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Form 8-K Transocean Ltd. For: Jan 15

January 15, 2015 5:30 PM EST


UNITED STATES

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM�8-K
CURRENT REPORT
PURSUANT TO SECTION�13 OR 15(d)�OF THE
SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): January 15, 2015

TRANSOCEAN LTD.
(Exact name of registrant as specified in its charter)
Switzerland
000-53533
98-0599916
(State or other jurisdiction of
incorporation or organization)
(Commission
File Number)
(I.R.S. Employer
Identification No.)
10 Chemin de Blandonnet
1214 Vernier, Geneva
Switzerland
CH-1214
(Address of principal executive offices)
(zip code)
Registrants telephone number, including area code: +41 (22)�930-9000
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form�8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
o����������� Written communications pursuant to Rule�425 under the Securities Act (17 CFR 230.425)
o����������� Soliciting material pursuant to Rule�14a-12 under the Exchange Act (17 CFR 240.14a-12)
o����������� Pre-commencement communications pursuant to Rule�14d-2(b)�under the Exchange Act (17 CFR 240.14d-2(b))
o����������� Pre-commencement communications pursuant to Rule�13e-4(c)�under the Exchange Act (17 CFR 240.13e-4(c))







Item 7.01.����Regulation FD Disclosure
We issue a report entitled Transocean Fleet Status Report, which includes drilling rig status and contract information, including contract dayrate and duration. A report dated January 15, 2015 is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference. You may subscribe to the free Transocean Financial Report Alert which will alert you to new Transocean fleet updates. This service will send you an automated email which will provide a link directly to the web page containing the fleet updates. You may subscribe to this service at the Investor Relations/Email Alerts section of the website by selecting Receive E-mail and providing your email address. Our website may be found at www.deepwater.com.


Item 9.01.� Financial Statements and Exhibits
(d)� Exhibits.
The exhibit to this report furnished pursuant to item 7.01 is as follows:
Exhibit�No.
Description
99.1

Fleet Status Report Dated January 15, 2015





SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
TRANSOCEAN LTD.
Date: January 15, 2015
By
/s/ Jill S. Greene
Jill S. Greene
Authorized Person





Index to Exhibits

Exhibit
Number��������Description

99.1��������Fleet Status Report dated January 15, 2015��������






Updated: January 15, 2015
Revisions Noted in Bold*
Dynamically Positioned*


Dayrate on
Dayrate on
Estimated Out of Service Days (4)
Estimated Out of Service Days (4)
Yr. (1)
Water
Drilling
Estimated
Estimated
Current
Previous
Footnote
Floater
Dynamically
Entered
Depth
Depth
�Contract
Expiration
Contract (3)
Contract (3)
2014
2015
Rig Type/Name
References
Type
Positioned
Service
(Feet)
(Feet)
Location
Customer
Start Date (2)
�Date (2)
(Dollars)
(Dollars)
�Q1
�Q2
�Q3
Q4
�Q1
�Q2
�Q3
Q4
Rigs Under Construction (12)
Deepwater Thalassa
�(6), (11)

ship
*
TBA
12,000
40,000
TBA
Shell
Q1 2016
Q1 2026
�519,000

N/A

Deepwater Proteus
�(6), (11)

ship
*
TBA
12,000
40,000
TBA
Shell
Q2 2016
Q2 2026
�519,000

N/A

Deepwater Pontus
�(6), (11)

ship
*
TBA
12,000
40,000
TBA
Shell
Q1 2017
Q4 2026
�519,000

N/A

Deepwater Poseidon
�(6), (11)

ship
*
TBA
12,000
40,000
TBA
Shell
Q2 2017
Q2 2027
�519,000

N/A

Deepwater Conqueror
�(6), (8), (11)

ship
*
TBA
12,000
40,000
USGOM
Chevron
Q4 2016
Q4 2021
�599,000

N/A

JSPL Ultra-Deepwater Drillship TBN 1
(9
)
ship
*
TBA
12,000
40,000
TBA
JSPL Ultra-Deepwater Drillship TBN 2
(9
)
ship
*
TBA
12,000
40,000
TBA
Transocean Cepheus
(12
)
TBA
400
35,000
TBA
Transocean Cassiopeia
(12
)
TBA
400
35,000
TBA
Transocean Centaurus
(12
)
TBA
400
35,000
TBA
Transocean Cetus
(12
)
TBA
400
35,000
TBA
Transocean Circinus
(12
)
TBA
400
35,000
TBA
High Specification Floater: Ultra-Deepwater (29)
Deepwater Asgard
ship
*
2,014
12,000
40,000
TBA
TBA
Aug-14
Jul-17
600,000

