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RIG Transocean Ltd

6.2897
0.0397 (0.64%)
29 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type
Transocean Ltd NYSE:RIG NYSE Common Stock
  Price Change % Change Share Price High Price Low Price Open Price Shares Traded Last Trade
  0.0397 0.64% 6.2897 6.43 6.27 6.30 16,673,793 00:00:00

Transocean to Dispose of Two More Rigs

02/04/2015 2:03am

Dow Jones News


Transocean (NYSE:RIG)
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   By Josh Beckerman 
 

Offshore driller Transocean Ltd. (RIG) plans to dispose of two more rigs, and expects related noncash charges of $90 million to $110 million after tax.

The company said its GSF Aleutian Key and Sedco 707 are now classified as held for sale.

As of March 18, Transocean operated 68 mobile offshore drilling units. At that time, the company said it expected charges of $300 million to $325 million as it announced the disposal of four rigs.

The company spent billions of dollars to expand its fleet just before oil prices collapsed. It has since tried to correct operations, selling and disposing of rigs and "stacking," rather than idling, more of its rigs. "Stacked" rigs, typically idled for longer periods, have lower operating costs as they are unmanned or staffed with a reduced crew.

Write to Josh Beckerman at josh.beckerman@wsj.com

Subscribe to WSJ: http://online.wsj.com?mod=djnwires


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