 | 25,000 | Caspian | BP | Jan-08 | Dec-08 | 105,000 | 90,000 | |||||||||||||
| J.W. McLean |
semi | 1974/1996 | 1,250 | 25,000 | UKNS | Shell | Jul-07 | Aug-08 | 250,000 | 140,000 | |||||||||||||
| UKNS | ConocoPhillips | Aug-08 | Feb-09 | 400,000 | 250,000 | ||||||||||||||||||
| GSF Arctic II (24) |
semi | 1982 | 1,200 | 25,000 | UKNS | Lundin | Jul-08 | Aug-08 | 425,000 | (16) | 420,000 | ||||||||||||
| Ireland | Providence Resources |
Aug-08 | Nov-08 | 400,000 | 425,000 | ||||||||||||||||||
| Sedco 704 |
semi | 1974/1993 | 1,000 | 25,000 | UKNS | BP | Sep-07 | Nov-08 | 316,000 | (15) | 176,000 | ||||||||||||
| UKNS | ADTI | Nov-08 | Jan-10 | 371,000 | (23) | 316,000 | |||||||||||||||||
| High Specification Jackups (10) |
|||||||||||||||||||||||
| GSF Constellation I (16) |
2003 | 400 | 30,000 | Trinidad | BP | Aug-07 | Sep-09 | 219,000 | 76,000 | ||||||||||||||
| GSF Constellation II (16) |
2004 | 400 | 30,000 | Egypt | BP | Jun-07 | Apr-10 | 194,000 | 170,000 | ||||||||||||||
| GSF Galaxy I |
1991/2001 | 400 | 30,000 | UKNS | BP | May-08 | Jul-08 | 300,000 | 105,000 | ||||||||||||||
| UKNS | BP | Jul-08 | Nov-08 | 100,000 | 300,000 | ||||||||||||||||||
| UKNS | BP | Nov-08 | May-09 | 115,000 | 100,000 | ||||||||||||||||||
| UKNS | BP | May-09 | Aug-09 | 227,000 | 115,000 | ||||||||||||||||||
| GSF Galaxy II |
1998 | 400 | 30,000 | UKNS | Centrica | Jul-08 | Apr-09 | 220,000 | 300,000 | ||||||||||||||
| GSF Galaxy III (15) (16) |
1999 | 400 | 30,000 | UKNS | Nexen | Oct-07 | Nov-09 | 114,000 | 100,000 | ||||||||||||||
| Jul-08 | 35 days Shipyard or Project |
||||||||||||||||||||||
| UKNS | Nexen | Nov-09 | May-10 | 116,000 | 114,000 | ||||||||||||||||||
| GSF Baltic (15) (16) |
1983 | 375 | 25,000 | Nigeria | ExxonMobil | May-07 | May-09 | 205,000 | 240,000 | ||||||||||||||
| GSF Magellan (16) |
1992 | 350 | 30,000 | UKNS | Shell | Sep-07 | Jul-08 | 300,000 | 145,000 | ||||||||||||||
| UKNS | Shell | Aug-08 | Jan-09 | 145,000 | 300,000 | ||||||||||||||||||
| Dec-08 | 35 days Shipyard or Project |
||||||||||||||||||||||
| GSF Monarch |
1986 | 350 | 30,000 | UKNS | Shell | Dec-07 | May-09 | 78,000 | 70,000 | ||||||||||||||
| GSF Monitor (16) |
1989 | 350 | 30,000 | Trinidad | BP | Apr-07 | Apr-09 | 151,000 | 70,000 | ||||||||||||||
| Trident 20 |
2000 | 350 | 25,000 | Caspian | Petronas Carigali |
Jan-06 | Jan-10 | 130,000 | 90,000 | ||||||||||||||
| Nov-08 | 14 days Shipyard or Project |
||||||||||||||||||||||
| Standard Jackups (55) |
|||||||||||||||||||||||
| Trident IX |
1982 | 400 | 20,000 | Vietnam | JVPC | Aug-07 | Sep-08 | 210,000 | 188,000 | ||||||||||||||
| Sep-08 | 110 days Shipyard or Project |
||||||||||||||||||||||
| Trident 17 (16) |
1983 | 355 | 25,000 | Malaysia | Petronas Carigali |
Sep-07 | May-10 | 185,000 | 195,000 | ||||||||||||||
| GSF Adriatic II (16) |
1981 | 350 | 25,000 | Angola | Chevron | May-07 | May-09 | 192,000 | 55,000 | ||||||||||||||
| GSF Adriatic IX (16) |
1981 | 350 | 25,000 | Gabon | Total | Jul-08 | Jul-09 | 188,000 | 155,000 | ||||||||||||||
