Transocean Delays Drillship Delivery
Transocean Ltd. (NYSE: RIG) announced today an agreement with Sembcorp Marine's subsidiary, Jurong Shipyard Ptd Ltd, to defer the delivery and related final payments of two dynamically positioned ultra-deepwater drillships. The proprietary Jurong Espadon 3T designed rigs are now scheduled to be delivered during the first and third quarter of 2020.
Statoil Cancels Maersk Rig Contract
Norwegian firm Statoil ASA is ending its rig contract for the Maersk Gallant six months early. The jack up rig has been on contract with Statoil for two years, since 21 August 2014, and since 9 October it has been sub-chartered to ConocoPhillips. "Between 14 February and 21 August 2016 the Maersk Gallant is on a new contract with Total E&P Norge AS, who will pay cancellation fee according to the former contract," says a press statement from Statoil. In January, Total received consent from the Petroleum Safety Authority (PSA) of Norway…
General Counsel Sjöbring Quits Transocean
Transocean Ltd. today announced that Lars Sjöbring, Senior Vice President and General Counsel, has informed Transocean that he will be leaving the company. Mr. Sjöbring has agreed to aid in the search for a replacement, but will resign no later than December 31, 2015. "Lars has done an outstanding job guiding Transocean through the extensive litigation following the Macondo Well incident, and was instrumental in securing the related settlements with BP and the Plaintiff's Steering Committee announced earlier this year," said Jeremy Thigpen, Transocean's President and Chief Executive Officer.
Transocean Senior VP to Resign
Lars Sjöbring, Senior Vice President and General Counsel at Transocean Ltd., will be leaving the company, Transocean announced today. Sjöbring has agreed to aid in the search for a replacement, but will resign no later than December 31, 2015, Transocean said. "Lars has done an outstanding job guiding Transocean through the extensive litigation following the Macondo Well incident, and was instrumental in securing the related settlements with BP and the Plaintiff's Steering Committee announced earlier this year," said Jeremy Thigpen, Transocean's President and Chief Executive Officer.
Transocean Delays Drillships
Transocean Ltd, the world’s largest offshore driller, has delayed delivery of two new ultra-deepwater drillships, the company announced. The company amended its drillship construction contracts ($540 million each) with Jurong Shipyard, a subsidiary of Sembcorp Marine, by 24 months. The two drillships are now expected to be delivered in the second quarter of 2019 and the first quarter of 2020, respectively. Transocean has won contracts worth $109 million from mid-May to mid-June.
PSC, BP Claims Against Transocean Resolved
Transocean Ltd. announced that it has reached two separate settlement agreements, with the Plaintiffs' Steering Committee (the "PSC") and with BP Exploration & Production Inc. and BP America Production Co. ("BP"). These settlements together resolve substantially all outstanding claims against Transocean arising from the April 20, 2010, Macondo Well incident involving the Deepwater Horizon in the Gulf of Mexico. Under the terms of the agreement with the PSC, which is subject to approval by the U.S.
Transocean Appoints Jeremy D. Thigpen President & CEO
The CFO of Houston-based National Oilwell Varco Inc. (NOV) is stepping down to become CEO of Transocean Ltd. (RIG), one of NOV’s largest customers. Effective April 22, Jeremy Thigpen will become CEO of Switzerland-based Transocean, which has its main U.S. office in Houston. Thigpen succeeds Ian Strachan, who had been serving as interim CEO since Steven Newman stepped down in February. Strachan, who is also the company's Chairman of the Board of Directors, will retire from the Board at the end of his term at the 2015 Annual General Meeting following approximately 16 years of service.
Transocean CEO's Exit Unlikely to Swing Fortunes
Transocean Ltd's decision to replace its chief executive will do little to help the company cope with an aging fleet and lower demand for its rigs due to a steep fall in oil prices, analysts said. Shares of the company, which also slashed its dividend by 80 percent to 60 cents per share, fell as much as 4 percent to $18.22 on the New York Stock Exchange. Transocean said on Sunday Chairman Ian Strachan would serve as interim CEO until a replacement was found for departing CEO Steven Newman. The company has lagged its rivals because it failed to invest quickly to build ultra-modern drillships.
Transocean CEO Steps Down, Dividend Slashed
The chief executive of Transocean Ltd , one of the world's top offshore drilling companies, is stepping down and the company is slashing its dividend as business slows on tumbling crude oil prices. Transocean said on Sunday that Chairman Ian Strachan, who previously held executive positions at Exxon Mobil Corp and Rio Tinto PLC, will serve as interim chief executive officer until a replacement is found for departing CEO Steven Newman. Transocean's shares have fallen 76 percent since Newman took over as CEO in 2010.
