A subsidiary has purchased ConocoPhillips’ 40 percent interest in the Deepwater Frontier joint venture, Deepwater Drilling
II L.L.C. The company, which already owns the other 60 percent interest in the joint venture is a party to a lease-financing arrangement for the drillship.
The Deepwater Frontier joint venture will
now be consolidated with Transocean’s financial statements and related lease obligation will be reflected on Transocean’s balance sheet.