Jeremy Thigpen News

Offshore drilling contractor Transocean announced it has been awarded a $222 million contract for one of its ultra-deepwater drillships to go to work offshore India.India's state-controlled Oil and Natural Gas Corporation Ltd awarded the binding notification of award for Transocean's Dhirubhai Deepwater KG1, a sixth-generation drillship built in 2009 by South Korea's Samsung Heavy Industries.The 21-month program is expected to commence in the first quarter of 2024, contributing an estimated $222 million in backlog…

Offshore drilling company Transocean has reached a deal with Singapore-based Jurong Shipyard - a Sembcorp Marine subsidiary - to delay the delivery of the ultra-deepwater drillships Deepwater Atlas and Deepwater Titan, originally ordered in 2014. As part of the agreement, Jurong Shipyard has agreed to accept deferred payment for both rigs, Transocean said.The Deepwater Atlas and Deepwater Titan are the world’s first eighth-generation ultra-deepwater drillships and only rigs to feature a 3…

Safety of workers,structures, equipment and the environment are paramount in any offshore energy project. In the March/April print edition, Offshore Engineer took a look inside some notable newcomers.Wearable tech to boost drill floor safetyHaloGuard – Credit: TransoceanOffshore drilling contractor Transocean has recently deployed what it said was the offshore drilling industry’s first safety system that integrates a wearable locating device with drill floor equipment and machine stoppage controls.The system…

Drilling rig contractor Maersk Drilling, which will soon list on the Copenhagen stock exchange, said the offshore drilling market is improving as oil firms generate more cash and look to boost reserves.A fall in oil prices in 2014 prompted a severe downturn in the industry as oil companies cancelled or postponed exploration plans, reducing demand for offshore drilling rigs."What drives our faith in a market recovery is to a high degree the higher activity we see from the oil companies…

Switzerland-based offshore driller Transocean Ltd. announced Wednesday that it has completed the acquisition of Greek peer Ocean Rig UDW Inc.The $2.7 billion cash-and-stock deal adds nine high-specification ultra-deepwater drillships, two harsh environment semisubmersibles, and two high-specification ultra-deepwater drillships currently under construction to Transocean's existing fleet."We are excited to begin actively marketing these assets into the growing list of opportunities we continue to see emerging across our global customer base…

Transocean, international provider of offshore contract drilling services for oil and gas wells, has announced that its shareholders approved the acquisition of Ocean Rig UDW, by approving the proposals presented at Transocean’s Extraordinary General Meeting. Switzerland-based offshore drilling contractor quoted its President and CEO Jeremy Thigpen in a press release, as saying: "We are extremely pleased that our shareholders have overwhelmingly approved our acquisition of Ocean Rig. Through this combination, Transocean further enhances our industry-leading fleet of high specification floaters, thus improving our competitive position."Thigpen…

Offshore oil driller Transocean Ltd said on Tuesday it would buy peer Ocean Rig UDW Inc in a $2.7 billion cash-and-stock deal, its second major acquisition this year as the company bets on a recovery in the offshore sector.The acquisition signals new optimism for offshore drillers, which were hit hard by the steep plunge in oil prices from 2014. Offshore projects, which are more costly than onshore work and take years to develop, became less attractive after oil prices fell to below $30 a barrel in 2016.Global crude prices have since recovered to above $70, renewing producer interest in offshore basins around the world, including Brazil and the U.S.

