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): May 16, 2005
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)
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):
oWritten 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))
1
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 May 16, 2005 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 “Transocean
Financial Report Alert” 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 and future contract commencement dates and
locations. 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, 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, political and other uncertainties inherent in non-U.S. operations
(including the risk of war and 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, 2004 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 this information before making an investment decision with respect to
any security of the Company.
2
ITEM
9.01. FINANCIAL STATEMENTS AND EXHIBITS.
The
following exhibit is furnished pursuant to Item 7.01:
|
Exhibit
Number |
|
Description |
|
99.1 |
|
Transocean
Inc. Fleet Update |
3
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: May
16, 2005 By: /s/
William E. Turcotte
Name: William
E. Turcotte
Title: Associate
General Counsel
4
INDEX TO
EXHIBITS
Exhibit
Number |
Description |
|
|
Transocean
Inc. Fleet Update
|
 |
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 and Dayrates and Risks Associated with Operations. The
duration of the client contracts is the estimated duration only, and client
contracts are subject to cancellation or suspension 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.
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 and future contract commencement dates and locations. 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, actions and approvals of third parties, possible cancellation
or suspension of drilling contracts as a result of mechanical difficulties or
performance, possible cancellation or suspension of letters of intent, 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, political and
other uncertainties inherent in non-U.S. operations (including the risk of war
and 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 most
recently completed fiscal year, 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 "5th Generation 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. Fleet
Page
1
|
Transocean
Inc. (NYSE: RIG) Fleet Update |
||||||||||||||||||
|
Updated
: May 16, 2005 |
|||||||||||||||||||
|
New
Firm Contracts and Contract Extensions Noted in
Bold |
|||||||||||||||||||
|
Dynamically
positioned  |
|||||||||||||||||||
|
Rig
Type/Name |
Floater
Type |
|
Yr.
Entered (1)Service |
Water
Depth (ft.) |
Drilling
Depth |
Location |
Client |
Current
Contract Start/Idle Date |
Estimated
(2) Expiration |
Current
Contract Dayrate (3) |
Previous
Contract Dayrate (3) | ||||||||
|
High
Specification Floaters: |
|
||||||||||||||||||
|
5th
Generation Deepwater (13) |
|
|
|||||||||||||||||
|
Discoverer
Deep Seas (13) |
ship |
|
2001 |
|
10,000 |
|
35,000 |
|
USGOM |
|
Chevron |
|
Jan-01 |
|
Jan-06 |
|
$205,000 |
|
N/A |
|
|