| GSF Adriatic X (30) |
1982 | 350 | 30,000 | Egypt | Petrobel | Nov-06 | Nov-08 | 150,000 | 63,000 | ||||||||||||||
| Nov-08 | 14 days Shipyard or Project |
||||||||||||||||||||||
| Egypt | Petrobel | Nov-08 | Nov-10 | 182,000 | 150,000 | ||||||||||||||||||
| GSF Key Manhattan (28) |
1980 | 350 | 25,000 | Egypt | Petrobel | Aug-07 | Aug-08 | 155,000 | 136,000 | ||||||||||||||
| Egypt | Petrobel | Aug-08 | Aug-09 | 172,000 | 155,000 | ||||||||||||||||||
| GSF Key Singapore (29) |
1982 | 350 | 25,000 | Jun-08 | 75 days Shipyard or Project |
||||||||||||||||||
| Egypt | Petrobel | Aug-08 | May-10 | 172,000 | 155,000 | ||||||||||||||||||
| GSF Adriatic VI |
1981 | 328 | 25,000 | Nigeria | Afren | Jan-08 | Oct-08 | 210,000 | (16) | 195,000 | |||||||||||||
| Gabon | Vaalco | Oct-08 | Jan-09 | 218,000 | 210,000 | ||||||||||||||||||
| Gabon | Forest Oil | Jan-09 | Mar-09 | 225,000 | 218,000 | ||||||||||||||||||
| GSF Adriatic VIII (15) (16) |
1983 | 328 | 25,000 | Nigeria | ExxonMobil | Mar-07 | Mar-09 | 187,000 | 145,000 | ||||||||||||||
| Nigeria | ExxonMobil | Apr-09 | Apr-10 | 220,000 | 145,000 | ||||||||||||||||||
| C.E. Thornton (15) |
1974 | 300 | 25,000 | Feb-08 | 200 days Shipyard or Project |
||||||||||||||||||
| India | ONGC | Oct-08 | Nov-11 | 150,000 | 45,000 | ||||||||||||||||||
| D.R. Stewart |
1980 | 300 | 25,000 | Italy | Eni | Apr-07 | Apr-10 | 168,000 | 57,000 | ||||||||||||||
| F.G. McClintock |
1975 | 300 | 25,000 | Apr-08 | 170 days Shipyard or Project |
||||||||||||||||||
| India | ONGC | Oct-08 | Nov-11 | 145,000 | 50,000 | ||||||||||||||||||
| G.H. Galloway |
1984 | 300 | 25,000 | Italy | Eni | Aug-06 | Aug-08 | 115,000 | 54,000 | ||||||||||||||
| Italy | Eni | Aug-08 | Jan-12 | 170,000 | 115,000 | ||||||||||||||||||
| GSF Adriatic I (16) |
1981 | 300 | 25,000 | Angola | Chevron | Apr-07 | Apr-09 | 192,000 | 110,000 | ||||||||||||||
| GSF Adriatic V (16) |
1979 | 300 | 25,000 | Angola | Chevron | Mar-07 | Mar-09 | 190,000 | 55,000 | ||||||||||||||
| GSF Adriatic XI (16) |
1983 | 300 | 25,000 | Vietnam | Hoang Long JOC |
Oct-07 | Aug-08 | 221,000 | 110,000 | ||||||||||||||
| Aug-08 | 14 days Shipyard or Project |
||||||||||||||||||||||
| GSF Compact Driller (16) |
1992 | 300 | 25,000 | Thailand | Chevron | Oct-07 | May-09 | 196,000 | 186,000 | ||||||||||||||
| GSF Galveston Key |
1978 | 300 | 25,000 | Vietnam | Cuu Long JOC | Mar-08 | Sep-08 | 187,000 | 147,000 | ||||||||||||||
| Vietnam | Cuu Long JOC | Sep-08 | Mar-09 | 192,000 | 187,000 | ||||||||||||||||||
| Vietnam | Cuu Long JOC | Mar-09 | Sep-09 | 197,000 | 192,000 | ||||||||||||||||||
Page 4
|
|
Transocean Inc. (NYSE: RIG) Fleet Status Report |
Updated: July 9, 2008
Revisions to Last Month’s Fleet Status Report Noted in Bold
Dynamically positioned «
| Rig Type/Name | Floater Type |
Yr. (1) Entered Service |
Water Depth (Feet) |
Drilling Depth (Feet) |
Location | Client | Current Contract Start/Idle Date |
Estimated Expiration/Out of Service (2) |
Current Contract Dayrate (3) (Dollars) |
Previous Contract Dayrate (3) (Dollars) | |||||||||||||