Drilling contractor Transocean Ltd on Wednesday expressed optimism about a recovery in offshore drilling activity this year, despite reporting its third quarterly loss in a row. Companies that provide services and equipment for oil and gas exploration and production, among the worst hit by the 2014 oil price downturn, have grown optimistic about the future as oil prices recently have bounced back. In recent quarters, companies that focus on providing services to onshore shale producers have posted the biggest gains…

Transocean announced  that the harsh environment semisubmersible Transocean Spitsbergen was awarded a 22-well contract with an estimated duration of 33 months; plus two one-well options in the Norwegian North Sea with Statoil Petroleum ASA. The estimated firm backlog associated with the contract is approximately $286 million, which excludes opportunities for performance incentives. The contract is expected to commence in the third quarter of 2019. “We are extremely pleased to have once again contracted the Transocean Spitsbergen with Statoil,” said Jeremy Thigpen, President and Chief Executive Officer. “This contract is a testament to the capability…

Transocean announced that the ultra-deepwater drillship Deepwater Invictus was awarded a two-year contract plus three one-year priced options with a subsidiary of BHP Billiton. The backlog associated with the firm contract is approximately $106 million. The contract is expected to commence in the second quarter of 2018. “We are extremely pleased to continue working with BHP,” said President and Chief Executive Officer Jeremy Thigpen. “Since we welcomed the Invictus into our fleet in 2014, the combination of BHP, Transocean and the Invictus has delivered industry-leading performance; and, we look forward to extending our productive relationship through this multi-year contract,” Jeremy added.

Transocean announced its intent to retire the ultra-deepwater floaters GSF Jack Ryan, Sedco Energy, Sedco Express, Cajun Express, and Deepwater Pathfinder, and the deepwater floater Transocean Marianas. The rigs will be classified as held for sale and will be recycled in an environmentally responsible manner. All six rigs were previously cold stacked. The company will recognize an impairment charge of approximately $1.4 billion during the third quarter of 2017 associated with these actions. “We continue to enhance the quality of our fleet through the addition of new, high-specification assets, and the retirement of older, less competitive rigs,” said Jeremy Thigpen, President and Chief Executive Officer.

About 77 pct of Songa shareholders have so far accepted deal. Transocean, one of the world's biggest drilling rig operators, has agreed a deal to buy Norwegian competitor Songa Offshore for 9.1 billion Norwegian crowns ($1.1 bln), the two companies said on Tuesday. The deal, which would be mostly paid for in shares and convertible bonds, would strengthen Transocean's position in offshore drilling as Songa is Norwegian oil major Statoil's largest drilling service provider. The offer values Songa shares at 47.50 Norwegian crowns each, a 39.7 percent premium over Monday's closing price. Shares in Songa surged 31 percent on news of the deal, which needs the backing of at least 90 percent of Songa shareholders. So far about 77 percent of shareholders have agreed to the offer, the company said.

Transocean Ltd. reported their Fourth Quarter and Full Year 2016 Results. * Operating and maintenance expense was $314 million, including $30 million in favorable items associated with litigation matters. * Adjusted net income was $239 million, $0.63 per diluted share, excluding $13 million of net unfavorable items. * Contract backlog was $11.3 billion as of the February 2017 Fleet Status Report. ZUG, SWITZERLAND-February 23, 2017-Transocean Ltd. (NYSE: RIG) today reported net income attributable to controlling interest of $226 million, $0.60 per diluted share, for the three months ended December 31, 2016. Other income included $39 million of royalties associated with the company's patented dual-activity technology. * $11 million, $0.03 per diluted share, in restructuring costs.

Transocean Ltd. and Transocean Partners LLC (NYSE: RIGP) today announced that Transocean has agreed to acquire all of the outstanding common units of Transocean Partners not already owned by Transocean in a share-for-unit merger transaction. In the merger, Transocean Partners common unitholders will receive 1.1427 Transocean shares for each Transocean Partners common unit. The Transocean Partners unit price implied by the exchange ratio represents a 15% premium to Transocean Partners' closing price on July 29, 2016. Transocean expects to issue approximately 22.7 million shares in the merger. Completion of the transaction is conditioned upon approval by Transocean Partners' common unitholders and is anticipated to close in the fourth quarter of 2016.

