Transocean’s rig scrapping tally hits 18

Transocean Ltd. has announced that it intends to scrap two more rigs.

The company intends to dispose of a midwater floater GSF Aleutian Key and high specification, deepwater, semi-submersible rig Sedco 707. According to Transocean, these rigs are classified as held for sale.

Offshore Energy Today previously reported that Transocean intends to send seven and another four rigs to the scrapyard.

As a result of this decision, the company expects its first quarter 2015 results to include an estimated non-cash charge of $90 million to $110 million, net of taxes. Including these two rigs, Transocean has announced plans to scrap a total of 18 floaters.

Transocean added that as the company continues to evaluate the long-term competitiveness of its fleet, additional rigs may be identified as candidates for scrapping.

Offshore Energy Today Staff

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