Transocean Announces License Agreement

Monday, July 09, 2007
Transocean Inc. announced that a license agreement has been executed by wholly owned subsidiaries of Transocean and Pride International, Inc. (NYSE:PDE). In the agreement, the Transocean subsidiary granted the Pride subsidiary a worldwide and non-exclusive license to utilize Transocean's patents for offshore dual activity drilling methods and structures.

In return, the Pride subsidiary agreed to pay the Transocean subsidiary $10 million for the first dual activity rig that Pride builds in a patented country, plus a five percent royalty on dayrate revenue generated by that rig in any patented country. The Pride subsidiary agreed to pay the

Transocean subsidiary an additional $15 million for each subsequent dual activity rig that Pride builds in any patented country, plus a five percent royalty on dayrate revenue generated by those rigs in any patented country. Pride may credit $5 million of each $15 million payment toward the applicable five percent royalty payment.

Transocean developed its dual activity drilling design in 1996 as part of a project to more efficiently construct wells in deepwater through the use of two complete drilling systems, allowing for parallel drilling operations to be conducted on a single well that saves operators both time and money, compared with conventional rigs. Transocean continues to pursue new ways of saving its customers time and money in the drilling of deepwater exploration and development wells with the patented design.

Transocean has patented the structure and methods of operations associated with its dual activity invention in the United States (U.S. Patent Nos. 6,085,851; 6,047,781; 6,056,071; and 6,068,069) and in other parts of the world where many dual activity rigs may be built or used.

Maritime Reporter June 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Navy

Buoys in Disputed Waters Roil South China Sea Dispute

Buoys stretched "as far as eye could see" - Philippine sailor. The Philippine navy recently found a large steel marker bearing Chinese inscriptions and hundreds

MTU Powers RSN Navy's Littoral Mission Vessel

MTU to power eight Republic of Singapore Navy’s new patrol vessels. Employees and guests, including senior representatives from the Republic of Singapore Navy (RSN) and Ministry of Defence,

ST Marine Launches First LMV for RSN

Singapore Technologies Marine Ltd (ST Marine), the marine arm of Singapore Technologies Engineering Ltd (ST Engineering), held the Launching ceremony for the first

Finance

Buoys in Disputed Waters Roil South China Sea Dispute

Buoys stretched "as far as eye could see" - Philippine sailor. The Philippine navy recently found a large steel marker bearing Chinese inscriptions and hundreds

Navis N4 TOS Open in Liverpool Terminal

Peel Ports, owners and operators of the Port of Liverpool, has achieved a major milestone in its multi-million investment program to transform the port into Europe’s

AkzoNobel’s Carbon Credits Methodology Wins Award

AkzoNobel’s landmark carbon credits methodology for the shipping industry has won the Best Offsetting Project award in the 2015 Voluntary Carbon Market Rankings.

 
 
Maritime Contracts Maritime Security Maritime Standards Naval Architecture Pipelines Port Authority Salvage Ship Electronics Ship Simulators Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1358 sec (7 req/sec)