Transocean Ltd. Announces $123 Million Contract for Ultra-Deepwater Drillship

STEINHAUSEN, Switzerland, Sept. 04, 2024 (GLOBE NEWSWIRE) — Transocean Ltd. (NYSE: RIG) (“Transocean”) today announced that Reliance Industries Limited has awarded a binding letter of award for the Dhirubhai KG1 Deep Waters for six wells offshore India. The estimated 300-day program is expected to commence in the second quarter of 2026 and is expected to contribute approximately $123 million to the backlog, excluding additional services and mobilization costs. The contract also includes several options. If all options are exercised, the rig will remain in India until the end of 2029.

About Transocean

Transocean is a leading international provider of offshore drilling services for oil and gas wells. The company specializes in the technically demanding sectors of the global offshore drilling industry, with a particular focus on ultra-deepwater and harsh environment drilling services, and operates the world’s most capable floating offshore drilling fleet.

Transocean owns or has partial interests in a fleet of 34 mobile offshore drilling units, consisting of 26 ultra-deepwater floats and eight harsh environment floats.

Forward-Looking Statements

Statements described herein that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements may contain words such as “possible,” “intend,” “will,” “if,” “expect” or other similar expressions. Forward-looking statements are based on management’s current expectations and assumptions and are subject to inherent uncertainties, risks and changes in circumstances that are beyond our control and, in many cases, cannot be predicted. Therefore, actual results could differ materially from those indicated by these forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, the estimated duration of customer contracts, contract dayrate amounts, future contract start dates and locations, anticipated shipyard projects and other outage periods, drilling unit sales, the cost and timing of mobilizations and reactivations, operating risks and delays, risks associated with international operations, actions of customers and other third parties, fluctuations in current and future oil and gas prices, global and regional supply and demand for oil and gas, the intention to retire certain drilling rigs, the effects of the spread of and mitigation efforts by governments, businesses and individuals related to contagious diseases, and other factors, including those and other risks discussed in the Company’s most recent Annual Report on Form 10-K for the year ended December 31, 2023, and in other filings made by the Company. the Company with the SEC, which are available free of charge at the SEC’s website at www.sec.gov. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results could vary materially from those indicated. All subsequent written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by reference to these risks and uncertainties. You should not place undue reliance on forward-looking statements. Each forward-looking statement speaks only as of the date of the particular statement. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement to reflect any change in our expectations or beliefs regarding the statement or any change in events, conditions or circumstances on which any forward-looking statement is based, except as required by law. All reconciliations of non-GAAP financial measures to the most comparative GAAP measure are posted in quantitative tables on the Company’s website at www.deepwater.com.

This press release, or the documents referred to herein, do not constitute an offer to sell or a solicitation of an offer to buy any securities, and do not constitute an offering prospectus within the meaning of the Swiss Financial Services Act (“FinSA”) or an advertisement within the meaning of the FinSA. Investors should rely on their own evaluation of Transocean and its securities, including the merits and risks involved. Nothing contained herein is, or should be considered, a promise or representation as to the future performance of Transocean.

Analyst contact:
Alison Johnson
+1 713-232-7214

Media contact:
Pam Easton
+1 713-232-7647