�N/A









Deepwater Invictus
�(6), (20)

ship
*
2,014
12,000
40,000
USGOM
BHP Billiton
Jul-14
Mar-17
595,000

�N/A









Discoverer Americas
(6
)
ship
*
2,009
12,000
40,000
Tanzania
Statoil
Mar-14
Mar-16
735,000

636,000




28




Deepwater Champion
(6
)
ship
*
2,011
12,000
40,000
USGOM
ExxonMobil
Jun-12
Nov-15
677,000

655,000






4
10

Discoverer Clear Leader
��(6), (8), (17)

ship
*
2,009
12,000
40,000
USGOM
Chevron
Nov-14
Oct-18
590,000

569,000




18




Discoverer Inspiration
�(6), (17)

ship
*
2,010
12,000
40,000
USGOM
Chevron
Feb-10
Mar-15
523,000

494,000





4
17


�(6), (8), (17)

*
USGOM
Chevron
Mar-15
Mar-20
585,000

523,000

Dhirubhai Deepwater KG1
���(6), (7), (8)

ship
*
2,009
12,000
35,000
Brazil
Petrobras
Dec-14
Dec-17
427,000

510,000



60
92




Dhirubhai Deepwater KG2
ship
*
2,010
12,000
35,000
India
Reliance
Mar-12
Feb-15
510,000

573,000


13


15

55
13
*
India
Reliance
Feb-15
Jul-15
395,000

510,000

Discoverer India
(14
)
ship
*
2,010
12,000
40,000
USGOM
Reliance
Sep-13
Sep-16
528,000

499,000






45


India
Reliance
Sep-16
Nov-20
508,000

528,000

Petrobras 10000
��(6), (7), (8)

ship
*
2,009
12,000
37,500
Brazil
Petrobras
Feb-11
Jul-19
436,000

�N/A



30
21




Discoverer Deep Seas
(6
)
ship
*
2,001
10,000
35,000
USGOM
Murphy Oil
Oct-13
Nov-16
608,000

456,000






78


Discoverer Enterprise
ship
*
1,999
10,000
35,000
USGOM
BP
Dec-14
Jun-15
399,000

615,000









Discoverer Spirit
ship
*
2,000
10,000
35,000
Idle


61
61




GSF C.R. Luigs
ship
*
2,000
10,000
35,000
USGOM



82
29



GSF Jack Ryan
ship
*
2,000
10,000
35,000
Idle








Deepwater Discovery
ship
*
2,000
10,000
30,000
Idle








Deepwater Frontier
ship
*
1,999
10,000
30,000
Idle
8







Deepwater Millennium
(7
)
ship
*
1,999
10,000
30,000
Australia
Woodside
Apr-14
Apr-15
589,000

570,000

90
24






(7
)
Australia
Woodside
Apr-15
Apr-16
600,000

589,000

Deepwater Pathfinder
(22
)
ship
*
1,998
10,000
30,000
Idle








Deepwater Expedition
ship
*
1,999
8,500
30,000
Idle








Cajun Express
semi
*
2,001
8,500
35,000
Ivory Coast
CNR
Dec-14
Dec-15
495,000

487,000




36
11



Deepwater Nautilus
�(6), (8)

semi
2,000
8,000
30,000
USGOM
Shell
Aug-12
Aug-17
531,000

551,000





28
91
15

GSF Explorer
ship
*
1972/1998
7,800
30,000
Idle
0
0
0
0
0
0
0
0
Discoverer Luanda
��(6), (13)

ship
*
2,010
7,500
40,000
Angola
BP
Jan-11
Jan-18
483,000

�N/A





14



GSF Development Driller I
(7), (8)

semi
*
2,005
7,500
37,500
Angola
ExxonMobil
May-15
Apr-16
382,000

�N/A





90
23


Angola
ExxonMobil
Apr-16
Apr-17
385,000

382,000

GSF Development Driller II
(8
)
semi
*
2,005
7,500
37,500
Romania
Lukoil
Oct-14
Jul-15
355,000

