Transocean
to sell semisubmersibles
Posted: 18 March 2004
Transocean Inc has entered into agreements to sell the semisubmersibles
Sedco 600 and Sedco 602 to JCE Group AB of Sweden, for net proceeds
of approximately $52.7 million.
Both units, which began active service in 1983, are expected to
be converted to multi-service vessels, ending their use as mobile
offshore drilling units.
The Sedco 600, idle in Singapore since April 2003, is currently
being reactivated in preparation for an expected one-well contract.
The rig is expected to complete the drilling project during the
fourth quarter of 2004, with expected closing of the transaction
to follow. The sale of the Sedco 602, idle in Singapore since February
2003, is expected to close during the second quarter of 2004.
Closing of the sale of both rigs is subject to certain closing
conditions and regulatory approval.
Transocean Inc. is the world's largest offshore drilling contractor
with full or partial ownership in 96 mobile offshore drilling units,
excluding the 70-rig fleet of TODCO, a publicly traded drilling
company in which Transocean Inc. owns a majority interest. The company's
mobile offshore drilling 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, including industry-leading
positions in high-specification deepwater and harsh environment
drilling units. The company's fleet consists of 32 High-Specification
Floaters (semisubmersibles and drillships), 26 Other Floaters, 26
Jackup Rigs and other assets utilized in the support of offshore
drilling activities worldwide. With a current equity market capitalization
in excess of $9 billion, Transocean Inc.'s ordinary shares are traded
on the New York Stock Exchange under the symbol "RIG."
For more information see http://www.deepwater.com
Posted by Richard Price,
Editor Pipeline Magazine
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