Transocean to retire six floaters, take $1.4 billion hit

Sedco Express Sedco Express

SEPTEMBER 23, 2017 — Transocean Ltd. (NYSE:RIG) says it intends 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 offshore drilling contractor 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 President & CEO Jeremy Thigpen. "We remain committed to providing our customers with the most technically capable and highest quality ultra-deepwater and harsh environment assets in the industry, and will continue to objectively evaluate our rigs and high-grade our fleet as the market evolves."

Want more? Subscribe now!

Join Marine Log's Email List