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May 5, 2014

Transocean to spin off eight offshore rigs to create new company

Transocean, a provider of offshore contract drilling services, is set to spin off eight mid-water floating rigs active in the UK North Sea to create a new company, Caledonia Offshore Drilling.

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Transocean, a provider of offshore contract drilling services, is set to spin off eight mid-water floating rigs active in the UK North Sea to create a new company, Caledonia Offshore Drilling.

The company expects to establish the new entity during the second half of 2014, it said in a regulatory filing on Monday.

The offshore drilling assets currently contemplated for transfer to Caledonia include all semi-submersibles, the Sedco 704, Sedco 711, Sedco 712, Sedco 714, Transocean John Shaw, Transocean Prospect, GSF Arctic III and JW McLean.

"The company expects to establish the new entity during the second half of 2014, it said in a regulatory filing on Monday."

Transocean said that the creation of Caledonia reflects the continued execution of Transocean’s asset strategy to improve the overall capability of its offshore drilling fleet by divesting non-core assets, complemented by the addition of new, high-specification offshore drilling rigs.

Transocean hopes to retain its presence in the UK North Sea and is currently considering various options for the separation of Caledonia.

Transocean has 78 mobile offshore drilling units, including the world’s largest fleet of high-specification rigs, comprising ultra-deepwater, deepwater and premium jackup rigs.

In addition, the company has nine ultra-deepwater drillships and five high-specification jackups under construction.


Image: Transocean’s separation is part of a strategy that includes divesting noncore assets. Photo: courtesy of num_skyman.

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