|
|
|
|
|
|
|
USGOM |
|
Chevron |
|
Jan-06 |
|
Jan-07 |
|
$240,000 |
|
$205,000 | |
|
Discoverer
Enterprise |
ship |
|
1999 |
|
10,000 |
|
35,000 |
|
USGOM |
|
BP |
|
Dec-04 |
|
Dec-07 |
|
$182,500 |
|
$198,600 |
|
Discoverer
Spirit (14) |
ship |
|
2000 |
|
10,000 |
|
35,000 |
|
USGOM |
|
Unocal |
|
Sep-00 |
|
Sep-05 |
|
$204,000 |
|
N/A |
|
|
|
|
|
|
|
|
|
USGOM |
|
Shell |
|
Sep-05 |
|
Mar-07 |
|
$270,000 |
|
$204,000 | |
|
Deepwater
Discovery |
ship |
|
2000 |
|
10,000 |
|
30,000 |
|
Equatorial
G. |
|
Nexen |
|
Apr-05 |
|
May-05 |
|
$318,500 |
|
$195,000 |
|
|
|
|
|
|
|
|
|
Angola |
|
ExxonMobil |
|
May-05 |
|
Jul-05 |
|
$170,000 |
|
$318,500 | |
|
|
|
|
|
|
|
|
|
Nigeria |
|
|
|
Jul-05 |
|
planned
14-day shipyard program |
|
|
|
$170,000 | |
|
Deepwater
Frontier |
ship |
|
1999 |
|
10,000 |
|
30,000 |
|
Brazil |
|
Petrobras |
|
Mar-04 |
|
Mar-06 |
|
$145,000 |
|
$158,000 |
|
|
|
|
|
|
|
|
|
Brazil |
|
|
|
Jan-06 |
|
planned
14-day shipyard program |
|
|
|
$145,000 | |
|
Deepwater
Millennium |
ship |
|
1999 |
|
10,000 |
|
30,000 |
|
USGOM |
|
Anadarko |
|
Dec-04 |
|
Jun-05 |
|
$200,000 |
|
$195,000 |
|
|
|
|
|
|
|
|
|
USGOM |
|
Anadarko |
|
Jun-05 |
|
Dec-05 |
|
$230,000 |
|
$200,000 | |
|
Deepwater
Pathfinder |
ship |
|
1998 |
|
10,000 |
|
30,000 |
|
Nigeria |
|
Devon |
|
Dec-04 |
|
Apr-06 |
|
$190,000 |
|
$175,000 |
|
Deepwater
Expedition (9) |
ship |
|
1999 |
|
10,000 |
|
30,000 |
|
Brazil |
|
Petrobras |
|
Oct-99 |
|
Oct-05 |
|
$135,000 |
|
N/A |
|
|
|
|
|
|
|
|
|
Brazil |
|
|
|
Jul-05 |
|
planned
7-day shipyard program |
|
|
|
$135,000 | |
|
Deepwater
Horizon |
semi |
|
2001 |
|
10,000 |
|
30,000 |
|
USGOM |
|
BP |
|
Sep-04 |
|
Sep-05 |
|
$165,000 |
|
$200,000 |
|
|
|
|
|
|
|
|
|
USGOM |
|
BP |
|
Sep-05 |
|
Sep-07 |
|
$275,000
|
|
$165,000 | |
|
|
|
|
|
|
|
|
|
USGOM |
|
BP |
|
Sep-07 |
|
Sep-10 |
|
See
Footnote 12 |
|
$275,000 | |
|
Cajun
Express |
semi |
|
2001 |
|
8,500 |
|
25,000 |
|
USGOM |
|
Spinnaker |
|
May-05 |
|
Jun-05 |
|
$300,000 |
|
$140,000 |
|
|
|
|
|
|
|
|
|
USGOM |
|
Chevron |
|
Jun-05 |
|
Jun-07 |
|
$207,300 |
|
$140,000 | |
|
Deepwater
Nautilus (4) |
semi |
|
2000 |
|
8,000 |
|
30,000 |
|
USGOM |
|
Shell |
|
Jun-00 |
|
Sep-05 |
|
$195,100 |
|
N/A |
|
|
|
|
|
|
|
|
|
USGOM |
|
Shell |
|
Sep-05 |
|
Sep-06 |
|
$220,000 |
|
$195,100 | |
|
Sedco
Energy |
semi |
|
2001 |
|
7,500 |
|
25,000 |
|
Nigeria |
|
Chevron |
|
Nov-04 |
|
Jul-05 |
|
$175,000 |
|
$186,400 |
|
|
|
|
|
|
|
|
|
Las
Palmas |
|
|
|
Aug-05 |
|
planned
100-day shipyard program |
|
|
|
$175,000 | |
|
|
|
|
|
|
|
|
|
Nigeria |
|
Chevron |
|
Dec-05 |
|
Dec-07 |
|
$202,000 |
|
$175,000 | |
|
Sedco
Express (9) |
semi |
|
2001 |
|
7,500 |
|
25,000 |
|
Enroute |
|
|
|
May-05 |
|
mobilization
to Angola |
|
|
|
$125,000 |
|
|
|
|
|
|
|
|
|
|
Angola |
|
BP |
|
Jun-05 |
|
Jun-08 |
|
$165,000 |
|
$125,000 |
|
Other
Deepwater (15) |
|
||||||||||||||||||
|
Deepwater
Navigator |
ship |
|
2000 |
|
7,200 |
|
25,000 |
|
Brazil |
|
Petrobras |
|
Sep-04 |
|
Jun-05 |
|
$99,300 |
|
$94,300 |
|
|
|
|
|
|
|
|
|
Brazil |
|
|
|
Jun-05 |
|
planned
45-day shipyard program |
|
|
|
$99,300 | |
|
|
|
|
|
|
|
|
|
Brazil |
|
Shell |
|
