ZUG, SWITZERLAND, Apr 26, 2010 (MARKETWIRE via COMTEX) --Transocean Ltd. (NYSE: RIG) (SIX: RIGN) today provided the
following update on the Deepwater Horizon and the company's role in
supporting BP Exploration & Production, Inc. and the Unified Area
Command in stemming the flow of hydrocarbons from the well.
The Deepwater Horizon is insured for total loss coverage and for
wreck removal, to the extent removal can be carried out and is
required. The total insured value of the rig is $560 million.
The rig sank in the U.S. Gulf of Mexico after an explosion and fire
last week, and it is now located on the sea floor approximately 1,500
feet northwest of the well center and away from any subsea pipelines.
Transocean is committing all necessary resources to support ongoing
efforts to stop the flow of hydrocarbons from the well.
Transocean 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
ultra-deepwater units under construction, 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. Its worldwide fleet is more than twice the size of
the next-largest competitor. 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
Statements regarding any future aspect of the incident on the
Deepwater Horizon, the effects, damage assessment, support of efforts
by others, insurance coverage, as well as any other statements that
are not historical facts, are forward-looking statements that involve
certain risks, uncertainties and assumptions. These include but are
not limited to actions by the Unified Area Command and governmental
agencies, actions by insurers, customers and other third parties,
results of investigations and assessments, and other factors detailed
in Transocean's most recent Form 10-K and other filings with the
Securities and Exchange Commission (SEC), which are available free of
charge on the SEC's website at www.sec.gov. Should one or more of
these risks or uncertainties materialize, or should underlying
assumptions prove incorrect, actual results may vary materially from
For more information about Transocean, please visit our website at
SOURCE: Transocean Ltd.