Transocean Completes Acquisition of Aker Drilling

Transocean Services AS ("Transocean" or the "Company"), a wholly owned subsidiary of Transocean Ltd. (NYSE: RIG) (SIX: RIGN), has completed the acquisition of 100 percent of the shares of Aker Drilling ASA ("Aker Drilling") for NOK 26.50 per share.

This acquisition further strengthens Transocean's industry leadership position, adding approximately $1 billion in backlog as well as Aker's two harsh environment, semi-submersible drilling rigs and two drillships under construction in Korea.

Steven Newman, President and Chief Executive Officer of Transocean Ltd., said, "We are very excited about the opportunities this combination brings, both financially and strategically. With the close of this transaction we've immediately enhanced the overall makeup of our fleet, strengthened our position in Norway, and furthered our competitive position in the marketplace through the addition of high-spec assets and exceptional people. We'd also like to welcome the Aker employees to the Transocean team and look forward to working together to identify opportunities to grow our business, provide innovative solutions to our customers, and drive long-term shareholder value."

About Transocean

Transocean is the world's largest offshore drilling contractor and the leading provider of drilling management services worldwide. With a fleet of 135 mobile offshore drilling units as well as two Ultra-Deepwater Drillships and four High-Specification Jackups under construction, Transocean's fleet is considered one of the most modern and versatile in the world due to its emphasis on technically demanding segments of the offshore drilling business. Transocean owns or operates a contract drilling fleet of 50 High-Specification Floaters (Ultra-Deepwater, Deepwater and Harsh-Environment semisubmersibles and drillships), 25 Midwater Floaters, nine High-Specification Jackups, 50 Standard Jackups and one swamp barge.

For more information about Transocean, please visit our website at www.deepwater.com.

SOURCE: Transocean Ltd.

Posted on 10/05/2011 / 1 comments / Read More

Dockwise inks Big Foot platform deal

Dockwise today announces new contract wins and variation orders, revised payment terms for the Vanguard, and advances from certain clients. These factors, taken together, will materially improve the company's cash flows and working capital in 2011 and 2012.

New contracts and variation orders

New contract wins include the transportation of the Bigfoot semi-submersible platform for Daewoo/Chevron from South Korea to the Gulf of Mexico in 2012, and eight short term contracts for execution in Q3 and Q4 2011. Confidential variation orders, agreed with an undisclosed client, giving the client greater flexibility in their loading window whilst relinquishing them from existing commitments, will contribute to profits for Q3 2011, as well as add to backlog. Combined, these new contract and variation orders permit Dockwise to report a more than USD 55 million addition to backlog, distributed USD 20 million in 2011 and USD 35 million in 2012 and beyond.

Improved payment terms and advances

Dockwise has secured an adjustment to the payment terms and conditions for Dockwise Vanguard, under which the scheduled Q1 2012 payment will now fall due in Q2. At the same time revised terms will secure an increase in initial payments on a major contract. These advantageous changes will make a material contribution to FY 2011 and Q1 2012 cash flows and working capital.

Dockwise Chief Executive Officer, André Goedée, commented:

"We continue to sustain backlog at record levels, cementing Dockwise's leadership position in the Heavy Marine Transportation and Installation market, and we are confident we will continue to book successfully for the period 2012 and beyond.

As previously outlined, the company is in a period of migration from an environment driven by short term market factors to a more stable growth period characterized by longer term projects and better visibility. The new contracts, revised contractor and client terms will help smooth this transition and ensure that Dockwise meets its bank covenants for the foreseeable future.
Source: Dockwise

Posted on 10/05/2011 / 1 comments / Read More