BP, Anadarko Fail to Win Review of Gulf Spill Fines
BP Plc and Anadarko Petroleum Corp narrowly failed to persuade a U.S appeals court to reconsider its 2014 ruling that they could face civil fines under federal pollution laws over the 2010 Gulf of Mexico oil spill. By a 7-6 vote, the 5th U.S. Circuit Court of Appeals let stand a three-judge panel's decision to uphold a 2012 ruling from U.S. District Judge Carl Barbier in New Orleans, in which he said the companies could face Clean Water Act penalties. Barbier is scheduled on Jan. 20 to begin a non-jury trial to determine pollution fines. BP is appealing his Sept.
Wall St Edges Lower as Oil Decline Continues
U.S. stocks were little changed on Wednesday, putting major indexes on track to close out 2014 just off record levels, as crude oil prices continued their descent. While the market's seasonal trend of modest moves and low volume continued, there was heavier action in the energy space. U.S. Crude oil lost 2.1 percent, the fourth drop of at least 2 percent in the past five sessions, putting the commodity at its lowest since May 2009. Brent shed 1.7 percent to $56.88. The S&P Energy index…
Oil's Impact: Transocean Feet Update
Transocean Ltd. (NYSE: RIG) (SIX: RIGN) 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 November 18, 2014. The total value of new contracts since the November 18, 2014 Fleet Update Summary is approximately $453 million. GSF Development Driller I - Awarded a two year contract in Angola at a dayrate of $382,000 ($279 million estimated backlog). The rig was previously idle.
Transocean Steers Clear of BP Punitive Damages
Transocean Ltd. informs it has received a decision by the United States District Court for the Eastern District of Louisiana on phase one of litigation related to the April 20, 2010 Macondo well incident involving the Deepwater Horizon. [Background:a US judge has ruled BP was "grossly negligent" in the lead-up to the 2010 Deepwater Horizon oil spill in the Gulf of Mexico. • Contractual indemnity: The Court found that BP's contractual agreement to indemnify Transocean for compensatory damages is valid and enforceable.
Timeline: BP Oil Spill Litigation
BP Plc was found "grossly negligent" on Thursday by a federal judge in connection with its role in the 2010 Gulf of Mexico oil spill. The decision by U.S. District Judge Carl Barbier in New Orleans, who oversees litigation related to the disaster, is likely to boost the British oil company's costs emerging from the biggest offshore spill in U.S. history. April 20, 2010 Rig Explodes: An explosion on the Deepwater Horizon oil rig at the Macondo exploration well kills 11 workers and releases millions of barrels of crude oil into the Gulf of Mexico. The well is capped in mid-July.
BP 'Grossly Negligent' in 2010 US Spill, Fines Could Be $18b
A U.S. judge has decided that BP Plc was "grossly negligent" and "reckless" in the Gulf of Mexico oil spill four years ago, a ruling that could add nearly $18 billion in fines to more than $42 billion in charges the company took for the worst offshore environmental disaster in U.S. history. BP said it would appeal Thursday's ruling by U.S. District Judge Carl Barbier in New Orleans, Louisiana, who held a trial without a jury last year to determine who was responsible for the April 20…
Transocean Prices Initial Public Offering
Transocean Partners LLC, a Marshall Islands limited liability company formed by Transocean Ltd., has announced the pricing of its initial public offering of 17,500,000 common units representing limited liability company interests at $22.00 per unit. All of the common units are being offered by Transocean Partners Holdings Limited, a wholly owned subsidiary of Transocean Ltd. Transocean Partners Holdings Limited has also granted the underwriters of the offering a 30-day option to purchase up to an additional 2,625,000 common units.
Transocean to Appoint Miller to Board
Transocean Ltd. Assuming Miller is elected by shareholders at the EGM, the board intends to designate him as Vice Chairman. Transocean explained that Ian C. Strachan, the current Chairman of the Board, will reach 72 years of age before the 2015 Annual General Meeting (AGM). In accordance with the company's Corporate Governance Guidelines, it is anticipated thathe will retire from the board at the end of his term at the 2015 AGM. The board currently expects to recommend that shareholders elect Miller in his place as Chairman at the 2015 AGM.
Transocean Appoints Sjobring General Counsel, Senior VP
Transocean Ltd. announced that Lars Sjöbring has been appointed Senior Vice President and General Counsel of Transocean Ltd. He will join the company upon completion of the notice period with his current employer and will be based in Geneva, Switzerland. In the interim, Mr. Allen Katz will continue to serve as the company's Interim Senior Vice President and General Counsel. Mr. Sjöbring's qualifications include over 15 years of law practice in international settings, and he received his education in both Europe and the United States. Mr.