Transocean Ltd. Revenues were $1.85 billion, up from $1.61 billion in the third quarter of 2015; Operating and maintenance expenses were $794 million, down from $880 million in the prior period; Adjusted net income was $615 million, $1.68 per diluted share, excluding $4 million of net unfavorable items. - Contract backlog was $15.5 billion as of the February 11, 2016, Fleet Status Report. ZUG, SWITZERLAND-February 24, 2016-Transocean Ltd. (NYSE: RIG) (SIX: RIGN) today reported net income attributable to controlling interest of $611 million, $1.66 per diluted share, for the three months ended December 31, 2015. * $22 million, $0.06 per diluted share, related to restructuring costs; and $1 million in discontinued operations.

Transocean Ltd. announced today a mutual agreement with its customer, Shell EP Wells Equipment Wells Services B.V. (Shell), and the shipyard, Daewoo Shipbuilding & Marine Engineering Co. (DSME), to delay the operating and delivery contracts of two newbuild ultra-deepwater drillships - the Deepwater Pontus and the Deepwater Poseidon - by 12 months each. The delay has no impact on the duration or dayrate of the original 10-year operating contracts for each of the two newbuild ultra-deepwater drillships. Parties will be compensated for the postponement. The specific terms are not disclosed. The delivery and operating agreements for Shell's two other contracted Transocean newbuild, ultra-deepwater drillships, the Deepwater Thalassa and Deepwater Proteus, are not impacted by this agreement.

Transocean Ltd. today announced that Lars Sjöbring, Senior Vice President and General Counsel, has informed Transocean that he will be leaving the company. Mr. Sjöbring has agreed to aid in the search for a replacement, but will resign no later than December 31, 2015. "Lars has done an outstanding job guiding Transocean through the extensive litigation following the Macondo Well incident, and was instrumental in securing the related settlements with BP and the Plaintiff's Steering Committee announced earlier this year," said Jeremy Thigpen, Transocean's President and Chief Executive Officer. "On behalf of Transocean, I thank Lars for his service, and wish him great success in his future endeavors."

Transocean Ltd. today announced that, as mutually agreed with the company, Esa Ikaheimonen is stepping down as Executive Vice President and Chief Financial Officer effective immediately. Mr. Ikaheimonen has also resigned his company-appointed position as the Chairman of the Board of Directors of Transocean Partners LLC, a subsidiary of Transocean. Additionally, the company announced that Mr. Mark Mey has been appointed as Executive Vice President and Chief Financial Officer effective May 28, 2015. "Esa brought a fresh and unique perspective to Transocean when he joined the company almost three years ago and he has contributed materially to the company's capital structure…

Transocean Ltd. announced that it has reached two separate settlement agreements, with the Plaintiffs' Steering Committee (the "PSC") and with BP Exploration & Production Inc. and BP America Production Co. ("BP"). These settlements together resolve substantially all outstanding claims against Transocean arising from the April 20, 2010, Macondo Well incident involving the Deepwater Horizon in the Gulf of Mexico. Under the terms of the agreement with the PSC, which is subject to approval by the U.S. District Court for the Eastern District of Louisiana (the "Court"), Transocean will pay two classes of plaintiffs, represented by the PSC, a total of  approximately $212 million. Transocean will also pay attorneys' fees to be determined by the Court.

The CFO of Houston-based National Oilwell Varco Inc. (NOV) is stepping down to become CEO of Transocean Ltd. (RIG), one of NOV’s largest customers. Effective April 22, Jeremy Thigpen will become CEO of Switzerland-based Transocean, which has its main U.S. office in Houston. Thigpen succeeds Ian Strachan, who had been serving as interim CEO since Steven Newman stepped down in February. Strachan, who is also the company's Chairman of the Board of Directors, will retire from the Board at the end of his term at the 2015 Annual General Meeting following approximately 16 years of service. Prior to joining Transocean, Thigpen spent his career in various roles at  NOV and has served since 2012 as NOV's Senior Vice President and Chief Financial Officer.