Aug-05 |
|
Sep-05 |
|
$145,000 |
|
$99,300 | |
|
|
|
|
|
|
|
|
|
|
|
Shell |
|
Sep-05 |
|
Oct-05 |
|
$113,000 |
|
$145,000 | |
|
|
|
|
|
|
|
|
|
|
|
Shell |
|
Oct-05 |
|
Jan-06 |
|
$210,000 |
|
$113,000 | |
|
Discoverer
534 |
ship |
|
1975/1991 |
|
7,000 |
|
25,000 |
|
India |
|
Reliance |
|
Jan-05 |
|
Jun-05 |
|
$98,300 |
|
$110,000 |
|
|
|
|
|
|
|
|
India |
|
Reliance |
|
Jun-05 |
|
Aug-05 |
|
$110,000 |
|
$98,300 | ||
|
|
|
|
|
|
|
|
India |
|
Reliance |
|
Aug-05 |
|
Dec-05 |
|
$175,000 |
|
$110,000 | ||
|
|
|
|
|
|
|
|
China |
|
Husky |
|
Jan-06 |
|
Feb-06 |
|
$145,000 |
|
$175,000 | ||
|
Discoverer
Seven Seas |
ship |
|
1976/1997 |
|
7,000 |
|
25,000 |
|
India |
|
ONGC |
|
Feb-04 |
|
Feb-07 |
|
$125,000 |
|
$125,000 |
|
Transocean
Marianas |
semi |
1998 |
|
7,000 |
|
25,000 |
|
USGOM |
|
Murphy |
|
Dec-04 |
|
Jun-05 |
|
$150,000 |
|
$90,000 | |
|
|
|
|
|
|
|
|
USGOM |
|
BP |
|
Jun-05 |
|
Feb-06 |
|
$180,000 |
|
$150,000 | ||
|
|
|
|
|
|
|
|
USGOM |
|
BP |
|
Feb-06 |
|
Jan-07 |
|
$250,000 |
|
$180,000 | ||
|
Sedco
707 (9) |
semi |
|
1976/1997 |
|
6,500 |
|
25,000 |
|
Brazil |
|
Petrobras |
|
Feb-04 |
|
Nov-05 |
|
$100,000 |
|
$100,000 |
|
|
|
|
|
|
|
|
Brazil |
|
|
|
Sep-05 |
|
planned
28-day shipyard program |
|
|
|
$100,000 | ||
|
Jack
Bates |
semi |
1986/1997 |
|
5,400 |
|
30,000 |
|
Australia |
|
Woodside |
|
Mar-05 |
|
Oct-05 |
|
$89,000 |
|
$125,000 | |
|
Peregrine
I (5) |
ship |
|
1996 |
|
5,280 |
|
25,000 |
|
Brazil |
|
|
|
Apr-04 |
|
idle |
|
|
|
$70,000 |
|
Sedco
709 |
semi |
|
1977/1999 |
|
5,000 |
|
25,000 |
|
Gabon |
|
Amerada
Hess |
|
Apr-05 |
|
Jun-05 |
|
$168,000 |
|
$80,000 |
|
M.G.
Hulme, Jr. (6) |
semi |
|
1983/1996 |
|
5,000 |
|
25,000 |
|
Nigeria |
|
Total |
|
May-05 |
|
Jan-06 |
|
$175,000 |
|
$85,000 |
|
Transocean
Richardson |
semi |
1988 |
|
5,000 |
|
25,000 |
|
Ivory
Coast |
|
CNR |
|
Oct-03 |
|
Oct-05 |
|
$85,000 |
|
$45,000 | |
|
Jim
Cunningham |
semi |
|
1982/1995 |
|
4,600 |
|
25,000 |
|
Egypt |
BG |
Feb-05 |
|
Aug-05 |
|
$65,000 |
|
$65,000 | ||
|
|
|
|
|
|
|
Egypt |
BG |
Sep-05 |
|
Mar-06 |
|
$155,000 |
|
$65,000 | |||||
|
Sedco
710 (9) |
semi |
|
1983 |
|
4,500 |
|
25,000 |
Brazil |
Petrobras |
Oct-01 |
|
Oct-06 |
|
$109,500 |
|
$71,000 | |||
|
Transocean
Rather |
semi |
1988 |
|
4,500 |
|
25,000 |
|
UKNS |
|
BP |
|
Feb-05 |
|
Oct-05 |
|
$165,000 |
|
$95,000 | |
|
|
|
|
|
|
|
|
UKNS |
|
BP |
|
Oct-05 |
|
Dec-05 |
|
$190,000 |
|
$165,000 | ||
|
|
|
|
|
|
|
|
UKNS |
|
BP |
|
Dec-05 |
|
Feb-06 |
|
$165,000 |
|
$190,000 | ||
|
Transocean
Leader (10) |
semi |
1987/1997 |
|
4,500 |
|
25,000 |
|
NNS |
|
Statoil |
|
Jul-04 |
|
Feb-06 |
|
$173,500 |
|
$107,500 | |
|
|
|
|
|
|
|
|
NNS |
|
Statoil |
|
Feb-06 |
|
Jan-07 |
|
$245,000 |
|
$173,500 | ||
|
Sovereign
Explorer |
semi |
1984 |
|
4,500 |
|
25,000 |
|
Venezuela |
|
Statoil |
|
Dec-04 |
|
Jun-05 |
|
$65,000 |
|
$65,000 | |
|
|
|
|
|
|
|
|
Trinidad |
|
BG |
|
Jun-05 |
|
Oct-05 |
|
$65,000 |
|
$65,000 | ||
|
Other
High Specification (4) |
|||||||||||||||||||
|
Henry
Goodrich (11) |
semi |
1985 |
|
2,000 |
|
30,000 |
|
E.
Canada |
|
Terra
Nova |
|
Feb-05 |
|
Feb-06 |
|
$145,000 |
|
$106,600 | |
|
|
|
|
|
|
|
|
E.
