Transocean Issues Monthly Fleet Update Summary
Transocean Ltd today issued a monthly Fleet Update Summary, which includes new contracts, changes to existing contracts, and changes in estimated planned out-of-service time of 15 or more days since the February 17, 2015 Fleet Update Summary. The total value of new contracts since the last report is approximately $9 million.
The report includes the following:
• Sedco Express - Awarded a one-well contract extension offshore Nigeria at a dayrate of $300,000 ($9 million estimated backlog).
• Henry Goodrich is idle.
• Ultra-deepwater floaters Discoverer Spirit, GSF Jack Ryan, Deepwater Discovery, and Deepwater Pathfinder are stacked. The rigs were previously idle.
• Estimated 2015 planned out-of-service time decreased by a net 102 days, mainly associated with the Henry Goodrich.
Transocean intends to scrap the Deepwater Expedition, Transocean Legend, Transocean Rather, and GSF Arctic III in an environmentally responsible manner; these rigs are classified as held for sale. As a result, the company expects its first quarter 2015 results to include an estimated non-cash charge of $300 million to $325 million, net of taxes. Including these four rigs, Transocean has announced plans to scrap a total of 16 floaters.
The report can be accessed on the company's website at www.deepwater.com.