606,000


73
92
31




Development Driller III
�(6), (17)

semi
*
2,009
7,500
37,500
USGOM
BP
Nov-09
Nov-16
431,000

�N/A









Sedco Energy
(19
)
semi
*
2,001
7,500
35,000
Congo
Total
Sep-14
Oct-15
380,000

�N/A



53
4




Sedco Express
(6
)
semi
*
2,001
7,500
35,000
Nigeria
CAMAC
Dec-14
Jan-15
300,000

�N/A









Total Estimated Days Out of Service
98

110

296

373

191

258

80

13

Estimated Average Contract Dayrate(5)
$
547,000

$
554,000

$
555,000

$
545,000

$
520,000

$
507,000

$
528,000

$
536,000

High Specification Floater: Deepwater (8)
Deepwater Navigator
��(7), (8), (15)

ship
*
1971/2000
7,200
25,000
Brazil
Petrobras
May-11
Feb-16
�371,000

�190,000

0
0
0
�8
0
0
0
0
Transocean Marianas
�(6), (8)

semi
1979/1998
7,000
30,000
South Africa
PetroSA
Jun-14
Apr-15
�370,000

�N/A

�10
�72
0
0
0
0
0
0
Sedco 706
��(6), (7), (8)

semi
*
1976/1994/ 2008
6,500
25,000
Brazil
Petrobras
May-14
Sep-16
�290,000

�361,000

0
�23
0
0
�59
�1
0
0
Sedco 702
�(6), (7)

semi
*
1973/2007
6,500
25,000
Nigeria
Shell
Sep-12
Feb-16
�461,000

�357,000

�60
0
0
0
0
0
0
0
Sedco 707
semi
*
1976/1997
6,500
25,000
Idle
0
0
0
0
0
0
0
0
GSF Celtic Sea
semi
1982/1998
5,750
25,000
Angola
ExxonMobil
Aug-13
Jan-15
�332,000

�324,000

0

0

0

0

0

0

0

0

Angola
Vaalco
Jan-15
Mar-15
338,000

332,000

Jack Bates
(7
)
semi
1986/1997
5,400
30,000
Australia
Inpex
Dec-14
May-15
�420,000

�440,000

0

0

�15

0

0

0

0

0

Australia
Inpex
May-15
Feb-16
370,000

420,000

M.G. Hulme, Jr.
semi
1983/1996
5,000
25,000
Malaysia
Petronas
Dec-14
Feb-15
�174,000

�N/A

0
�35
�7
�41
0
0
0
0
(7
)
TBA
TBA
Feb-15
Nov-15
200,000

174,000

Total Estimated Days Out of Service
70

130

22

49

59

1





Estimated Average Contract Dayrate(5)
$
378,000

$
386,000

$
376,000

$
382,000

$
368,000

$
379,000

$
358,000

$
351,000

High Specification Floater: Harsh Environment (7)
Transocean Barents
�(6), (7)

semi
*
2,009
10,000
30,000
NNS
Shell
Sep-14
Sep-15
562,000

574,000



68





Transocean Spitsbergen
�(6), (7), (16), (23)

semi
*
2,010
10,000
30,000
NNS
Statoil
Jul-13
Jul-15
509,000

504,000





51



Henry Goodrich
(6
)
semi
1985/2007
5,000
30,000
Canada
Suncor
Jun-14
Mar-15
�476,000

�346,000

0
0
0
0
�13
�91
0
0
Transocean Leader
�(6), (7)

semi
1987/1997
4,500
25,000
NNS
Statoil
Mar-12
Mar-15
�377,000

�469,000

0
0
0
0
0
�45
0
0
UKNS
Enquest
May-15
May-18
335,000

377,000

(21
)
UKNS
Enquest
May-18
May-19
305,000

335,000

Paul B. Loyd, Jr.
(7
)
semi
1,990
2,000
25,000
UKNS
BP
Sep-14
Mar-15
441,000

441,000







43
50
(7
)
UKNS
BP
Mar-15
Aug-15
423,000

441,000

(7
)
UKNS
BP
Nov-15
Mar-16
429,000

423,000

(7
)
UKNS
BP
Mar-16
Sep-16
436,000

429,000

(7
)
UKNS
BP
Sep-16
Mar-17
442,000

436,000

(7
)
UKNS
BP
Mar-17
Jun-17
449,000

442,000

Transocean Arctic
�(6), (7)

semi
1,986
1,650
25,000
NNS
Rig Management Norway
Jul-14
Jan-16
387,000

414,000



64





�(6), (7)

