Transocean's Latest Fleet Update

The company's update includes new contracts, significant changes to contracts, & changes to estimated times out of service.

Transocean is a leading international provider of offshore contract drilling services for oil and gas wells. The company specializes in technically demanding sectors of the global offshore drilling business with a particular focus on deepwater and harsh environment drilling services.

The value of new contracts or extensions since the January 17, 2013 fleet status report is approximately $530 million.

Estimated 2013 out of service time increased by a net 136 days, including 90 days associated with rig maintenance on the Cajun Express and 75 days due to shipyard acceleration into 2013 from 2014 on the GSF Galaxy I.

Highlights are as follows:

• Sedco 712 - Awarded a three-year contract for work in the U.K. sector of the North Sea at a dayrate of $380,000 ($416 million contract backlog).
• Sedneth 701 - Customer exercised a one-year un-priced option for work offshore Nigeria at a dayrate of $311,000 ($114 million contract backlog).   
• GSF Explorer is currently idle.

A preliminary review of anticipated projects scheduled to commence in 2014 indicates approximately 2,131 days of scheduled out of service time for Transocean's fleet comprising approximately 1,534 days for High-Specification Floaters, 440 days for Midwater Floaters, and 157 days for High-Specification Jackups.  The sequential increase in out of service days for the High Specification Floaters reflects, primarily, scheduled shipyards in conjunction with required maintenance and periodic surveys.  An updated and more detailed view of out of service time by rig will be provided in the July  fleet status report.