Transocean delays deliveries of two drillships

APRIL 20, 2016 – Transocean Ltd. (NYSE: RIG) reports that it has reached an agreement with Sembcorp Marine's subsidiary, Jurong Shipyard Ptd Ltd, to defer the delivery and related final payments of two dynamically positioned ultra-deepwater drillships.

The proprietary Jurong Espadon 3T designed rigs are now scheduled to be delivered during the first and third quarter of 2020.

The drillships were ordered in February 2014 for deliveries in the second quarter of 2017 and the first quarter of 2018, respectively. At the time, Transocean put the combined capital cost for the pair at $1.24 billion including the shipyard contracts; project management; owner-furnished equipment; inventory and capital spares; but excluding capitalized interest. It said then that "the payment terms for both rigs are very favorable to Transocean."

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