NNS
OMV
Jan-16
Jun-16
486,000

387,000

Polar Pioneer
(6
)
semi
1,985
1,500
25,000
Alaska
Shell
Nov-14
Feb-15
592,000

523,000


74
78
92




(6
)
Alaska
Shell
Feb-15
Mar-15
561,000

592,000

(6
)
Alaska
Shell
Mar-15
Apr-15
592,000

561,000

(6
)
Alaska
Shell
Apr-15
Jun-15
561,000

592,000

(6
)
Alaska
Shell
Jun-15
Oct-15
623,000

561,000

(6
)
Alaska
Shell
Oct-15
Dec-15
561,000

623,000

(6
)
Alaska
Shell
Dec-15
Apr-16
592,000

561,000

(6
)
Alaska
Shell
Apr-16
Jun-16
561,000

592,000

(6
)
Alaska
Shell
Jun-16
Oct-16
623,000

561,000

(6
)
Alaska
Shell
Oct-16
Dec-16
561,000

623,000

(6
)
Alaska
Shell
Dec-16
Jun-17
592,000

561,000

Total Estimated Days Out of Service


74

210

92

64

136

43

50

Estimated Average Contract Dayrate(5)
$
464,000

$
460,000

$
467,000

$
485,000

$
470,000

$
469,000

$
471,000

$
398,000

Midwater Floaters (17)
Transocean Legend
(7
)
semi
1,983
3,500
25,000
Australia
Conoco Phillips
Apr-14
Jan-15
415,000

293,000

27

6





Transocean Amirante
semi
1978/1997
3,500
25,000
Libya
ENI
Dec-14
Nov-15
�335,000

�N/A

0
�15
�92
�64
0
0
0
0
Transocean Driller
��(7), (8)

semi
1,991
3,000
25,000
Brazil
Petrobras
Jul-10
Jul-16
262,000

116,000









GSF Rig 135
(7
)
semi
1,983
2,800
25,000
Nigeria
NPDC
Nov-14
Jun-15
311,000

387,000









GSF Rig 140
(6
)
semi
1,983
2,800
25,000
India
ONGC
Mar-12
May-15
262,000

�N/A







22
23
GSF Aleutian Key
semi
1976/1999/2001
2,300
25,000
Gabon
Stacked
0
0
0
0
0
0
0
0
Sedco 711
semi
1,982
1,800
25,000
UKNS
Talisman
Dec-14
Jun-15
361,000

355,000

13


11




UKNS
Talisman
Jun-15
Dec-15
366,000

361,000

Transocean John Shaw
(7
)
semi
1,982
1,800
25,000
UKNS
Taqa
Apr-14
Jan-15
353,000

360,000

81
26






(7
)
UKNS
Taqa
Jan-15
Jan-16
408,000

353,000

GSF Arctic III
semi
1,984
1,800
25,000
Idle








Sedco 712
semi
1,983
1,600
25,000
UKNS
Talisman
Oct-14
Apr-15
391,000

386,000









UKNS
Talisman
Apr-15
Oct-15
397,000

391,000

UKNS
Talisman
Oct-15
Apr-16
403,000

397,000

UKNS
Talisman
Apr-16
Oct-16
409,000

403,000

Sedco 714
(7
)
semi
1983/1997
1,600
25,000
UKNS
Total
Sep-14
Sep-15
�433,000

�401,000

0
�33
�90
0
0
0
0
0
(7
)
UKNS
Total
Sep-15
Mar-16
440,000

433,000

GSF Grand Banks
�(6), (8)

semi
1,984
1,500
25,000
Canada
Husky
Jan-13
Sep-15
408,000

297,000

90
75






Actinia
semi
1,982
1,500
25,000
India
ONGC
Jun-12
Jul-15
190,000

222,000







21

Transocean Winner
��(6), (7)

semi
1,983
1,500
25,000
NNS
Marathon
Jan-13
Jun-15
425,000

495,000









��(6), (7)

NNS
Marathon
Jun-15
Jul-16
499,000

425,000

Transocean Searcher
��(6), (7)

semi
1983/1988
1,500
25,000
NNS
BG
Jun-12
Jun-15
�368,000

�447,000

0
0
0
0
0
0
0
0
NNS
Edison SpA
Jun-15
Jul-15
340,000

368,000

Transocean Prospect
(7
)
semi
1983/1992
1,500
25,000
UKNS
Conoco Phillips
Nov-14
Jan-15
�409,000

�403,000

0
0
0
0
0
0
0
0
(7
)
UKNS
Conoco Phillips
Jan-15
May-15
373,000

409,000

Sedco 704
(7
)
semi
1974/1993
1,000
25,000
UKNS
Maersk
Jun-13
Aug-15
�365,000

�335,000

0
0
0
0
0
0
0
0
UKNS
Maersk
Aug-15
Feb-16
371,000

365,000

Total Estimated Days Out of Service
211

149

188

75





43

23

Estimated Average Contract Dayrate(5)
$
345,000

$
352,000

$
361,000

$
362,000

$
350,000

$
352,000

$
377,000

$
387,000

High Specification Jackups (10)
GSF Constellation I
(6
)
2,003
400
30,000
Indonesia
Total
Sep-12
Jan-16
150,000