Canada |
|
|
|
Feb-05 |
planned
60-day shipyard program |
|
|
|
$106,600 | |||
|
Paul
B. Loyd, Jr. |
semi |
1987 |
|
2,000 |
|
25,000 |
|
UKNS |
|
BP |
|
Mar-05 |
Mar-07 |
|
$144,000 |
|
$120,000 | ||
|
Transocean
Arctic |
semi |
1986 |
|
1,650 |
|
25,000 |
|
NNS |
|
Statoil |
|
Aug-04 |
Mar-06 |
|
$168,000 |
|
$200,000 | ||
|
Polar
Pioneer |
semi |
1985 |
|
1,500 |
|
25,000 |
|
NNS |
|
Statoil |
|
Nov-04 |
Jul-06 |
|
$170,000 |
|
$110,200 | ||
Transocean
Inc. Fleet
Page
2
|
Transocean
Inc. (NYSE: RIG) Fleet Update |
||||||||||||||||||
|
Updated
: May 16, 2005 |
|||||||||||||||||||
|
New
Firm Contracts and Contract Extensions Noted in
Bold |
|||||||||||||||||||
|
Dynamically
positioned |
|||||||||||||||||||
|
Rig
Type/Name |
Floater
Type |
|
Yr.
Entered (1)Service |
Water
Depth (ft.) |
Drilling
Depth |
Location |
Client |
Current
Contract Start/Idle Date |
Estimated
(2) Expiration |
Current
Contract Dayrate (3) |
Previous
Contract Dayrate (3) | ||||||||
|
Other
Floaters (24) |
|||||||||||||||||||
|
Peregrine
III |
ship |
|
1976 |
|
4,200 |
|
25,000 |
|
USGOM |
|
|
|
|
|
idle |
|
|
|
N/A |
|
Sedco
700 |
semi |
1973/1997 |
3,600 |
|
25,000 |
E.
Guinea |
A.
Hess |
|
Jan-05 |
|
Jan-06 |
|
$90,000 |
|
$84,000 | ||||
|
Transocean
Legend |
semi |
1983 |
3,500 |
|
25,000 |
|
Singapore |
|
|
|
May-05 |
|
40-day
planned shipyard stay |
|
|
|
$55,000 | ||
|
|
|
|
|
|
|
Sahkalin
Is. |
|
BP |
|
Jul-05 |
|
Oct-05 |
|
$120,000 |
|
$55,000 | |||
|
|
|
|
|
|
|
Sahkalin
Is. |
BP |
|
May-06 |
|
Dec-06 |
|
$120,000 |
$120,000 | |||||
|
|
|
|
|
|
|
Sahkalin
Is. |
BP |
|
May-07 |
|
Dec-07 |
|
$120,000 |
$120,000 | |||||
|
Transocean
Amirante |
semi |
1978/1997 |
|
3,500 |
|
25,000 |
|
USGOM |
|
ENI |
|
Feb-05 |
|
Aug-05 |
|
$86,800 |
|
$50,000 | |
|
|
|
|
|
|
|
|
USGOM |
|
ENI |
|
Sep-05 |
|
Oct-05 |
|
$115,000 |
|
$86,800 | ||
|
|
|
|
|
|
|
|
USGOM |
|
Remington |
|
Oct-05 |
|
Jan-06 |
|
$102,500 |
|
$86,800 | ||
|
C.
Kirk Rhein, Jr. |
semi |
|
1976/1997 |
|
3,300 |
|
25,000 |
|
USGOM |
|
|
|
Mar-02 |
|
idle |
|
|
|
$63,500 |
|
Transocean
Driller (9)
|
semi |
1991 |
|
3,000 |
|
25,000 |
|
Brazil |
|
Petrobras |
|
Sep-04 |
|
Jul-06 |
|
$53,000 |
|
$52,000 | |
|
|
|
|
|
|
|
|
Brazil |
|
|
|
Jun-05 |
|
planned
10-day shipyard program |
|
|
|
$53,000 | ||
|
Falcon
100 |
semi |
|
1974/1999 |
|
2,400 |
|
25,000 |
|
USGOM |
|
LLOG |
|
Feb-05 |
|
Jul-05 |
|
$85,000 |
|
$42,500 |
|
|
|
|
|
|
|
|
USGOM |
|
LLOG |
|
Jul-05 |
Jan-06 |
$105,000 |
|
$85,000 | ||||
|
Sedco
703 |
semi |
1973/1995 |
|
2,000 |
|
25,000 |
|
Australia |
|
May-05 |
40-day
shipyard program |
|
| ||||||
|
|
|
|
|
|
|
|
Australia |
Apache |
Jun-05 |
Jul-05 |
$75,000 |
$130,000 | |||||||
|
|
|
|
|
|
|
|
Australia |
BHPB |
Jul-05 |
Jul-05 |
$135,000 |
