TRANSOCEAN LTD. (NYSE:RIG) Files An 8-K Material Impairments

ME Staff 8-k
-
0

TRANSOCEAN LTD. (NYSE:RIG) Files An 8-K Material Impairments
Item 2.06    Material Impairments   

On May 23, 2017, subsidiaries of Transocean Ltd. (the “Company”) entered into an asset and share purchase agreement (the “purchase agreement”) with Borr Drilling Limited and certain of its affiliates (collectively, “Borr”) to which the Company will sell ten high-specification jackups and novate the contracts relating to the construction of five high-specification jackups, together with related assets, to Borr.  These rigs are classified as held for sale.  Accordingly, during the second quarter 2017, the Company expects to recognize an estimated loss of approximately $1.6 billion associated with the impairment of such assets.  As the Company continues to evaluate the long-term competitiveness of its fleet, additional rigs may be identified as candidates for sale or disposal.  The Company expects to close the transactions contemplated by the purchase agreement on May 31, 2017.


About TRANSOCEAN LTD. (NYSE:RIG)

Transocean Ltd. is an international provider of offshore contract drilling services for oil and gas wells. The Company’s primary business is to contract its drilling rigs, related equipment and work crews primarily on a day rate basis to drill oil and gas wells. The Company operates through the contract drilling services segment. The Company specializes in technically demanding regions of the global offshore drilling business with a particular focus on deepwater and harsh environment drilling services. Its mobile offshore drilling fleet consists of floaters and high-specification jackups used in support of offshore drilling activities and offshore support services across the world. The Company owns or has partial ownership interests in and operates over 60 mobile offshore drilling , including approximately 30 ultra‑deepwater floaters, over seven harsh environment floaters, over five deepwater floaters, over 10 midwater floaters and approximately 10 high-specification jackups.

TRANSOCEAN LTD. (NYSE:RIG) Recent Trading Information

TRANSOCEAN LTD. (NYSE:RIG) closed its last trading session down -0.30 at 9.26 with 13,037,946 shares trading hands.