140,000









GSF Constellation II
(6
)
2,004
400
30,000
Gabon
Vaalco
Oct-14
Jul-16
167,000

165,000









GSF Galaxy I
(7
)
1991/2001
400
30,000
UKNS
Total
Nov-14
May-15
�211,000

�211,000

�90
�48
0
0
0
0
0
0
(7
)
UKNS
Total
May-15
Nov-15
214,000

211,000

(7
)
UKNS
Total
Nov-15
May-16
218,000

214,000

(7
)
UKNS
Total
May-16
Nov-16
221,000

218,000

(7
)
UKNS
Total
Nov-16
May-17
224,000

221,000

GSF Galaxy II
(7
)
1,998
400
30,000
UKNS
GDF Suez
Nov-14
Mar-15
214,000

207,000

31









GSF Galaxy III
1,999
400
30,000
Denmark
Maersk
Nov-14
Mar-15
175,000

160,000



6
44

80


Transocean Honor
��(6), (13)

2,012
400
30,000
Angola
Chevron
May-12
Apr-15
155,000

�N/A





9



(6
)
Angola
Chevron
Apr-15
Apr-16
194,000

155,000

GSF Monarch
(7
)
1,986
350
30,000
UKNS
GDF Suez
Sep-14
Mar-15
165,000

168,000









Transocean Andaman
(6),(8)

2,013
350
35,000
Thailand
Chevron
May-13
May-16
150,000

�N/A







5
3
Transocean Siam Driller
(6),(8)

2,013
350
35,000
Thailand
Chevron
Mar-13
Mar-18
140,000

N/A







8

Transocean Ao Thai
(6),(8)

2,013
350
35,000
Thailand
Chevron
Oct-13
Sep-18
139,000

N/A









Total Estimated Days Out of Service
121

48

6

44

9

80

13

3

Estimated Average Contract Dayrate(5)
$
158,000

$
166,000

$
165,000

$
167,000

$
167,000

$
163,000

$
165,000

$
165,000

Total Estimated Days Out of Service
500

511

722

633

323

475

179

89

Fixed-Price Options - See Footnote 10
High Specification Floater: Ultra-Deepwater
Deepwater Asgard
ship
*
2,014
12,000
40,000
TBA
TBA
Jun-17
Jun-18
530,000

600,000

Dhirubhai Deepwater KG2
(18
)
ship
*
2,010
12,000
35,000
India
Reliance
Oct-15
Jan-16
395,000

395,000

GSF Development Driller II
(6
)
semi
*
2,005
7,500
37,500
Romania
Lukoil
Jul-15
Feb-16
400,000

355,000

Discoverer Enterprise
ship
*
1,999
10,000
35,000
USGOM
BP
Jun-15
Sep-15
415,000

399,000

USGOM
BP
Sep-15
Dec-15
415,000

415,000

USGOM
BP
Dec-15
Mar-16
415,000

415,000

USGOM
BP
Mar-16
Jun-16
415,000

415,000

Cajun Express
semi
*
2,001
8,500
35,000
Ivory Coast
CNR
Dec-15
Feb-16
495,000

495,000

High Specification Floater: Deepwater
Jack Bates
semi
1986/1997
5,400
30,000
Australia
Inpex
Feb-16
Nov-16
�370,000

�370,000

Transocean Marianas
�(6), (8)

semi
1979/1998
7,000
30,000
South Africa
PetroSA
Apr-15
Sept-15
�370,000

�370,000

(6), (8)

South Africa
PetroSA
Sept-15
Feb-16
370,000

370,000

High Specification Floater: Harsh Environment
Polar Pioneer
(6
)
semi
1,985
1,500
25,000
Alaska
Shell
Jun-17
Oct-17
623,000

589,000

Paul B. Loyd, Jr.
(7
)
semi
1,990
2,000
25,000
UKNS
BP
Jun-17
Sep-17
449,000

453,000

(7
)
UKNS
BP
Sep-17
Mar-18
456,000

449,000

(7
)
UKNS
BP
Mar-18
Jun-18
463,000

456,000

High Specification Jackups
GSF Galaxy I
�(6), (7)

1991/2001
400
30,000
UKNS
Total
May-17
May-18
�240,000

�231,000

�(6), (7)