$75,000 | |||||||
|
|
|
|
|
|
|
|
Australia |
Woodside |
Jul-05 |
Mar-06 |
$150,000 |
$135,000 | |||||||
|
Sedco
711 |
semi |
1982 |
|
1,800 |
|
25,000 |
|
UKNS |
|
Shell |
|
Dec-04 |
Dec-05 |
$50,000 |
|
$45,100 | |||
|
Transocean
John Shaw |
semi |
1982 |
|
1,800 |
|
25,000 |
|
UKNS |
|
Nexen |
|
Dec-04 |
May-05 |
$85,000 |
|
$60,000 | |||
|
|
|
|
|
|
|
|
UKNS |
|
Kerr
McGee |
|
May-05 |
Aug-05 |
$115,000 |
|
$85,000 | ||||
|
|
|
|
|
|
|
|
UKNS |
|
Nexen |
|
Aug-05 |
Oct-06 |
$100,500 |
|
$115,000 | ||||
|
Sedco
712 |
semi |
1983 |
|
1,600 |
|
25,000 |
|
UKNS |
|
Oilexco |
|
Mar-05 |
Mar-06 |
|
$103,000 |
|
$47,000 | ||
|
Sedco
714 |
semi |
1983/1997 |
|
1,600 |
|
25,000 |
|
UKNS |
|
May-05 |
planned
14-day shipyard program |
|
$55,000 | ||||||
|
|
|
|
|
|
|
|
UKNS |
ADTI |
May-05 |
Aug-05 |
$145,000 |
$55,000 | |||||||
|
Actinia |
semi |
1982 |
|
1,500 |
|
25,000 |
|
India |
|
Reliance |
|
Oct-04 |
Oct-05 |
|
$54,000 |
|
$44,000 | ||
|
Sedco
601 |
semi |
1983 |
|
1,500 |
|
25,000 |
|
Indonesia |
|
Santos |
|
May-05 |
|
Aug-05 |
$56,000 |
|
$77,000 | ||
|
Sedneth
701 |
semi |
1972/1993 |
|
1,500 |
|
25,000 |
|
Angola |
|
Chevron |
|
Apr-05 |
|
May-05 |
$90,000 |
|
$73,000 | ||
|
Sedco
702 |
semi |
1973/1992 |
|
1,500 |
|
25,000 |
|
Australia |
|
|
|
Apr-03 |
|
idle |
|
|
$80,000 | ||
|
Transocean
Winner |
semi |
1983 |
|
1,500 |
|
25,000 |
|
NNS |
|
|
|
Aug-02 |
|
idle |
|
|
|
$120,000 | |
|
Transocean
Searcher |
semi |
1983/1988 |
|
1,500 |
|
25,000 |
|
NNS |
|
Statoil |
|
Aug-04 |
|
Aug-05 |
|
$122,000 |
|
$103,800 | |
|
|
|
|
|
|
|
|
NNS |
|
Statoil |
|
Aug-05 |
|
Aug-06 |
|
$121,000 |
|
$122,000 | ||
|
Transocean
Prospect |
semi |
1983/1992 |
|
1,500 |
|
25,000 |
|
UKNS |
|
|
|
Oct-02 |
|
idle |
|
|
|
$98,000 | |
|
Transocean
Wildcat |
semi |
1977/1985 |
|
1,300 |
|
25,000 |
|
UKNS |
|
|
|
Oct-01 |
|
idle |
|
|
|
$85,000 | |
|
Transocean
Explorer |
semi |
1976 |
|
1,250 |
|
25,000 |
|
UKNS |
|
|
|
Jan-99 |
|
idle |
|
|
|
$145,000 | |
|
J.W.
McLean |
semi |
|
1974/1996 |
|
1,250 |
|
25,000 |
|
UKNS |
|
ConocoPhillips |
|
Aug-04 |
|
Aug-05 |
|
$51,000 |
|
$60,000 |
|
Sedco
704 |
semi |
1974/1993 |
|
1,000 |
|
25,000 |
|
UKNS |
|
Venture |
|
Jan-05 |
|
Jun-05 |
|
$50,000 |
|
$45,000 | |
|
|
|
|
|
|
|
|
UKNS |
|
Venture |
|
Jun-05 |
|
Jun-06 |
|
$91,000 |
|
$50,000 | ||
|
Sedco
706 |
semi |
1976/1994 |
|
1,000 |
|
25,000 |
|
UKNS |
|
Total |
|
Jan-05 |
|
Dec-05 |
|
$78,000 |
|
$57,000 |
Transocean
Inc. Fleet
Page
3
|
Transocean
Inc. (NYSE: RIG) Fleet Update |
||||||||||||||||||
|
Updated
: May 16, 2005 |
|||||||||||||||||||
|
New
Firm Contracts and Contract Extensions Noted in
Bold |
|||||||||||||||||||
|
Dynamically
positioned |
|||||||||||||||||||
|
Rig
Type/Name |
Floater
Type |
|
Yr.
Entered (1)Service |
Water
Depth (ft.) |
Drilling
Depth |
Location |
Client |
Current
Contract Start/Idle Date |
Estimated
(2) Expiration |
Current
Contract Dayrate (3) |
Previous
Contract Dayrate (3) | ||||||||
|
Jackups
(26) |
|
||||||||||||||||||
|
Interocean
III |
1978/1993 |
|
300 |
|
25,000 |
|
Egypt |
Zeitco |
May-03 |
Jul-05 |
$38,000 |
$39,000 | |||||||
|
|
|
|
|
|
Egypt |
Zeitco |
Jul-05 |
Jul-06 |
$52,320 |
$38,000 | |||||||||
|
Shelf
Explorer |
1982 |
300 |
|
20,000 |
Indonesia |
Kodeco |
Dec-04 |
|
Jul-05 |
|
$48,000 |
|
$58,000 | ||||||
|
Transocean
Comet |
1980 |
250 |
|
20,000 |
Egypt |
|
GUPCO |
|
Oct-03 |
|
Oct-05 |
|
$32,000 |
|
$27,300 | ||||
|
Transocean
Mercury |
1969/1998 |
|
250 |
|
20,000 |
|
Egypt |
|
Petrobel |
|
Dec-03 |
|
Jul-05 |
|
$33,500 |
|
$30,500 | ||
|
Transocean
Nordic |
1984 |
|
300 |
|
25,000 |
|
India |
|
ONGC |
|
Mar-05 |
|
Mar-07 |
|
$74,200 |
|
$57,800 | ||
|
Trident
II |
1977/1985 |
|
300 |
|
25,000 |
|
India |
|
ONGC |
|
May-03 |
|
May-06 |
|
$60,000 |
|
$34,900 | ||
|
Trident
IV |
1980/1999 |
|
300 |
|
25,000 |
|
Italy |
|
ENI |
|
May-05 |
Oct-05 |
$57,500 |
|
$78,600 | ||||
|
Trident
VI |
1981 |
|
220 |
|
21,000 |
|
Vietnam |
VSP |
Apr-05 |
Mar-06 |
$70,500 |
$55,000 | |||||||
|
Trident
VIII |
|
|
1982 |
|
300 |
|
21,000 |
|
Nigeria |
Conoil |
Feb-05 |
|
Aug-05 |
|
$55,500 |
|
$43,000 | ||
|
|
|
|
|
|
|
|
|
|
|
|
Aug-05 |
|
120-day
planned shipyard program |
|
|
|
$55,000 | ||
|
|
|
|
|
|
|
|
|
|
Nigeria |
Conoil |
Dec-05 |
|
Jan-08 |
|
$66,000 |
|
$55,000 | ||
|
Trident
IX |
|
|
1982 |
|
400 |
|
20,000 |
|
Vietnam |
JVPC |
Sep-04 |
|
Sep-05 |
|
$60,000 |
|
$56,300 | ||
|
|
|
|
|
|
|
|
Vietnam |
JVPC |
Sep-05 |
|
Sep-06 |
|
$77,200 |
|
$60,000 | ||||
|
Trident
XII |
1982/1992 |
|
300 |
|
25,000 |
|
India |
|
ONGC |
|
Nov-03 |
|
Nov-06 |
|
$62,250 |
|
$57,000 | ||
|
Trident
XIV |
1982/1994 |
|
300 |
|
20,000 |
|
Cabinda |
Chevron |
Apr-05 |
Apr-06 |
$61,000 |
|
$60,000 | ||||||
|
Trident
15 |
1982 |
|
300 |
|
25,000 |
|
Thailand |
Unocal |
Feb-05 |
Feb-06 |
$59,750 |
|
$53,500 | ||||||
|
|
|
|
|
|
|
|
Singapore |
|
May-05 |
40-day
planned shipyard program |
|
|
$59,750 | ||||||
|
Trident
16 |
1982 |
|
300 |
|
25,000 |
|
Malaysia |
Petronas
Carigali |
Apr-05 |
Oct-05 |
$69,000 |
|
$65,000 | ||||||
|
Trident
17 |
1983 |
|
355 |
|
25,000 |
|
Vietnam |
Petronas
Carigali |
May-04 |
May-06 |
$57,500 |
|
$62,000 | ||||||
|
Trident
20 |
2000 |
|
350 |
|
25,000 |
|
Caspian |
Petronas
Carigali |
Dec-04 |
May-07 |
$90,000 |
|
$90,000 | ||||||
|
Ron
Tappmeyer |
1978 |
|
300 |
|
25,000 |
|
India |
ONGC |
Nov-03 |
Nov-06 |
$62,250 |
|
$50,100 | ||||||
|
Randolph
Yost |
1979 |
|
300 |
|
25,000 |
|
India |
ONGC |
Nov-03 |
Nov-06 |
$60,750 |
|
$64,000 | ||||||
|
D.R.
Stewart |
1980 |
|
300 |
|
25,000 |
|
Italy |
ENI |
Mar-05 |
Mar-06 |
$54,000 |
|
$51,000 | ||||||
|
G.H.
