Rig: Tivar

Borr Drilling Intends to Acquire 15 High-Specification Jackup Rigs from Transocean

Borr drilling Limited is pleased to announce the signing of a letter of intent with Transocean for the acquisition of 15 high-specification jack-up rigs. The transaction consists of Transocean's entire jack-up fleet, comprising 10 rigs in Transocean's fleet and 5 new-builds under construction at Keppel Fels Limited. Total consideration for the transaction is expected to be approximately USD 1.35 bn and includes remaining contract backlog and remaining yard instalments to Keppel Fels for the five new-builds. The board of directors of Keppel Fels has pre-approved the novation of the new-building contracts. A deposit has in line with what has been agreed between the parties been paid from Borr to Transocean. Borr has secured financing for the transaction through a private placement of equity securities. The transaction is subject to the parties executing definitive agreements and satisfying formal closing conditions, including a final approval from the boards of directors of both companies. The completion of the transaction is expected to take place before the end of may 2017.

Transocean Ltd. Announces High-Specification Jackup Delivery Delay

Transocean Ltd. (NYSE: RIG) (SIX: RIGN) announced today a mutual agreement with Keppel Offshore & Marine Ltd's shipyard, Keppel FELS, to defer the delivery and related payments of five high-specification jackups until 2020. The Super B 400 Bigfoot Class jackup drilling rigs are now scheduled to be delivered in two and three month intervals beginning in the first quarter of 2020.

Transocean confirms further delay to newbuild jackup delivery

Transocean Ltd (“Transocean”) today confirmed an announcement that the company originally made in its Q1 2015 results regarding delivery of its five newbuild jackup rigs in Singapore. Transocean has agreed with Keppel FELS to extend the construction delay further than the initial six month delay that was agreed upon in February 2015. The first jackup, Transocean Cepheus is now scheduled to be delivered in Q1 2018, a full two years later than originally planned. Meanwhile the remaining units are scheduled to be delivered in Q3 2018, Q1 2019, Q3 2019 and Q1 2020.

Transocean delays delivery of newbuild jackup rigs

Delivery of Transocean’s five newbuild jackup rigs, all of which are being constructed at Keppel FELS shipyard in Singapore has been pushed back by close to six months the rig manager has announced. The first newbuild unit, Transocean Cepheus is now expected to be delivered in Q3 2016 as opposed to Q1 2016 as previously announced. The remaining jackups are to be delivered within six month intervals from the first delivery. No specific reason was given for the delivery delay; however, it could be that Transocean chose to push back delivery as it looks to weather the current market downturn.

Transocean places order for five newbuild jackup rigs

In a bid to re-establish its position in the shallow water drilling market, whilst also continuing with its recent high-specification asset strategy, Transocean has placed an order for five newbuild jackup rigs at Keppel FELS shipyard in Singapore. The five rigs will be built to Keppel’s Super B class jackup design and are scheduled for delivery between Q1 2016 and Q3 2017, with a total order price of US$1.1 billion. Additionally, each of the five rig orders comes with an option for an additional jackup order, the first of which must be placed within one year. All five of the newbuild jackups are all being built to the same design as the three high-specification jackups Transocean received from Keppel during 2013 (‘Transocean Ao Thai’, ‘Transocean Andaman’ and ‘Transocean Siam Driller’), all of which are currently operating in Thailand.