| Vietnam | Cuu Long JOC | Sep-09 | Mar-10 | 202,000 | 197,000 | ||||||||||||||||||
| GSF Key Gibraltar |
1976/1996 | 300 | 25,000 | Thailand | PTTEP | Oct-07 | Dec-08 | 205,000 | 192,000 | ||||||||||||||
| GSF Key Hawaii (16) |
1982 | 300 | 25,000 | Qatar | Maersk | Jul-07 | Jul-09 | 175,000 | 195,000 | ||||||||||||||
| GSF Labrador |
1983 | 300 | 25,000 | UKNS | E.On | Jun-08 | Oct-08 | 208,000 | 227,000 | ||||||||||||||
| GSF Main Pass I |
1982 | 300 | 25,000 | Saudi Arabia | Saudi Aramco | Jul-07 | Jul-11 | 164,000 | 100,000 | ||||||||||||||
| GSF Main Pass IV |
1982 | 300 | 25,000 | Saudi Arabia | Saudi Aramco | Aug-07 | Jul-11 | 164,000 | 100,000 | ||||||||||||||
| GSF Parameswara |
1983 | 300 | 20,000 | Indonesia | Total | Jan-07 | Jul-08 | 102,000 | 70,000 | ||||||||||||||
| Jul-08 | 60 days Shipyard or Project |
||||||||||||||||||||||
| Indonesia | Total | Aug-08 | Feb-09 | 106,000 | 102,000 | ||||||||||||||||||
| GSF Rig 134 |
1982 | 300 | 20,000 | Malaysia | Petronas Carigali |
Apr-07 | May-10 | 166,000 | 128,000 | ||||||||||||||
| GSF Rig 136 |
1982 | 300 | 20,000 | Malaysia | Petronas Carigali |
Jun-08 | Jun-09 | 175,000 | 185,000 | ||||||||||||||
| Jul-08 | 30 days Shipyard or Project |
||||||||||||||||||||||
| Harvey H. Ward |
1981 | 300 | 25,000 | Malaysia | Talisman | May-08 | Aug-08 | 110,000 | 122,000 | ||||||||||||||
| Aug-08 | 125 days Shipyard or Project |
||||||||||||||||||||||
| Interocean III (33) |
1978/1993 | 300 | 25,000 | Egypt | Agiba | Jul-07 | Jan-09 | 117,000 | 65,000 | ||||||||||||||
| Egypt | Zeitco-East Zeit |
Jan-09 | Jun-09 | 122,000 | 117,000 | ||||||||||||||||||
| J.T. Angel |
1982 | 300 | 25,000 | India | ONGC | Mar-07 | May-10 | 148,000 | 105,000 | ||||||||||||||
| Oct-08 | 14 days Shipyard or Project |
||||||||||||||||||||||
| Randolph Yost |
1979 | 300 | 25,000 | India | ONGC | Mar-07 | Mar-10 | 148,000 | 61,000 | ||||||||||||||
| Roger W. Mowell |
1982 | 300 | 25,000 | Malaysia | Talisman | Nov-06 | Jan-09 | 110,000 | 48,000 | ||||||||||||||
| Ron Tappmeyer |
1978 | 300 | 25,000 | India | ONGC | Feb-07 | Mar-10 | 148,000 | 62,000 | ||||||||||||||
| Shelf Explorer |
1982 | 300 | 20,000 | Vietnam | Lam Son | May-08 | Oct-08 | 184,000 | 174,000 | ||||||||||||||
| Transocean Nordic (34) |
1984 | 300 | 25,000 | Sakhalin | Venineft | May-08 | Oct-08 | 185,000 | 74,000 | ||||||||||||||
| Trident 15 |
1982 | 300 | 25,000 | Thailand | Chevron | Feb-06 | Mar-12 | 100,000 | (18) | 60,000 | |||||||||||||
| Trident 16 (16) |
1982 | 300 | 25,000 | Vietnam | Petronas Carigali |
Feb-08 | Feb-10 | 189,000 | 195,000 | ||||||||||||||
| Malaysia | Petronas Carigali |
Mar-10 | Aug-11 | 180,000 | 189,000 | ||||||||||||||||||
| Trident II |
1977/1985 | 300 | 25,000 | India | ONGC | Apr-07 | Jun-10 | 148,000 | 60,000 | ||||||||||||||
| Trident IV |
1980/1999 | 300 | 25,000 | Cameroon | Bowleven | Apr-08 | Aug-08 | 224,000 | 244,000 | ||||||||||||||
| Trident VIII (15) |
1981 | 300 | 21,000 | Nigeria | Total | Apr-06 | Aug-08 | 66,000 | 56,000 | ||||||||||||||
