Transocean Ltd. provides fleet update summary

Transocean Ltd. has issued a monthly Fleet Update Summary, which includes new contracts, changes to existing contracts, and changes in estimated planned out-of-service time of 15 or more days since the 17 February 2015 Fleet Update Summary.

The total value of new contracts since the last report is approximately US$9 million.??The report includes the following:

• Sedco Express - Awarded a one-well contract extension offshore Nigeria at a dayrate of US$300 000 (US$9 million estimated backlog).
• Henry Goodrich is idle.
• Ultra-deepwater floaters Discoverer Spirit, GSF Jack Ryan, Deepwater Discovery, and Deepwater Pathfinder are stacked. The rigs were previously idle.
• Estimated 2015 planned out-of-service time decreased by a net 102 days, mainly associated with the Henry Goodrich.

Transocean intends to scrap the Deepwater Expedition, Transocean Legend, Transocean Rather, and GSF Arctic III in an environmentally responsible manner; these rigs are classified as held for sale. As a result, the company expects its first quarter 2015 results to include an estimated non-cash charge of US$300 million to US$325 million, net of taxes. Including these four rigs, Transocean has announced plans to scrap a total of 16 floaters.

Adapted from press release by Joseph Green

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