UKNS
Total
May-18
May-19
250,000

240,000

Revenue Efficiency
Revenue efficiency is defined as actual contract drilling revenues for the measurement period divided by the maximum revenue calculated for the measurement period, expressed as a percentage. Maximum revenue is defined as the greatest amount of contract drilling revenues the drilling unit could earn for the measurement period, excluding amounts related to incentive provisions. Revenue Efficiency does not apply during Out of Service Days (Shipyard, Mobilizations, Demobilizations, Contract Preparation).
Q3 2014 Actual
Q2 2014 Actual
Q1 2014 Actual
Q4 2013 Actual
Q3 2013 Actual
Q2 2013 Actual
Q1 2013 Actual
Q4 2012 Actual
Ultra Deepwater
92%
94%
96%
90%
93%
91%
84%
96%
Deepwater
93%
95%
101%
95%
91%
92%
86%
91%
Harsh Environment Floaters
95%
96%
96%
92%
100%
98%
98%
97%
Midwater Floaters
92%
97%
91%
92%
95%
95%
92%
94%
High Specification Jackups
97%
97%
95%
97%
99%
99%
96%
95%
Total Fleet - Continuing Operations
93%
95%
96%
92%
94%
93%
88%
95%
Estimated Contract Drilling Revenue can be calculated as: Paid Days on Contract * Average Contract Dayrate * Revenue Efficiency







Updated: January 15, 2015
Revisions Noted in Bold*
Dynamically Positioned*



Rig Type/Name
Start Date
Stacked Rigs
���Midwater Floaters (1)
GSF Aleutian Key
1/9/10
Idle (9)
Discoverer Spirit
12/1/14
Jack Ryan
9/18/14
Deepwater Discovery
11/18/14
Deepwater Frontier
1/7/15
Deepwater Pathfinder
11/1/14
Deepwater Expedition
12/3/14
GSF Explorer
11/19/14
Sedco 707
1/12/15
GSF Arctic III
10/23/14
Stacked and Idle rigs detailed above are not currently operating on contract. Start date denotes when rig commences idle or stacked status.
An "Idle" rig is between contracts, readily available for operations, and operating costs are typically at or near normal levels. A "Stacked" rig, on the other hand, is manned by a reduced crew or unmanned and typically has reduced operating costs and is (i) preparing for an extended period of inactivity, (ii) expected to continue to be inactive for an extended period, or (iii) completing a period of extended inactivity. However, stacked rigs will continue to incur operating costs at or above normal operating costs for 30 to 60 days following initiation of stacking.






Updated: November 18, 2014
Revisions Noted in Bold

Footnotes

1
Dates shown are the original service date and the date of the most recent upgrade, if any.
2
Estimated Contract Start and Estimated Expiration Dates are calculated as follows: (1) for events estimated to occur between the 1st and 15th of a month, the previous month is reported (i.e. a contract which is estimated to commence on May 4, 2014 will be reported as commencing in April 2014) and (2) for events estimated to occur between the 16th and the end of a month, the actual month is reported (i.e. a contract which is estimated to commence on May 24, 2014 will be reported as commencing in May 2014). Expiration dates represent the company's current estimate of the earliest date the contract for each rig is likely to expire. Some rigs have two or more contracts in continuation, so the last line shows the estimated earliest availability. Many contracts permit the customer to extend the contract.
3
Represents the full operating dayrate, although the average dayrate over the term of the contract will be lower and could be substantially lower. Does not reflect incentive programs which are typically based on the rig's operating performance against a performance curve. Please refer to the Customer Contract Duration and Dayrates and Risks Associated with Operations section of the Disclaimers & Definitions for a description of dayrates. This column may not reflect the rate currently being received under the contract as a result of an applicable standby rate or other rate, which typically is less than the contract dayrate.
4
The out of service time represents those days where a rig is scheduled to be out of service and not be available to earn an operating dayrate. Please refer to the Out of Service Days (Shipyards, Mobilizations, Demobilizations, Contract Preparation) section of the Disclaimers & Definitions for a full description.
5
Estimated Average Contract Dayrate is defined as the average contracted full operating dayrate to be earned per revenue earning day. See note (3) for definition of full operating dayrate.
6
Reflects the current contracted dayrate which could reflect prior cost escalations and could change in the future due to further cost escalations.

7
Reflects the current contracted dayrate which, along with costs, includes a foreign currency component. Changes in the value of the U.S. Dollar relative to certain foreign currencies will result in an adjustment to the dayrate according to the terms of the contract. The dayrate adjustment generally offsets the foreign currency exchange-related change in costs.