| Sep-08 | 15 days Shipyard or Project |
||||||||||||||||||||||
| Trident XII |
1982/1992 | 300 | 25,000 | India | ONGC | Jan-07 | Feb-10 | 148,000 | 62,000 | ||||||||||||||
| Trident XIV |
1982/1994 | 300 | 20,000 | Angola | Chevron | Jun-06 | Jun-09 | 98,000 | 61,000 | ||||||||||||||
| GSF High Island II |
1979 | 270 | 20,000 | Saudi Arabia | Saudi Aramco | Jul-07 | Jul-11 | 164,000 | 100,000 | ||||||||||||||
| GSF High Island IV |
1980/2001 | 270 | 20,000 | Saudi Arabia | Saudi Aramco | May-07 | May-11 | 164,000 | 107,000 | ||||||||||||||
| GSF High Island V (16) |
1981 | 270 | 20,000 | Gabon | Total | May-07 | Sep-08 | 175,000 | 86,000 | ||||||||||||||
| GSF High Island IX (15) (16) |
1983 | 250 | 20,000 | Nigeria | Addax Petroleum |
Jun-07 | Aug-09 | 150,000 | 145,000 | ||||||||||||||
| Sep-08 | 14 days Shipyard or Project |
||||||||||||||||||||||
| GSF High Island VII |
1982 | 250 | 20,000 | Cameroon | Total | Feb-07 | Sep-08 | 160,000 | 98,000 | ||||||||||||||
| GSF Rig 103 |
1974 | 250 | 20,000 | Egypt | Petrobel | Jul-08 | Sep-08 | 107,000 | 170,000 | ||||||||||||||
| GSF Rig 105 |
1975 | 250 | 20,000 | Egypt | Petrobel | Mar-08 | Mar-11 | 112,000 | 90,000 | ||||||||||||||
| GSF Rig 124 |
1980 | 250 | 20,000 | Egypt | AMAPETCO | Apr-07 | Oct-08 | 110,000 | 55,000 | ||||||||||||||
| GSF Rig 127 (16) |
1981 | 250 | 20,000 | Qatar | Maersk | Jun-07 | Jun-09 | 145,000 | 120,000 | ||||||||||||||
| GSF Rig 141 |
1982 | 250 | 20,000 | Egypt | Petrogulf | Nov-07 | Nov-08 | 115,000 | 115,000 | ||||||||||||||
| Egypt | Petrogulf | Nov-08 | Nov-09 | 120,000 | 115,000 | ||||||||||||||||||
| Transocean Comet |
1980 | 250 | 20,000 | Egypt | GUPCO | Oct-07 | Oct-09 | 112,000 | 62,000 | ||||||||||||||
| Transocean Mercury |
1969/1998 | 250 | 20,000 | Egypt | Petrobel | Feb-08 | Jan-10 | 110,000 | 58,000 | ||||||||||||||
| Trident VI |
1981 | 220 | 21,000 | Vietnam | Vietsovpetro | Apr-07 | Nov-08 | 193,000 | 142,000 | ||||||||||||||
| GSF Britannia |
1968 | 200 | 20,000 | UKNS | Shell | Aug-07 | Apr-09 | 61,000 | 55,000 | ||||||||||||||
| Swamp Barges (2) | |||||||||||||||||||||||
| Searex 4 |
1981/1989 | 21 | 25,000 | Indonesia | Total | Sep-04 | Sep-09 | 39,000 | N/A | ||||||||||||||
| Hibiscus (19) |
1979/1993 | 25 | 16,000 | Indonesia | Total | Oct-07 | Sep-12 | 72,000 | 74,000 | ||||||||||||||
| Others (2) | |||||||||||||||||||||||
| Joides Resolution (16) (20) |
ship | « | 1978 | 27,000 | 30,000 | Singapore | Oct-06 | 660 days Shipyard or Project |
|||||||||||||||
| Worldwide | TAMRF | Oct-08 | Sep-13 | 64,500 | 35,000 | ||||||||||||||||||
| Sedco 135D (15) |
1966/1977/ 2001 |
600 | Brazil | SLB | Jun-01 | Jun-09 | 34,000 | N/A | |||||||||||||||
| Fixed-Price Options | |||||||||||||||||||||||
| High Specification Floaters: | |||||||||||||||||||||||
| Ultra-Deepwater |
|||||||||||||||||||||||
| GSF Explorer |
ship | « | 1972/1998 | 7,800 | 30,000 | Angola | BP | Jul-09 | Oct-09 | 450,000 | 450,000 | ||||||||||||
| Indonesia | Marathon-led Consortium |
Jan-12 | Jan-13 | 510,000 | 510,000 | ||||||||||||||||||
