Transocean Announces Strike Called in Norway

Transocean Inc. announced that a strike has been called by OFS, one of three unions representing offshore workers in Norway, on Transocean semisubmersible units operating in the country. OFS called the strike after it was unable to reach an agreement with the Norwegian Shipowners Association, which represents rig owners in Norway. The rigs affected immediately are the Polar Pioneer, Transocean Searcher and Transocean Leader. The semisubmersible Transocean Arctic is also located in Norway, but is not currently under contract. Agreements have been reached previously with NOPEF and DSO, the other two unions representing workers on offshore units.

Current well operations must be completed and wells must be safely secured prior to the implementation of the work stoppage. At that time, the rigs will be de-manned to a minimum safe level. The company estimates that it will require between five to ten days to secure the rigs. At this time, the company cannot estimate the possible length of the strike or its financial impact.