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|Transocean Ltd. Provides Details Regarding Dividend and Deepwater Horizon Incident|
ZUG, SWITZERLAND, May 25, 2010 (MARKETWIRE via COMTEX) --Transocean Ltd. (NYSE: RIG) (SIX: RIGN) today responded to erroneous reports relating to its shareholders' approval of a dividend and its intent to avoid liability arising from the Deepwater Horizon incident or to profit from such incident.
Transocean will honor all of its legal obligations arising from the Deepwater Horizon accident. The dividend proposal was announced on February 16, 2010, described in the preliminary proxy statement which was filed with the Securities and Exchange Commission on March 1, 2010, and approved by shareholders at the company's annual general meeting on May 14, 2010. The payment of this dividend will not impact the company's ability to meet its legal obligations relating to the Deepwater Horizon accident. In addition to its ongoing operating revenues, the company has insurance coverage applicable to the Deepwater Horizon, including insurance for the fair market value of the rig at the time of the accident. Other insurance is in place for claims asserted following the April 20 accident.
As indicated, the dividend proposal was announced on February 16, 2010 and additional information can be found at http://www.deepwater.com/fw/main/News-748.html?c=113031&p=irol-news&nyo=0. Additional information relating to the Annual General Meeting can be found at http://www.sec.gov/Archives/edgar/data/1451505/000104746910001646/a2196940zpre14a.htm and http://www.deepwater.com/fw/main/News-748.html?c=113031&p=irol-news&nyo=0.
Transocean Ltd. is the world's largest offshore drilling contractor and the leading provider of drilling management services worldwide. With a fleet of 139 mobile offshore drilling units plus three announced ultra-deepwater newbuild units, the company's 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. The company owns or operates a contract drilling fleet of 45 High-Specification Floaters (Ultra-Deepwater, Deepwater and Harsh-Environment semisubmersibles and drillships), 26 Midwater Floaters, 10 High-Specification Jackups, 55 Standard Jackups and other assets utilized in the support of offshore drilling activities worldwide.
SOURCE: Transocean Ltd.