Transocean Earnings Impaired by Drilling Market Valuation

Transocean Ltd. on Monday announced that the company expects its fourth quarter 2011 results to include a non-cash charge related to the impairment of a substantial portion of the goodwill associated with its contract drilling services reporting unit. The charge, which has no tax effect, is the result of the annual impairment test and is primarily due to the decline in the market valuation of the contract drilling business. The company has not yet fully completed the measurement because of the complexities involved in determining the implied fair value of goodwill. In accordance with U.S. Generally Accepted Accounting Principles, the company anticipates that it will complete its goodwill impairment assessment by March 31, 2012. As of September 30, 2011, goodwill associated with the contract drilling services reporting unit was approximately $8 billion.

Transocean expects to release its fourth quarter and full year 2011 results on Tuesday, February 28, 2012, following the close of trading on the NYSE.
 

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