Transocean retires four floaters. Takes $520M charge

Illustration Only: The Transocean drill vessel, Discoverer Inspiration, prepares for drilling operations for the Deepwater Horizon oil response in the Gulf of Mexico, July 10, 2010 / U.S. Coast Guard photo by Petty Officer 1st Class Jonathan Caruk

Offshore driller Transocean will retire four offshore drilling rigs of which two three are of the ultra-deepwater type and one is a mid-water floater.

In an update on Thursday, Transocean said it would retire “in an environmentally responsible way”, the ultra-deepwater floaters Deepwater Discovery,  Deepwater Frontier, and Deepwater Millennium and the midwater floater Songa Trym. These rigs are classified as held for sale.

As a result of its decision to retire the four rigs, Transocean expects its second quarter 2018 results to include an estimated non-cash charge of approximately $520 million.

“As the Company continues to evaluate the long-term competitiveness of its fleet, additional rigs may be identified as candidates for retirement,” Transocean said.

As for the rigs in question, the Deepwater Discovery drillship, built in 2000, has been stacked since March 2015. Deepwater Frontier, built in 1999, has been stacked since November 2015, and Deepwater Millennium, also built in 1999 has been stacked since May 2016.

The Songa Trym semi-submersible drilling rig was acquired as part of the recent Transocean’s acquisition of rival Songa Offshore. The rig was built in 1976, and has been stacked since November 2016.

 

Offshore Energy Today Staff

Share this article

Follow Offshore Energy Today

Events>

<< Nov 2019 >>
MTWTFSS
28 29 30 31 1 2 3
4 5 6 7 8 9 10
11 12 13 14 15 16 17
18 19 20 21 22 23 24
25 26 27 28 29 30 1

Africa Oil Week 2020

For over 25 years Africa Oil Week has been the meeting place for Africa’s most senior E&P stakeholders.

read more >

CERAWeek 2020

 Each year, CERA clients gathered for a few days in Houston…

read more >

Offshore Technology Conference (OTC) 2020

The Offshore Technology Conference (OTC) showcases leading-edge technology for offshore drilling, exploration…

read more >

2020 EXPLORATION AND PRODUCTION STANDARDS CONFERENCE ON OILFIELD EQUIPMENT AND MATERIALS

The development of consensus standards is one of API’s oldest and most successful programs.

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply