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Transocean Inc News

08 Jul 2016

Transocean Will Issue $1.25 Billion Of Notes Due 2023

Transocean Ltd. announced that its wholly-owned subsidiary Transocean Inc., has priced its previously-announced offering of senior unsecured notes. Transocean will issue $1.25 billion in aggregate principal amount of senior unsecured notes due 2023 pursuant to Rule 144A/Regulation S to eligible purchasers. The notes will be guaranteed by Transocean Ltd. and certain of Transocean Inc.'s subsidiaries. The notes will bear interest at the rate of 9 percent per annum and will be callable on or after July 15, 2020. The offering is expected to close on or about July 21, 2016, subject to customary closing conditions. Transocean expects to receive aggregate net proceeds of approximately $1.21 billion from the offering, after deducting the initial purchasers' discounts and estimated offering costs.

16 Oct 2014

Transocean to Raise Money with Caledonia Offshore Offering

Transocean Ltd. (NYSE: RIG) (SIX: RIGN) announced that Transocean Inc., its wholly-owned subsidiary, intends to proceed with an unregistered offering of shares of Caledonia Offshore Drilling Company, a wholly owned subsidiary of Transocean, in connection with an offering being made to eligible investors in Norway and to eligible institutional investors internationally. The proposed offering of shares, which represents a minority interest in Caledonia's share capital, is intended to raise between $125 million and $185 million, with the net proceeds received by Transocean. Caledonia also proposes to make an unregistered offering of second lien senior secured bonds issued by Caledonia. The proposed offering of second lien senior secured bonds is intended to raise $350 million.

20 Feb 2009

Transocean Reports 4Q & 2008 Results

Transocean Ltd. (NYSE:RIG) reported net income for the three months ended December 31, 2008 of $800m, or $2.50 per diluted share. Revenues for the fourth quarter 2008 totaled a record $3.3b. The results compare to net income of $1.05b, or $4.17 per diluted share, for the three months ended December 31, 2007. For the three months ended December 31, 2007, revenues were $2.1b. •    $17m of write-offs for uncollectible accounts receivable associated with the Sedco 712 rig contract after the operator announced it had been placed into administration (a form of bankruptcy protection under U.K. •    Partially offset by $21m of income related to the sales contract termination fee on the Transocean Nordic and income from the TODCO tax sharing agreement.

12 Dec 2008

Rowan - Ralls CEO, Lentz COB

Rowan Companies, Inc. (NYSE: RDC) announced that, effective January 1, 2009, its Board of Directors has named W. Matt Ralls as the company's new President, Chief Executive Officer and member of the Board of Directors, succeeding D.F. McNease, who announced his retirement in late October 2008. Mr. Ralls, 59, most recently served as Executive Vice President and Chief Operating Officer of GlobalSantaFe Corporation, an international contract drilling company, from June 2005 until the completion of the merger of GlobalSantaFe with Transocean, Inc. in November 2007. Prior to that time Mr. Ralls served as Senior Vice President and CFO of GlobalSantaFe. He joined Global Marine, Inc.

09 Oct 2008

Transocean Provides New Fleet Update Summary

Transocean Inc. issued a new monthly fleet update summary covering only newly signed contracts, significant changes to existing contracts and changes to estimated out of service time of 60 days or more since our fleet status report dated August 5, 2008. Drilling rig status and contract information on the company's offshore drilling fleet has been condensed into a report titled "Transocean Fleet Status Report," which is available through the company's Worldwide Web address at www.deepwater.com. The report can be accessed from the home page of the Web address by clicking on the Fleet Update Report link found in the tool bar.

03 Sep 2008

Transocean Provides New Fleet Update Summary

Transocean Inc. issued a new monthly fleet update summary covering only newly signed contracts, significant changes to existing contracts and changes to estimated out of service time of 60 days or more since our fleet status report dated August 5, 2008. The new monthly fleet update summary is intended to simplify the fleet review and modeling process for those following the company. Going forward, we will issue a comprehensive fleet status report covering Transocean's entire 137-rig fleet shortly after the end of each calendar quarter, and we will update such report during the intervening months by issuing monthly fleet update summaries.

27 Aug 2008

GoM Rigs Evacuate for Storm

In preparation for Hurricane Gustav, evacuations have begun of offshore oil and gas rigs and platforms in the .  Reports said the storm may become the strongest to hit the region in almost three years. Transocean Inc., has begun suspending operations in the Gulf. Royal Dutch Shell Plc was reported to be taking aking logistical arrangements. According to the National Hurricane Center, Gustav may strengthen as the storm's center moves back over water and approaches eastern . Source: Bloomberg

10 Jul 2008

Transocean Announces Contract for Deepwater Pathfinder

Transocean Inc. announced that its deepwater drillship Deepwater Pathfinder, a single-activity rig capable of drilling in water depths up to 10,000 feet, has been awarded a five-year contract by a subsidiary of Eni for drilling operations primarily in the U.S. Gulf of Mexico. The contract is scheduled to commence in March 2010 following completion of the rig's existing contract commitments. Estimated contract revenues that could be generated over the five-year contract period are approximately $1.19 billion. Estimated contract revenues represent the maximum amount of revenues that may be earned in the contract period, excluding revenues for cost escalations.

02 Jul 2008

Transocean Announces Contract for Transocean Marianas

Transocean Inc. announced that its deepwater moored semisubmersible Transocean Marianas, capable of drilling in water depths up to 7,000 feet, has been awarded a two-year contract by a subsidiary of Eni. The contract is scheduled to commence in December 2009 following completion of the rig's existing contract commitments in the U.S. Gulf of Mexico. Estimated contract revenues that could be generated over the two-year contract period are approximately $412 million. Estimated contract revenues represent the maximum amount of revenues that may be earned in the contract period, excluding revenues for cost escalations. The Transocean Marianas semisubmersible…

26 Jun 2008

Transocean to Acquire Drillship

Transocean Inc. announced that its subsidiaries have reached an agreement with subsidiaries of Petrobras and Mitsui to acquire a newbuild ultra-deepwater drillship under a capital lease contract. In conjunction with the capital lease contract, subsidiaries of Petrobras and Transocean have entered into a 10-year drilling contract covering worldwide operations with an option by Petrobras to extend the term of the drilling contract by up to an additional 10 years. The capital lease contract has a 20-year term…

23 Jun 2008

Transocean to Acquire Newbuild Ultra-Deepwater Drillship

Transocean Inc. announced that its subsidiaries have reached an agreement with subsidiaries of Petrobras and Mitsui to acquire a newbuild ultra-deepwater drillship under a capital lease contract. In conjunction with the capital lease contract, subsidiaries of Petrobras and Transocean have entered into a 10-year drilling contract covering worldwide operations with an option by Petrobras to extend the term of the drilling contract by up to an additional 10 years. The capital lease contract has a 20-year term, after which Transocean will have the right and obligation to acquire the drillship for $1. Total capital costs to be incurred by Petrobras and Mitsui for the construction of the drillship are estimated to be $750 million, including $65 million of capitalized interest.

20 Jun 2008

Transocean Awarded Contract Extension

Transocean Inc., announced that its ultra-deepwater semisubmersible GSF Development Driller II, capable of drilling in water depths of 7,500 ft., has been awarded a five-year contract extension, commencing in November 2008, by a subsidiary of BP PLC. Estimated contract revenues that could be generated over the five-year extension period are approximately $1.06b. Estimated contract revenues represent the maximum amount of revenues that may be earned in the contract period, excluding revenues for mobilization, demobilization and cost escalations. The GSF Development Driller II semisubmersible, which entered service in 2005, is one of 39 High-Specification Floaters in the Transocean fleet, 18 of which are Ultra-Deepwater Floaters capable of drilling in water depths of 7,500 feet or greater.

21 May 2008

Transocean Sets Depth Record

Transocean Inc. said that the its jackup GSF Rig 127 set a world record for the longest extended-reach well ever drilled at 40,320 ft. (12,289 m) MD (measured depth) with a 35,770-ft. (10,902-m) horizontal section. The well was drilled offshore Qatar in 36 days and incident-free. The new record of 7.6 miles is also the first well in the history of offshore drilling that exceeds 40,000 ft. (12,191 m). The well surpasses by approximately 2,000 ft. the prior extended-reach record of 38,322 ft. (11,680 m) MD set by another drilling contractor with a land rig drilling at Sakhalin Island earlier this year. The rig's crewmembers, working with the client, Maersk Oil Qatar AS, overcame many constraints, including high drilling torque throughout certain parts of the horizontal section.

07 Apr 2008

Transocean Gets Contract

Transocean Inc. announced that the ultra-deepwater drillship Dhirubhai Deepwater KG2 (formerly Deepwater Pacific 2), which is owned by a joint venture in which the company has 50 percent interest, has been awarded a five-year drilling contract from Reliance Industries. The contract is expected to commence in the first quarter 2010 following shipyard construction, sea trials, mobilization to and customer acceptance. Contract revenues which could be generated over the first six months and remaining 54 months of the contract period are estimated to be $90 million and $838 million, respectively. In addition, Transocean announced that the first ultra-deepwater drillship owned by the joint venture…

19 Feb 2008

Transocean Agrees to Sell Three U.S. GoM Jackups

Transocean Inc. has entered into a definitive agreement with Hercules Offshore, Inc. to sell three of its U.S. Gulf of Mexico jackup drilling rigs and related equipment for $320m. The sales of the GSF Adriatic III, GSF High Island I and GSF High Island VIII will mark Transocean's exit from the shallow-water area of the U.S. Gulf of Mexico. The sales are expected to be consummated at the conclusion of each rig's current contract commitment and are subject to customary closing conditions, including regulatory approvals. The agreement has been approved by the Boards of Directors of both companies. Built in 1982, the GSF Adriatic III is a Marathon LeTourneau 116C design jackup with a water depth capability of 350 feet.

15 Feb 2008

Transocean Gets Contract for GSF Explorer

Transocean Inc. was awarded of a 689-day contract by a consortium headed by Marathon International Petroleum Indonesia Ltd, a wholly owned subsidiary of Marathon Oil Corporation, for the ultra-deepwater drillship GSF Explorer to drill a series of exploration wells in a deepwater province in Indonesia. The Makassar Strait Explorers Consortium (MSEC) comprises Marathon International Petroleum Indonesia Ltd, Anadarko Popodi Ltd, ConocoPhillips (Kuma) Ltd, ENI Bukat Ltd, Statoil Indonesia Karama AS and Talisman (Sageri) Ltd. The 689-day contract is expected to commence in the fourth quarter of 2009 following the completion of existing contractual commitments in Angola and mobilization to the Makassar Strait…

06 Feb 2008

Transocean Provides Update On Fleet Contract Status

Transocean Inc. announced that its report of drilling rig status and contract information covering the company's 140-unit offshore drilling fleet has been updated. Drilling rig status and contract information on the company's offshore drilling fleet has been condensed into a report titled Transocean Fleet Update, which is available through the company's website www.deepwater.com. The report can be accessed from the home page of the Web address by clicking on the Fleet Update Report link found in the tool bar.

09 Jan 2008

Transocean Inc. Update On Fleet Contract

Transocean Inc. announced that its report of drilling rig status and contract information covering the company's 140-unit offshore drilling fleet has been updated as of January 8, 2008. Drilling rig status and contract information on the company's offshore drilling fleet has been condensed into a report titled "Transocean Fleet Update," which is available through the company's Worldwide Web address at www.deepwater.com. The report can be accessed from the home page of the Web address by clicking on the Fleet Update Report link found in the tool bar.

07 Dec 2007

Transocean Provides Update on Fleet Contract Status

Transocean Inc. announced that its report of drilling rig status and contract information covering the company's 140-unit offshore drilling fleet has been updated as of December 7, 2007.

05 Apr 2004

Market Report: When Will the Turn Around Come?

It seems to be a soap opera without an end. "It is crazy…makes no sense at all," is a common observation. If you are in the oil and gas business, the number one question is, "When is the drilling going to pickup?" It is a question without an answer…at least through the first quarter of 2004. "Normally when prices are low and oil rises about $25 a barrel and gas goes above $2.50 per million cubic foot, everybody goes back to work," noted Roy Breaux, Jr., president of Breaux Bay Craft, Loreauville, La. a leading builder of crew/supply boats. "We drill ourselves out of recessions, but not this time, at least not yet" Breaux said. Breaux echoes the sentiment of almost everyone in the industry "The answer must lie in Houston because that's where the decisions on when to drill come…

11 Jun 2002

Kinder Resigns from Transocean Board

Transocean announced that Richard D. Kinder has submitted his resignation as a member of the company’s board of directors to devote more attention to his duties at Kinder Morgan, Inc. and Kinder Morgan Energy Partners, L.P. Kinder’s resignation is effective immediately. Kinder is chairman of the board and CEO of both Kinder Morgan, Inc. and Kinder Morgan Energy Partners, L.P. which own and operate diversified energy assets. He served as a Transocean Inc., director since November 1994. Transocean Inc., does not intend to fill the vacancy created by Kinder’s resignation and will operate with an 11-member board of director.

16 Sep 2004

Transocean Semisub Missing After Ivan

Transocean Inc. announced that a search continues in the Gulf of Mexico for the deepwater semisubmersible Deepwater Nautilus in the aftermath of Hurricane Ivan. All personnel had previously been safely evacuated and the well was secured before the approach of the storm. The U.S. Coast Guard has been notified of the missing rig, which was moored to the seafloor with anchors and related equipment at its location approximately 160 miles south of Mobile, Alabama. The company has accounted for all of its other drilling rigs in the Gulf of Mexico, consisting of five deepwater drillships and three other deepwater semisubmersible rigs. The company will provide an update when more information becomes available. Transocean Inc.

27 Oct 2004

Deepwater Pathfinder Awarded 11-Well Nigerian Contract

Transocean Inc. said that its ultra-deepwater drillship, Deepwater Pathfinder, has been awarded an 11-well exploration program offshore Nigeria under a drilling services sharing agreement between Nigerian subsidiaries of Devon Energy, ConocoPhillips, ExxonMobil and Royal Dutch Shell. The estimated 475-day exploration program is expected to commence by December 2004, following the rig's completion of a drilling project in the U.S. Gulf of Mexico and estimated 30-day mobilization to Nigeria. Revenues of approximately $90 million could be generated over the 475-day program, exclusive of revenues for mobilization and demobilization of the rig. The Deepwater Pathfinder is a dynamically positioned, ultra-deepwater drillship capable of operating in water depths of up to 10,000 feet.

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