| Deepwater |
|||||||||||||||||||||||
Page 5
|
|
Transocean Inc. (NYSE: RIG) Fleet Status Report |
Updated: July 9, 2008
Revisions to Last Month’s Fleet Status Report Noted in Bold
Dynamically positioned «
| Rig Type/Name | Floater Type |
Yr. (1) Entered Service |
Water Depth (Feet) |
Drilling Depth (Feet) |
Location | Client | Current Contract Start/Idle Date |
Estimated Expiration /Out of Service (2) |
Current Contract Dayrate (3) (Dollars) |
Previous Contract Dayrate (3) (Dollars) | |||||||||||||
| Discoverer 534 |
ship | « | 1975/1991 | 7,000 | 25,000 | India | Reliance | Jul-10 | Jan-11 | 250,000 | 250,000 | ||||||||||||
| Midwater Floaters |
|||||||||||||||||||||||
| Transocean Legend |
semi | 1983 | 3,500 | 25,000 | Philippines | Tap Oil | Aug-08 | Sep-08 | 443,000 | 443,000 | |||||||||||||
| Myanmar | Daewoo | Jan-09 | Mar-09 | 411,000 | 411,000 | ||||||||||||||||||
| Sedco 703 |
semi | 1973/1995 | 2,000 | 25,000 | Australia | ConocoPhillips | Aug-09 | Sep-09 | 450,000 | 450,000 | |||||||||||||
| Transocean Searcher (15) (16) |
semi | 1983/1988 | 1,500 | 25,000 | NNS | StatoilHydro | Mar-12 | Sep-12 | 390,000 | 390,000 | |||||||||||||
| GSF Arctic II(24) |
semi | 1982 | 1,200 | 25,000 | Ireland | Providence Resources |
Nov-08 | Dec-08 | 400,000 | 400,000 | |||||||||||||
| Standard Jackups |
|||||||||||||||||||||||
| Rig 103 |
1974 | 250 | 20,000 | Egypt | Petrobel | Sep-08 | Nov-08 | 107,000 | 107,000 | ||||||||||||||
| Others |
|||||||||||||||||||||||
| Joides Resolution(16) (20) |
ship | « | 1978 | 27,000 | 30,000 | Worldwide | TAMRF | Oct-13 | Sep-23 | 64,500 | 64,500 | ||||||||||||
Footnotes:
(1) Dates shown are the original service date and the date of the most recent upgrade, if any.
(2) Expiration dates represent the company’s current estimate of the earliest date the contract for each rig is likely to expire. Some rigs have two or more contracts in continuation, so the last line shows the estimated earliest availability. Many contracts permit the client to extend the contract. The out of service time represents those days in 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) We have been awarded a five-year drilling contract by Chevron for the construction of an enhanced Enterprise-class drillship to be named Discoverer Clear Leader. Operations are expected to commence during the second quarter of 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. During the first three years of the contract, the contract dayrate is $469,000. The dayrate for the last two years of the contract is linked to the standard West Texas Intermediate crude oil price with a floor of $40 per barrel resulting in a contract dayrate of $400,000 and a ceiling of $70 per barrel resulting in a contract dayrate of $500,000.
(5) We have been awarded a four-year drilling contract by StatoilHydro for the construction of an enhanced Enterprise-class drillship to be named Discoverer Americas. Operations are expected to commence 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.