8
Current contract provides for a bonus incentive opportunity not reflected in the stated current contract dayrate.

9
On February 26, 2014, a subsidiary of Transocean Ltd. awarded contracts to Sembcorp Marine's subsidiary, Jurong Shipyard, in Singapore for construction of two newbuild dynamically positioned ultra-deepwater drillships. The two drillships are expected to be delivered from the shipyard in the second quarter of 2017 and the first quarter of 2018, respectively.
10
Fixed price options may be exercised at the customers discretion. During periods when dayrates on new contracts are increasing relative to existing contracts, the likelihood of customers exercising fixed price options increases. During periods when dayrates on new contracts are decreasing relative to existing contracts, the likelihood of customers exercising fixed price options declines.
11
The contract is expected to start in the quarter indicated. Factors that could influence the contract start date include shipyard delivery, customer acceptance, and mobilization to operating location, among others.
12
The first of five newbuild high-specification jackups contracted to Keppel FELS Limited's shipyard in Singapore is expected to be delivered from the shipyard in the first quarter of 2016 and the remaining four jackups delivered at approximately four-month intervals thereafter.
13
The rig is owned by a joint venture in which the company owns less than a 100 percent interest. Dayrate reflects 100 percent of the contract rate.






14
The customer may elect to have the operating dayrate for the last five years of the contract fluctuate based on crude oil price with a floor of $458,250 corresponding to a crude oil price of less than or equal to $50 per barrel, and a ceiling of $558,250 corresponding to a crude oil price of $100 per barrel or greater.
15
While the customer has the option to add any out of service days to the end of the contract, the Estimated Expiration Date does not reflect any extension due to this option until actually exercised by the customer.

16
Dayrate excludes additional premiums for parallel operations at well centers and dynamic position operations.
17
The rig is owned by Transocean Partners LLC in which the company owns less than a 100% interest. Please refer to Transocean Partners LLC (NYSE: RIGP) Fleet Status Report which can be found at www.transoceanpartners.com.

18
At the customer's discretion, the fixed priced option can be either three or five months.

19
Reflects the dayrate while the Sedco Energy is used for deepwater or dynamic positioning programs. While the rig is used for midwater moored programs, the dayrate will be $370,475.
20
Mobilization, customer commissioning and acceptance testing commenced in March 2014. Revenue of approximately $52 million earned from March 2014 to July 2014 will be recognized over the
21
The dayrate for the last year of the contract will be set three months prior to the third anniversary of the contract commencement date, subject to a floor dayrate of $305,000 and a ceiling dayrate of $365,000, pursuant to the terms of the contract.
22
ENI has repudiated the contract. Transocean is contesting the termination, and it is taking legal action to recover its lost profits.
23
The customer has exercised a contract provision whereby the estimated dayrate will be $400,000 from approximately November 10, 2014 to December 31, 2014.







DISCLAIMERS & DEFINITIONS
����
The information contained in this Fleet Status Report (the Information) is as of the date of the report only and is subject to change without notice to the recipient. Transocean Ltd. assumes no duty to update any portion of the Information.

DISCLAIMER. NEITHER TRANSOCEAN LTD. NOR ITS AFFILIATES MAKE ANY EXPRESS OR IMPLIED WARRANTIES (INCLUDING, WITHOUT LIMITATION, ANY WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE) REGARDING THE INFORMATION CONTAINED IN THIS REPORT, WHICH INFORMATION IS PROVIDED AS IS. Neither Transocean Ltd. nor its affiliates will be liable to any recipient or anyone else for any inaccuracy, error or omission, regardless of cause, in the information set forth in this report or for any damages (whether direct or indirect, consequential, punitive or exemplary) resulting therefrom.

No Unauthorized Publication or Use. All information provided by Transocean in this report is given for the exclusive use of the recipient and may not be published, redistributed or retransmitted without the prior written consent of Transocean.

Customer Contract Duration, Timing and Dayrates and Risks Associated with Operations. The duration and timing (including both starting and ending dates) of the customer contracts are estimates only, and customer contracts are subject to cancellation, suspension and delays for a variety of reasons, including some beyond the control of Transocean. Also, the dayrates set forth in the report are estimates based upon the full contractual operating dayrate. However, the actual average dayrate earned over the course of any given contract will be lower and could be substantially lower. The actual average dayrate will depend upon a number of factors (rig downtime, suspension of operations, etc.) including some beyond the control of Transocean. Our customer contracts and operations are generally subject to a number of risks and uncertainties, and we urge you to review the description and explanation of such risks and uncertainties in our filings with the Securities and Exchange Commission (SEC), which are available free of charge on the SECs website at www.sec.gov. The dayrates do not include revenue for mobilizations, demobilizations, upgrades, shipyards or recharges.

