Transocean Ltd. Sells Jackup Fleet to Borr Drilling

Source: www.gulfoilandgas.com 5/31/2017, Location: Asia

Transocean Ltd. (RIG) announced that it has completed the previously disclosed transaction to sell its jackup fleet to Borr Drilling Limited ("Borr") for a total consideration of approximately $1.35 billion. The sale included the company's 10 high-specification jackups and five jackups under construction at Keppel FELS Limited's ("Keppel") shipyard in Singapore.

The company received cash of approximately $320 million associated with the sale. Additionally, the transaction transfers to Borr the company's remaining financial obligations related to the five jackups under construction at Keppel. Transocean is expected to continue operating the three jackups working in Thailand until the current drilling contracts expire and will reflect the associated revenue and expenses in income from continuing operations.

"The sale of our jackup fleet is consistent with our strategic goal of remaining the industry's undisputed leader in the ultra-deepwater and harsh environment markets, where our high quality assets, unmatched operational experience and trusted customer relationships provide us with a clear competitive advantage," said Jeremy Thigpen, President and Chief Executive Officer.

"Further," added Mark Mey, Executive Vice President and Chief Financial Officer, "this transaction is consistent with our goal of enhancing liquidity to provide greater strategic optionality. We have taken an impairment of approximately $1.6 billion in relation to the sale of the jackup fleet to Borr, but continue to remain comfortably within our debt to tangible capitalization ratio in our revolving credit facility."


Norway >>  6/21/2021 - Reference is made to previous stock exchange notices on Friday 18th June 2021 by Siem Offshore Inc, “Siem Diamond”, the second of the two large AHTS ...
New Zealand >>  6/18/2021 - Damen Shipyards Group has reached a major milestone in the construction of its first fully-electric Reversed Stern Drive tug. The shipbuilder is const...

Denmark >>  6/17/2021 - The ’Esvagt Castor’, the ’Esvagt Carpathia’ and several other ESVAGT vessels have been signed up for various offshore campaigns. ...
Finland >>  6/16/2021 - An iconic day for the cruise industry's next iconic ship took place on Monday, June 14 when Royal Caribbean International marked the start of construc...

Japan >>  6/16/2021 -  Taylor Maritime Investments Limited, the recently launched specialist dry bulk shipping investment company, is pleased to announce that is has succes...
Angola >>  6/15/2021 - MDL has completed a flexible installation offshore Angola with DOF Subsea. An MDL flex-lay spread, consisting of a Second-generation Reel Drive System...

Related Categories: Diving Contractors  Dredging  FPSO Vessels and Equipment  General  Marine Services  Mooring Systems  Offshore Platforms  Subsea Production 

Related Articles: Diving Contractors  Dredging  FPSO Vessels and Equipment  General  Marine Services  Mooring Systems  Offshore Platforms  Subsea Production 


Gulf Oil and Gas
Copyright © 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.