(6) We have been awarded a five-year contract by Chevron for the construction of an enhanced Enterprise-class drillship to be named Discoverer Inspiration. Operations are expected to commence during the first quarter of 2010, after shipyard construction followed by sea trials, mobilization to the U.S. Gulf of Mexico and customer acceptance. The contract commencement date is contingent on vendor performance and other factors.
(7) In September 2007 we exercised an option to construct a Gusto MSC/P 10,000 design drillship which is yet to be named. Construction of the drillship is expected to be completed in September 2010. The vessel is expected to mobilize to its first drilling location in the fourth quarter of 2010. We are actively marketing the drillship.
(8) We own a 50 percent interest in this ultra-deepwater Samsung-design drillship to be named Dhirubhai Deepwater KG1 (formerly Deepwater Pacific 1) through a joint venture company with Pacific Drilling Limited. The joint venture has been awarded a five-year drilling contract with Reliance for construction of the drillship. Operations are expected to commence during the third quarter of 2009, after shipyard construction followed by sea trials, mobilization to India and customer acceptance. The contract commencement date is contingent on vendor performance and other factors. During the first six months of the contract, the contract dayrate is $495,000. The dayrate for the remaining four and one-half years of the contract is $510,000.
(9) We own a 50 percent interest in this ultra-deepwater Samsung-design drillship to be named Dhirubhai Deepwater KG2 (formerly Deepwater Pacific 2) through a joint venture company with Pacific Drilling Limited. The joint venture has been awarded a five-year drilling contract with Reliance for construction of the drillship. Operations are expected to commence during the second quarter of 2010, after shipyard construction followed by sea trials, mobilization to India and customer acceptance. The contract commencement date is contingent on vendor performance and other factors. During the first six months of the contract, the contract dayrate is $495,000. The dayrate for the remaining four and one-half years of the contract is $510,000.
(10) We have been awarded a five-year drilling contract by Reliance for the construction of an enhanced Enterprise-class drillship yet to be named. Operations are expected to commence during the fourth quarter of 2010, after shipyard construction followed by sea trials, mobilization to India and customer acceptance. The contract commencement date is contingent on vendor performance and other factors. The term of the drilling contract may be extended to seven or 10 years at the client’s election up to one week after mobilization. During the first six months of the contract, the contract dayrate is $537,000. The dayrate over the remaining four and one-half years of the initial five-year term is $557,000. If the client elects to extend the contract to 10 years, then the client may further elect to have the operating dayrate for the second five years of the contract fluctuate based on crude oil prices. In such case, the operating dayrate for the second five years (i) will not be adjusted if crude oil is at $75 per barrel, (ii) will be adjusted upward on a straightline basis if crude oil is between $75 per barrel and $100 per barrel, with a maximum positive adjustment of approximately 10% if crude oil is at or above $100 per barrel, and (iii) will be adjusted downward on a straightline basis if crude oil is between $75 per barrel and $50 per barrel, with a maximum negative adjustment of approximately 10% if crude oil is at or below $50 per barrel. The client retains the right to terminate the contract for convenience. If the client (i) elects to stay with a five-year term, (ii) elects to extend the contract to seven years, or (iii) elects to extend the contract to 10 years and allow operating dayrates to fluctuate with oil prices, then the termination mechanism in the contract is designed to keep Transocean economically whole for the remaining term of the contract. However, if the client elects to extend the contract to 10 years and the dayrate is fixed, then the client will have a right to terminate the contract for convenience with one year’s prior notice which will result in total payments to Transocean ranging from $1.1 billion over a five-year period to $1.85 billion over a 10-year period (which includes paid and unpaid dayrate as well as a termination fee ranging from $100 million to $175 million), and, depending on the date of termination, may result in a discount to the estimated contract revenues that could have otherwise been generated over the 10-year period.
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Transocean Inc. (NYSE: RIG) Fleet Status Report |
Updated: July 9, 2008
Revisions to Last Month’s Fleet Status Report Noted in Bold
Dynamically positioned «
(11) We have been awarded a drilling contract by BP for the construction of an enhanced Enterprise-class drillship to be named Discoverer Luanda. The rig will be owned by a joint venture in which the company owns 65 percent. The contract has an initial term of five years, but can be converted at the customer’s election by the end of July 2008 to a seven-year term. Operations are expected to commence during the third quarter of 2010, after shipyard construction followed by sea trials, mobilization to Angola and customer acceptance. The contract commencement date is contingent on vendor performance and other factors. The dayrate to be paid on a five-year contract period is $460,000, or $430,000 should the contract be converted to a seven-year term.