Out of Service Days (Shipyards, Mobilizations, Demobilizations, Contract Preparation). Changes in estimated out of service time are noted where changes in the time Transocean anticipates that a rig is scheduled to be out of service and not be available to earn an operating dayrate have changed by a period of 15 days or longer for all rig classifications since the previously issued Monthly Fleet Update Summary or Comprehensive Fleet Status Report. The changes to estimated out of service time included in this Fleet Status may not be firm and could change significantly based on a variety of factors. Any significant changes to our estimates of out of service time will be reflected in subsequent Monthly Fleet Updates and Comprehensive Fleet Status Reports, as applicable.

Contract Preparation refers to periods during which the rig is undergoing modifications or upgrades as a result of contract requirements. Shipyards refers to periods during which the rig is out of service as a result of other scheduled shipyards, surveys, repairs, regulatory inspections or other scheduled service or work on the rig.

In some instances such as certain mobilizations, demobilizations, upgrades and shipyards, we are paid compensation by our customers that is generally recognized over the life of the primary contract term of the drilling project, although such compensation is not typically significant in relation to the revenues generated by the dayrates we charge our customers. When mobilization or demobilization occurs during a contract period, we recognize revenues as earned. In instances where mobilization or demobilization time occurs before or between the start of a contract period, the stated estimated contract start date represents the expected commencement date for the primary contract term of the drilling project and the point at which we expect to begin recognizing revenues.

Forward-Looking Statement. The statements made in the Fleet Update that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements made in the Fleet Update include, but are not limited to, statements involving the estimated duration of customer contracts, contract dayrate amounts, future contract commencement dates and locations and planned shipyard projects and other out of service time. Such statements are subject to numerous risks, uncertainties and assumptions, including but not limited to, uncertainties relating to the level of activity in offshore oil and gas exploration and development, exploration success by producers, oil and gas prices, competition





and market conditions in the contract drilling industry, shipyard delays, actions and approvals of third parties, possible cancellation or suspension of drilling contracts as a result of mechanical difficulties or performance, Transoceans ability to enter into and the terms of future contracts, the availability of qualified personnel, labor relations and the outcome of negotiations with unions representing workers, operating hazards, factors affecting the duration of contracts including well-in-progress provisions, the actual amount of downtime, factors resulting in reduced applicable dayrates, hurricanes and other weather conditions, terrorism, political and other uncertainties inherent in non-U.S. operations (including the risk of war, civil disturbance, seizure or damage of equipment and exchange and currency fluctuations), the impact of governmental laws and regulations, the adequacy of sources of liquidity, the effect of litigation and contingencies and other factors described above and discussed in Transoceans most recently filed Form 10-K, in Transoceans Forms 10-Q for subsequent periods and in Transoceans other filings with the SEC, which are available free of charge on the SECs website at www.sec.gov. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated. You should not place undue reliance on forward-looking statements. Each forward-looking statement speaks only as of the date of the particular statement, and we undertake no obligation to publicly update or revise any forward looking statements, except as required by law.

Fleet Classification. Transocean uses a rig classification for its semisubmersible rigs and drillships to reflect the companys strategic focus on the ownership and operation of premium, high specification floating rigs. The rig classification High Specification Floaters is comprised of Ultra-Deepwater which refers to the latest generation of semisubmersible rigs and drillships possessing the latest technical drilling capabilities and the ability to operate in water depths equal to or greater than 7,500 feet, Deepwater which refers to semisubmersible rigs and drillships that possess the ability to drill in water depths equal to or greater than 4,500 feet, and Harsh Environment comprised of seven of the companys premium harsh environment rigs, the semisubmersibles Transocean Barents, Transocean Spitsbergen, Henry Goodrich, Transocean Leader, Paul B. Loyd, Jr., Transocean Arctic and Polar Pioneer. The category titled Midwater Floaters represents semisubmersible rigs and drillships that possess the ability to drill in water depths of up to 4,499 feet. The category titled "High Specification Jackups" consists of high performance jackup rigs that possess the ability to drill in water depths of 400 feet or less.

Stacking. An "Idle" rig is between contracts, readily available for operations, and operating costs are typically at or near normal levels. A "Stacked" rig, on the other hand, is manned by a reduced crew or unmanned and typically has reduced operating costs and is (i) preparing for an extended period of inactivity, (ii) expected to continue to be inactive for an extended period, or (iii) completing a period of extended inactivity. However, stacked rigs will continue to incur operating costs at or above normal operating costs for 30 to 60 days following initiation of stacking.






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