Transocean Ltd. Announces World’s First Hybrid Floating Drilling Unit
October 02 2019 - 3:15PM
Transocean Ltd. (NYSE: RIG) announced today that it has
successfully deployed the world’s first hybrid energy storage
system aboard a floating drilling unit. The system is now
operational on the Transocean Spitsbergen, engaged in drilling
operations at the Snorre field in Norway.
Transocean’s patented1 hybrid power technology,
developed in partnership with Aspin Kemp and Associates, reduces
fuel consumption and increases a dynamically positioned rig’s
station-keeping reliability by capturing energy generated during
normal rig operations that would otherwise be wasted, and storing
it in batteries. This energy is then used to power the rig’s
thrusters. This important operational and safety enhancement
targets a 14% reduction in fuel use during normal operations,
leading to a significant reduction in NOx and CO2 emissions.
Transocean’s investment is funded in part
through fuel saving incentives in its contract with Equinor and by
the Norwegian NOx Fund.
“This first of its kind hybrid power upgrade
will further enhance the reliability of our operations, while
simultaneously reducing fuel consumption, operating costs and our
environmental footprint,” said Jeremy Thigpen, President and
CEO. “We are pleased and proud to work alongside Equinor to
jointly identify and implement more efficient and sustainable
technology to deliver high-value wells to the industry.”
1 Including Patent Nos. U.S. 8,373,949, U.S.
9,444,252, U.S. 10,389,113, and others outside the U.S.
About Transocean
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, and believes that it operates the
highest specification floating offshore drilling fleet in the
world.
Transocean owns or has partial ownership interests in, and
operates a fleet of 45 mobile offshore drilling units consisting of
28 ultra-deepwater floaters, 14 harsh environment floaters, and
three midwater floaters. In addition, Transocean is constructing
two ultra-deepwater drillships.
Forward-Looking Statements
The statements described in this press release that are not
historical facts are forward-looking statements within the meaning
of Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934. These statements contain words
such as "possible," "intend," "will," "if," "expect" or other
similar expressions. Forward-looking statements are based on
management’s current expectations and assumptions, and are subject
to inherent uncertainties, risks and changes in circumstances that
are difficult to predict. As a result, actual results could differ
materially from those indicated in these forward-looking
statements. Factors that could cause actual results to differ
materially include, but are not limited to, estimated duration of
customer contracts, contract dayrate amounts, future contract
commencement dates and locations, planned shipyard projects, timing
of the Company’s newbuild deliveries, operating hazards and delays,
risks associated with international operations, actions by
customers and other third parties, the future prices of oil and
gas, the intention to scrap certain drilling rigs and other
factors, including those and other risks discussed in the Company's
most recent Annual Report on Form 10-K for the year ended December
31, 2018, and in the Company's other filings with the SEC, which
are available free of charge on the SEC's website at: www.sec.gov.
Should one or more of these risks or uncertainties materialize (or
the other consequences of such a development worsen), or should
underlying assumptions prove incorrect, actual results may vary
materially from those indicated or expressed or implied by such
forward-looking statements. All subsequent written and oral
forward-looking statements attributable to the Company or to
persons acting on our behalf are expressly qualified in their
entirety by reference to these risks and uncertainties. You should
not place undue reliance on forward-looking statements. Each
forward-looking statement speaks only as of the date of the
particular statement, and we undertake no obligation to publicly
update or revise any forward-looking statements to reflect events
or circumstances that occur, or which we become aware of, after the
date hereof, except as otherwise may be required by law. All
non-GAAP financial measure reconciliations to the most comparative
GAAP measure are displayed in quantitative schedules on the
Company’s website at: www.deepwater.com.
For more information about Transocean, please visit:
www.deepwater.com.
Analyst Contacts:Bradley
Alexander+1 713-232-7515
Lexington May+1 832-587-6515
Media Contact:Pam Easton+1
713-232-7647
Transocean (NYSE:RIG)
Historical Stock Chart
From Apr 2024 to May 2024
Transocean (NYSE:RIG)
Historical Stock Chart
From May 2023 to May 2024