Transocean takes $1.4bn impairment as it scraps six drilling rigs

Transocean is taking a $1.4bn impairment on scrapping six deepwater and ultra-deepwater rigs and drillships.

Transocean said it was retiring the ultra-deepwater drillships GSF Ryan (2000-built) and Deepwater Pathfinder (1998-built); the 2000-built ultra-deepwater semi-submersibles Sedco Energy, Sedco Express and Cajun Express; and the 1979-built,deepwater semi-submersible Transocean Marianas. All six rigs were cold stacked.

“The rigs will be classified as held for sale and will be recycled in an environmentally responsible manner,” Transocean said.

The company will take a $1.4bn impairment charge in Q3 2017 in relation to the scrapping of the rigs.

“We continue to enhance the quality of our fleet through the addition of new, high-specification assets, and the retirement of older, less competitive rigs,” said Jeremy Thigpen, president and ceo of Transocean.

Posted 25 September 2017

© Copyright 2019 Seatrade (UBM (UK) Ltd). Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Seatrade.

Marcus Hand

Editor, Seatrade Maritime News

Seatrade Offshore Marine Workboats stacked

Seatrade Offshore Marine and Workboats Middle East

Madinat Jumeirah, Dubai • 23 – 24 September 2019

Join nearly 3,000 powerful personalities and alight at the meeting point for the global offshore marine, specialist vessel and workboat industry.

Exhibitor Opportunities >