Transocean Ltd. Announces Deepwater Corcovado, Deepwater Mykonos Contract Extensions
November 18 2020 - 3:16PM
Transocean Ltd. (NYSE: RIG) announced today that Petrobras has
exercised a 680-day preexisting, fixed price option for the
Deepwater Corcovado, and a 815-day preexisting, fixed price option
for the Deepwater Mykonos. Together these contract extensions add
approximately $297 million to Transocean’s industry leading
backlog. Both rigs will continue to operate in Brazil and are
subject to annual indexed dayrate escalations.
About Transocean
Transocean is a leading international provider of offshore
contract drilling services for oil and gas wells. Transocean
specializes in technically demanding sectors of the global offshore
drilling business with a particular focus on deepwater and harsh
environment drilling services, and operates the highest
specification floating offshore drilling fleet in the world.
Transocean owns or has partial ownership interests in and
operates a fleet of 38 mobile offshore drilling units, including 27
ultra-deepwater floaters and 11 harsh environment floaters. In
addition, Transocean is constructing two ultra-deepwater
drillships.
Forward-Looking Statements
The statements described herein that are not historical facts
are forward-looking statements within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. These statements could
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 and other out-of-service time, sales of drilling units,
timing of the company’s newbuild deliveries, operating hazards and
delays, risks associated with international operations, actions by
customers and other third parties, the fluctuation of current and
future prices of oil and gas, the global and regional supply and
demand for oil and gas, the intention to scrap certain drilling
rigs, the success of our business following prior acquisitions, the
effects of the spread of and mitigation efforts by governments,
businesses and individuals related to contagious illnesses, such as
COVID-19, 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, 2019, 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.
This press release, or referenced documents, do not constitute
an offer to sell, or a solicitation of an offer to buy, any
securities, and do not constitute an offering prospectus within the
meaning of the Swiss Financial Services Act (“FinSA”) or
advertising within the meaning of the FinSA. Investors must rely on
their own evaluation of Transocean and its securities, including
the merits and risks involved. Nothing contained herein is, or
shall be relied on as, a promise or representation as to the future
performance of Transocean.
Analyst Contact:Lexington May+1
832-587-6515
Media Contact:Pam Easton+1
713-232-7647
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