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

Navy

Northrop Grumman Navigation Systems for Canadian Navy

Northrop Grumman Corporation's Sperry Marine business unit has been selected to design and supply gyrocompass navigation systems for 12  Kingston Class coastal

Maritime Tension Dominates Southeast Asia Summit

Southeast Asian leaders edged closer to open criticism of China's land reclamation in the disputed South China Sea at a regional summit on Monday, as the Philippines

BIMCO Welcomes EU Decision on Migrants

BIMCO has stated today that it appreciates the new efforts by EU leaders to reduce increasing reliance on merchant shipping to rescue the growing numbers of

Finance

US Designates Three Marine Highway Projects

U.S. Transportation Secretary Anthony Foxx has designated three new Marine Highway Projects.   The Mississippi and Illinois Rivers, previously designated as the M-55 and M-35,

Baltic Index Flat on Muted Shipping Activity

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, remained flat on Monday on muted shipping activity.   The overall index,

Milaha Reports Improved Net Profit for Q1

Qatar Navigation (Milaha) Q.S.C. has announced its financial results for the three months ended March 31, 2015, in which it reported operating revenues of QR 786 million vs.

 
 
Maritime Careers / Shipboard Positions Maritime Standards Navigation Offshore Oil Pipelines Pod Propulsion Ship Repair Shipbuilding / Vessel Construction Sonar Winch
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: 0.1826 sec (5 req/sec)