Transocean Announces Deal With Icahn Group
Transocean Ltd. (NYSE: RIG) (SIX: RIGN) entered into an agreement with Carl Icahn and certain investment funds managed by Mr. Icahn. The re-election of Samuel Merksamer and election of Vincent Intrieri to its Board of Directors. Mr. Merksamer is employed by Icahn Capital LP, a subsidiary of Icahn Enterprises L.P., and was elected to the Company's Board of Directors at its 2013 annual general meeting. Mr. A reduction of the maximum number of directors on its Board of Directors to eleven (11) from fourteen (14).
Transocean Receives Proposal from Carl Icahn
Transocean Ltd. announced that certain Funds affiliated with Carl Icahn submitted to the company for vote at its 2013 Annual General Meeting of Shareholders (AGM) a dividend proposal of $4.00 per share. Additionally, the Funds provided a notice of nomination of three director candidates for election to Transocean's Board of Directors at its 2013 AGM and a proposal to repeal the company's staggered board. The Transocean Board of Directors will evaluate the proposals in due course. In response to Mr.
Transocean: Agreement Reached on Deepwater Horizon Claims
Transocean Ltd. (NYSE: RIG) (SIX: RIGN) announced that it has reached an agreement with the U.S. Department of Justice to resolve certain outstanding civil and potential criminal claims against the company arising from the April 20, 2010, accident involving the Deepwater Horizon in the Gulf of Mexico. As part of this resolution, a Transocean subsidiary has agreed to plead guilty to one misdemeanor violation of the Clean Water Act (CWA) for negligent discharge of oil into the Gulf of Mexico and pay $1.4 billion in fines, recoveries and penalties, excluding interest.
Transocean Announces Interim SVP, General Counsel
Transocean Ltd. (NYSE: RIG) (SIX: RIGN) has announced that, effective immediately, Allen M. Katz, has joined the company and will serve as Interim Senior Vice President and General Counsel through June 30, 2013. Subject to mutual agreement, Mr. Katz's employment with Transocean can be extended through December 31, 2013. Mr. Katz has served as an advisor to the company since June 2010. Prior to Transocean, Mr. Katz served as managing partner at Munger, Tolles & Olson, LLP, initially joining the firm in 1974.
Transocean General Counsel Resigns
Transocean Ltd. announce Nick Deeming has resigned as Senior Vice President, General Counsel and Assistant Corporate Secretary. Mr Deeming resigned for personal reasons, and the company expressed its gratitude for his service. Effective immediately, Mr. Deeming's responsibilities as General Counsel will be assumed by Michael F. Munro, Vice President, Deputy General Counsel and Chief Compliance Officer, and David Schwab, Senior Associate General Counsel, Global Head of Dispute Resolution. Messrs. Munro and Schwab will report to Steven L. Newman, President and Chief Executive Officer. Mr.
Shell Charters Four Transocean New Drillships
Transocean Ltd. awarded 10-year contracts for four newbuild dynamically positioned ultra-deepwater drillships by Royal Dutch Shell (Shell). Shipyard delivery for the first drillship is scheduled for mid-2015. The remaining three drillships are expected to be delivered from the shipyard at approximately six-month intervals thereafter. After customer acceptance, the contracts are expected to commence in 2015 and 2016, contributing an estimated revenue backlog of $7.6 billion, excluding mobilization.
Transocean Ltd. Provides Brazil Frade Field Incident Update
Transocean Ltd. (NYSE: RIG) (SIX: RIGN) announced today that at approximately noon Rio De Janeiro time (11 a.m., ET), September 27, 2012, the federal court in Rio de Janeiro served the company with a preliminary injunction requiring that it cease operations in Brazil within 30 calendar days from the date of service. The company is vigorously pursuing the overturn or suspension of the preliminary injunction, including through an appeal to the Superior Court of Justice. Absent relief from the courts, Transocean will be required to comply with the preliminary injunction.
Transocean Ordered to Cease Brazil Offshore Operations
Transocean Ltd. announce the federal court in Rio de Janeiro has served a preliminary injunction requiring it to cease operations in Brazil within 30 calendar days. The company is vigorously pursuing the overturn or suspension of the preliminary injunction, including through an appeal to the Superior Court of Justice. Absent relief from the courts, Transocean will be required to comply with the preliminary injunction. Transocean currently has 10 rigs under contract for work in Brazil…