(12) We have been awarded a seven-year drilling contract by BP for the construction of a Keppel Fels MSC DSS 51 design semisubmersible to be named GSF Development Driller III. Operations are expected to commence by the third quarter of 2009, 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.
(13) Dayrate for contract period October 2007 through October 2010 to be set using a quarterly average of the stated contract dayrates on the company’s other Ultra-Deepwater, dynamically positioned rigs operating in the U.S. Gulf of Mexico. The dayrate is currently estimated to range from $458,000 beginning in March 2008 to $517,000 in October 2010.
(14) Current contract provides for a bonus incentive opportunity not reflected in the stated current contract dayrate.
(15) Reflects the current contracted dayrate which is comprised of a foreign currency component and which could change due to foreign exchange adjustments.
(16) Reflects the current contracted dayrate which could change due to cost escalations.
(17) Dayrate reflects a base level to be paid. The rig will receive a dayrate higher than the stated base level when utilized in a water depth of greater than 1,500 feet.
(18) Dayrate subject to annual adjustment based on market dayrates within specific parameters.
(19) Owned by a joint venture in which the company owns an 80 percent interest. Dayrate indicated reflects 100 percent of contract rate.
(20) Operated under a management contract with the rig’s owner. The rig is currently engaged in scientific geological coring activities and is owned by an unconsolidated joint venture in which a subsidiary of the company has a 50 percent interest. The dayrate disclosed herein reflects 100 percent of the contracted rate. The company’s 50 percent interest in the joint venture’s earnings is included in other income in its consolidated statement of operations.
(21) Operated under a management contract with the rig’s owner.
(22) On June 30, 2007, the riser for GSF Rig 135 was lost at sea when the transport vessel capsized. A newly manufactured riser that was to be shipped to GSF Rig 140 to replace GSF Rig 140’s existing riser was redirected to GSF Rig 135. Since we were obligated to provide a new riser for GSF Rig 140’s current contract, the dayrate for GSF Rig 140 was reduced by $55,000 per day until such time that we are able to replace the riser. We believe that the $55,000 dayrate reduction is covered under applicable insurance policies.
(23) For the period of time that this rig is contracted to Applied Drilling Technology International, the drilling management services division of the company’s U.K. operating subsidiary, or Applied Drilling Technology Inc., the company’s U.S. drilling management services subsidiary, accounting rules require that we eliminate the revenues and costs related to those contracts from the contract drilling segment of the consolidated statement of operations.
(24) The rig has been designated held for sale but is currently still under contract.
(25) The tax expense related to these contracts has been reduced due to a discrete tax event in the 4th quarter of 2007. In accordance with the terms of these contracts, the dayrate likewise has been reduced from $475,000 per day to $362,000 per day. Taken together, these changes have no effect on after-tax net income.
(27) The terms of this contract were renegotiated in conjunction with other business with Reliance.
(28) The client has the right to extend the terms of this contract to three years at a dayrate of $159,000 by July 3, 2008.
(29) The client has the right to extend the terms of this contract to three years at a dayrate of $159,000 by June 7, 2008.
(30) The client has the right to extend the terms of this contract to three years at a dayrate of $169,000 by November 4, 2008.
(31) We have been awarded a 10-year drilling contract by Petrobras to operate an unnamed fifth generation drillship under construction at Samsung Heavy Industries Co. Ltd. yard in Geoje, South Korea. We will acquire the rig from subsidiaries of Petrobras and Mitsui under a 20-year capital lease contract. Operations are expected to commence during the third quarter of 2009, after shipyard construction followed by sea trials, mobilization. The contract commencement date is contingent on vendor performance and other factors. The initial contract dayrate is $410,000 excluding taxes. In addition, we are eligible to earn monthly bonuses of up to 12 percent of dayrate.
(32) The client has the right to extend the term of this contract to two years at a dayrate of $460,000 or three years at a dayrate of $450,000 by September 30, 2008.
(33) The client has the right to extend the term of this contract to 12 months at a dayrate of $120,000 by January 7, 2009.
(34) In May 2008, we executed an agreement to sell the rig and expect to close the sale upon completion of its current drilling operations in the fourth quarter of 2008.
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