Galloway |
1984 |
|
300 |
|
25,000 |
|
Italy |
ENI |
Jul-04 |
Jul-05 |
$51,000
|
|
$48,000 | ||||||
|
|
|
|
|
|
|
|
Italy |
ENI |
Jul-05 |
Jul-06 |
$54,000
|
|
$51,000 | ||||||
|
Harvey
H. Ward |
1981 |
|
300 |
|
25,000 |
|
Malaysia |
Talisman |
Jul-04 |
Jul-05 |
$46,350 |
|
$45,000 | ||||||
|
|
|
|
|
|
|
|
Malaysia |
Petronas
Carigali |
Jul-05 |
Sep-05 |
$48,200 |
|
$46,350 | ||||||
|
|
|
|
|
|
|
|
Vietnam |
Truong
Son |
Sep-05 |
Nov-05 |
$71,900 |
|
$48,200 | ||||||
|
|
|
|
|
|
|
|
Malaysia |
Petronas
Carigali |
Nov-05 |
Jul-06 |
$48,200 |
|
$71,900 | ||||||
|
Roger
W. Mowell |
1982 |
|
300 |
|
25,000 |
|
Malaysia |
Talisman |
Nov-04 |
Nov-05 |
$46,350 |
|
$45,000 | ||||||
|
J.T.
Angel |
1982 |
|
300 |
|
25,000 |
|
Indonesia |
BP |
Dec-04 |
Oct-05 |
$60,000 |
|
$50,000 | ||||||
|
F.G.
McClintock |
1975 |
|
300 |
|
25,000 |
|
India |
ONGC |
Jan-05 |
Dec-07 |
$50,000 |
|
$50,000 | ||||||
|
C.E.
Thornton |
1974 |
|
300 |
|
25,000 |
|
India |
ONGC |
Oct-04 |
Oct-07 |
$45,000 |
|
$45,000 | ||||||
|
Jupiter |
1981/1997 |
|
170 |
|
16,000 |
|
UAE |
|
Sep-98 |
idle |
|
|
| ||||||
|
Self-ErectingTenders
(4) |
|
|
|
|
|
|
|
|
|||||||||||
|
Searex
9 |
|
1981 |
400 |
|
20,000 |
Congo |
|
|
|
Apr-04 |
|
idle |
|
|
|
$42,000 | |||
|
Searex
10 |
|
1983/1994 |
450 |
|
21,000 |
|
Angola |
Chevron |
Feb-05 |
|
Feb-06 |
|
$41,000 |
|
$44,000 | ||||
|
Charley
Graves |
|
1975 |
500 |
|
20,000 |
Thailand |
|
Unocal |
|
Apr-05 |
|
Apr-07 |
|
$40,500 |
|
$40,000 | |||
|
W.D.
Kent |
|
|
1977 |
|
400 |
|
20,000 |
|
Malaysia |
|
|
|
Jan-03 |
|
idle |
|
|
|
$35,000 |
|
Non-U.S.
Drilling Barges (4) |
|
|
|
|
|
|
|
|
|||||||||||
|
Searex
4 |
1981/1989 |
21 |
|
25,000 |
Indonesia |
Total |
Sep-04 |
|
Sep-09 |
|
$39,200 |
|
N/A | ||||||
|
Searex
6 |
1981/1991 |
25 |
|
25,000 |
Cameroon |
|
Jul-02 |
|
idle |
|
|
|
$27,500 | ||||||
|
Searex
12 |
1982/1992 |
25 |
|
25,000 |
Nigeria |
Shell |
Jun-04 |
|
Jun-05 |
|
$49,000 |
|
$49,000 | ||||||
|
Hibiscus
(7) |
1979/1993 |
25 |
|
16,000 |
Indonesia |
|
Total |
|
Jan-04 |
|
Jan-07 |
|
$47,700 |
|
$44,300 | ||||
|
Platform
Rigs (1) |
|||||||||||||||||||
|
Cliffs
# 1 |
1988/98 |
|
|
|
18,000 |
|
China |
|
|
|
|
idle |
|
|
|
| |||
|
Other
(2) |
|||||||||||||||||||
|
Joides
Resolution (8) |
ship |
|
1978 |
|
27,000 |
|
30,000 |
|
Worldwide |
|
IODP |
May-04 |
|
Jun-05 |
|
$66,000 |
|
$88,750 | |
|
Sedco
135D |
1966/77/01 |
|
600 |
|
|
|
Brazil |
|
SLB |
Jun-01 |
|
Jun-09 |
|
$28,500 |
|
N/A |
Transocean
Inc. Fleet
Page
4
|
Transocean
Inc. (NYSE: RIG) Fleet Update |
||||||||||||||||||
|
Updated
: May 16, 2005 |
|||||||||||||||||||
|
New
Firm Contracts and Contract Extensions Noted in
Bold |
|||||||||||||||||||
|
Dynamically
positioned |
|||||||||||||||||||
|
Rig
Type/Name |
Floater
Type |
|
Yr.
