Transocean Drops Interests in 2 Drillships



Transocean Drops Interests in 2 Drillships
Transocean Ltd revealed Monday that two of its indirect, wholly-owned subsidiaries will relinquish their respective interests in two drillships under construction.

Transocean Ltd revealed Monday that two of its indirect, wholly-owned subsidiaries will relinquish their respective interests in two drillships under construction to Samsung Heavy Industries Co Ltd (SHI).

Upon relinquishment of the drillships -named the Ocean Rig Santorini and the Ocean Rig Crete -  Transocean’s indirect, wholly-owned subsidiaries will not make further payments to SHI under the construction contracts, Transocean noted.

The total estimated future costs associated with the delivery and placing of the drillships into service would have been approximately $1.1 billion, according to Transocean.

Transocean describes itself as a leading international provider of offshore contract drilling services for oil and gas wells. The company specializes in technically demanding sectors of the global offshore drilling business with a particular focus on deepwater and harsh environment drilling services, according to its website.

Transocean owns, or has partial ownership interests in, and operates a fleet of 45 mobile offshore drilling units, the company’s website highlights.

Transocean was crowned the most desirable oil and gas drilling contractor to work for in Rigzone’s 2019 Ideal Employer Survey, which included more than 11,000 respondents from over 100 countries. This was the third consecutive year the offshore drilling company has achieved the title, as it won the same accolade back in 2018 and 2017.

To contact the author, email andreas.exarheas@rigzone.com     



WHAT DO YOU THINK?


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Ron Kinch  |  September 30, 2019
Signs of the times anti carbon footprint put on brakes demand will just grow slower with fewer safe movers Canada remains safe clean and clean up if you mess up you clean up Mama says
ronald laborde  |  September 28, 2019
after the bp blowout how can a co. that had the worst safety- be top on the list--
K. Marshall  |  September 27, 2019
For Transocean to have made a move such as this, It is fair speculation that they do not see a need for the vessels. The reasons behind it could be as simple as their bottom line or related to a change in market expectations. Be rest assured, Transocean will do whatever it takes to remain the Top Player in this market.
Haris  |  September 25, 2019
What could be the main drive for this decision. They don't see the market picking-up at all? Or do they intend to focus more on other segments, like Jack-up?! It would be interesting to know.