Transocean to Scrap Two Rigs

Maritime Activity Reports, Inc.

April 2, 2015

 

Swiss driller Transocean Ltd. announced yesterday that it intends to scrap, in an environmentally responsible manner, two offshore rigs: GSF Aleutian Key and Sedco 707. The rigs are classified as held for sale.

 

As a result of this decision, the company expects its first quarter 2015 results to include an estimated non-cash charge of $90 million to $110 million, net of taxes. Including these two rigs, Transocean has announced plans to scrap a total of 18 floaters.

 

As the company continues to evaluate the long-term competitiveness of its fleet, additional rigs may be identified as candidates for scrapping.

 

Transocean is in the middle of a search for a replacement for Steven Newman, who stepped down as CEO in February.  

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