Entered (1)Service |
Water
Depth (ft.) |
Drilling
Depth |
Location |
Client |
Current
Contract Start/Idle Date |
Estimated
(2) Expiration |
Current
Contract Dayrate (3) |
Previous
Contract Dayrate (3) | ||||||||
|
FIXED-PRICE
OPTIONS |
|||||||||||||||||||
|
High
Specification Floaters: |
|||||||||||||||||||
|
5th
Generation Deepwater (3) |
|
||||||||||||||||||
|
Deepwater
Discovery |
ship |
2000 |
|
10,000 |
|
30,000 |
|
Nigeria |
|
Chevron |
|
Jun-05 |
|
Jan-06 |
|
$170,000-$179,000 |
|
| |
|
Deepwater
Millennium |
ship |
1999 |
|
10,000 |
|
30,000 |
|
USGOM |
|
Anadarko |
|
Jan-06 |
|
Dec-06 |
|
+/-
15% of prior rate |
|
| |
|
Discoverer
Deep Seas |
ship |
2001 |
|
10,000 |
|
35,000 |
|
USGOM |
|
Chevron |
|
Jan-07 |
|
Jan-09 |
|
+/-
15% of prior rate |
|
| |
|
Other
Deepwater (4) |
|||||||||||||||||||
|
Transocean
Leader |
semi |
1987/1997 |
|
4,500 |
|
25,000 |
|
NNS |
|
Statoil |
|
Jan-07 |
|
Jun-07 |
|
$245,000 |
|
| |
|
Transocean
Richardson |
semi |
1988 |
|
5,000 |
|
25,000 |
|
Ivory
Coast |
|
CNR |
|
Oct-05 |
|
Jun-06 |
|
$85,000 |
|
| |
|
Jack
Bates |
semi |
|
1986/1997 |
|
5,400 |
|
30,000 |
|
Australia |
|
Woodside |
|
Oct-05 |
|
Jan-06 |
|
$89,000 |
|
|
|
Sovereign
Explorer |
semi |
1984 |
|
4,500 |
|
25,000 |
|
Venezuela |
|
Statoil |
|
Sep-05 |
|
Dec-05 |
|
$65,000 |
|
| |
|
Other
High Specification (1) |
|||||||||||||||||||
|
Henry
Goodrich |
semi |
1985 |
|
2,000 |
|
30,000 |
|
E.
Canada |
|
Terra
Nova |
|
Feb-06 |
|
Feb-07 |
|
Neg.
dayrate capped at $165,000 |
|
| |
|
Other
Floaters (4) |
|||||||||||||||||||
|
J.W.
McLean |
semi |
|
1974/1996 |
|
1,250 |
|
25,000 |
|
UKNS |
|
ConocoPhillips |
|
Aug-05 |
|
Dec-05 |
|
$51,000 |
|
|
|
Sedco
706 |
semi |
1976/1994 |
|
1,000 |
|
25,000 |
|
UKNS |
|
Total |
|
Jan-06 |
|
Mar-06 |
|
$75,000 |
|
| |
|
Transocean
Searcher |
semi |
1983/1988 |
|
1,500 |
|
25,000 |
|
NNS |
|
Statoil |
|
Aug-06 |
|
Aug-07 |
|
$121,000 |
|
| |
|
Actinia |
semi |
1982 |
|
1,500 |
|
25,000 |
|
India |
|
Reliance |
|
Nov-05 |
|
Mar-06 |
|
$54,000 |
|
| |
|
Jackups
(3) |
|||||||||||||||||||
|
Trident
IV |
1980/1999 |
|
300 |
|
25,000 |
|
Italy |
|
ENI |
|
Jul-05 |
|
Jul-06 |
|
$52,000 |
|
| ||
|
D.R.
Stewart |
1980 |
|
300 |
|
25,000 |
|
Italy |
ENI |
|
Mar-06 |
|
Mar-07 |
|
$57,000 |
|
| |||
|
Roger
W. Mowell |
1982 |
|
300 |
|
25,000 |
|
Malaysia |
Talisman |
|
Nov-05 |
|
Nov-06 |
|
$48,000 |
|
| |||
|
Self-ErectingTenders
(1) |
|||||||||||||||||||
|
Searex
10 |
1983/1994 |
|
450 |
|
21,000 |
|
Angola |
|
Chevron |
|
Feb-06 |
|
Aug-06 |
|
$41,000 |
|
|
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.
(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.
(4)
The rig is leased from its owner, an unrelated third party, pursuant to a fully
defeased lease arrangement.
(5)
Although originally constructed in 1982, this unit was substantially upgraded in
1996.
(6)
Accounted for as an operating lease as a result of the sale/leaseback
transaction in November 1995.
(7)
Owned by a joint venture in which the company has a 75%
interest.
(8)
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 the company has a 50% interest. Dayrate indicated reflects 100%
of contract rate.
(9)
Current contract provides for a bonus incentive opportunity not reflected in the
stated current contract dayrate.
(10)
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.
(11)
The rig's new dayrate, effective in February 2005, is disputed by the customer
and is subject to a pending arbitration process.
(12)
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
Fifth-Generation, dynamically positioned rigs operating in the U.S. Gulf of
Mexico.
(13)
Contract includes an additional $21,700 per day to cover escalation of costs
over the contract period.
(14)
Contract includes an additional $22,300 per day to cover escalation of costs
over the contract period.
Transocean
Inc. Fleet
; Page
5