Key Developments: Transocean Ltd (RIG)

RIG on New York Consolidated

41.41USD
29 Jul 2014
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Latest Key Developments (Source: Significant Developments)

Transocean Ltd announces schedule for first dividend installment
Monday, 19 May 2014 08:00pm EDT 

Transocean Ltd:Announces the schedule for the payment of the first installment of its U.S. dollar-denominated dividend.Says the installment of $0.75 per share, or about $271 million, is based upon the number of currently outstanding shares.Record Date May 30 and installment payment date is on June 18.  Full Article

Transocean Ltd recommends dividend of $3.00 per share
Sunday, 16 Feb 2014 10:00pm EST 

Transocean Ltd:Says that has recommended U.S. dollar denominated dividend of $3.00 per share.Says the Board expects that the proposed dividend will be payable in four quarterly installments, set for June. 2014, Sept. 2014, Dec. 2014 and Mar. 2015.  Full Article

Transocean Ltd Announces Agreement With Ichan Group
Monday, 11 Nov 2013 12:01am EST 

Transocean Ltd announced that it entered into an agreement with Carl Icahn and certain investment funds managed by Mr. Icahn (the Icahn Group). Under the terms of the agreement, Transocean's Board of Directors has agreed to propose and support at the Company's 2014 Annual General Meeting (AGM) that the company's shareholders approve the following: A dividend out of additional paid-in capital in the amount of $3 per share, subject to applicable law; The re-election of Samuel Merksamer and election of Vincent Intrieri to its Board of Directors. Mr. Merksamer is employed by Icahn Capital LP, a subsidiary of Icahn Enterprises L.P., and was elected to the Company's Board of Directors at its 2013 annual general meeting. Mr. Intrieri has been employed by Icahn-related entities since October 1998 in various investment-related capacities; and reduction of the maximum number of directors on its Board of Directors to 11 from 14. As part of the agreement, and in addition to certain standstill restrictions, the Icahn Group has agreed to vote in favor of the Board's slate of director nominees and certain other proposals Transocean's Board may recommend at the 2014 AGM.  Full Article

Transocean Ltd's Subsidiary Announces Construction Contracts For Five Newbuild Jackups
Wednesday, 6 Nov 2013 04:52pm EST 

Transocean Ltd announced that a subsidiary has awarded contracts to Keppel FELS Limited's shipyard in Singapore for the construction of five Super B 400 Bigfoot Class jackup drilling rigs. The first rig is expected to be delivered from the shipyard in the first quarter of 2016 and the remaining four jackups delivered at approximately four-month intervals thereafter. The combined capital cost for the five rigs is estimated at under $1.2 billion, excluding capitalized interest, and includes the shipyard contracts; project management; all owner-furnished equipment; capital spares and inventory; and costs associated with operational readiness. Additionally, each of the five contracts includes an option to order an additional jackup of the same design and specifications on similar terms. The first option must be exercised within one year; the remaining four options must be exercised within consecutive four-month intervals thereafter.  Full Article

Transocean Ltd Announces Schedule For Third Dividend Installment
Monday, 4 Nov 2013 07:00pm EST 

Transocean Ltd announced the schedule for the payment of the third installment of its U.S. dollar-denominated dividend. The installment of $0.56 per share, or approximately $202 million, is based upon the number of currently outstanding shares. The installment represents the third of four quarterly installments totaling $2.24 per share, or approximately $808 million in the aggregate, from additional paid in capital ("APIC") which was approved by shareholders at the Company's 2013 Annual General Meeting held on May 17, 2013.  Full Article

Transocean Ltd Announces 5-Year Contract For Newbuild Ultra-Deepwater Drillship
Tuesday, 15 Oct 2013 04:12pm EDT 

Transocean Ltd announced that it has been awarded a five-year contract for a newbuild ultra-deepwater drillship by Chevron U.S.A. Inc. Shipyard delivery is scheduled for the second quarter of 2016. After customer acceptance, the contract is expected to commence in the fourth quarter of 2016, contributing an estimated revenue backlog of approximately $1.1 billion, excluding mobilization. Excluding capitalized interest, the capital investment for the newbuild drillship is an estimated $725 million. Capital costs include the shipyard contract; project management; all owner-furnished equipment; capital spares and inventory; and all costs associated with operational readiness.  Full Article

Transocean Ltd Announces Schedule for First Dividend Installment
Tuesday, 21 May 2013 04:18pm EDT 

Transocean Ltd announced the schedule for the first installment of its U.S. dollar-denominated dividend of $2.24 per share, or approximately $807 million in the aggregate, from additional paid-in capital. The first installment of $0.56 per share, or approximately $202 million, is based upon the number of currently outstanding shares and represents the first of four quarterly installments totaling $2.24 per share, which was approved by shareholders at the Company`s 2013 Annual General Meeting held on May 17, 2013.  Full Article

Transocean Ltd Chairman To Step Down-Reuters
Monday, 13 May 2013 03:01pm EDT 

Reuters reported that Transocean Ltd said that Chairman Michael Talbert will step down later this year. Talbert, a director since 1994 who was also chief executive from 1994 to 2002, told the board that if re-elected at the upcoming shareholder meeting on May 17, 2013, he will step down as chairman by November and leave the board no later than the 2014 annual meeting, Transocean said.  Full Article

US Judge Accepts Transocean Ltd's $400 Million Macondo Settlement-Reuters
Thursday, 14 Feb 2013 11:28am EST 

Reuters reported that a federal judge on February 14, 2013 accepted Transocean Ltd's guilty plea for violating the U.S. Clean Water Act and the rig contractor's payment of $400 million to settle U.S. criminal charges over the 2010 Gulf of Mexico oil spill at BP Plc's Macondo well. U.S. District Judge Jane Triche Milazzo, of U.S. District Court for the Eastern District of Louisiana, accepted the plea, citing the resulting large fine as a good example of the deterrent effect of the plea process. The overall settlement, unveiled last month by the U.S. Department of Justice, included $1 billion in civil penalties in addition to the $400 million in criminal penalties. The Deepwater Horizon rig, which was owned by Transocean and contracted by BP, was drilling a mile-deep well on April 20, 2010, when a surge of methane gas caused a blowout that killed 11 workers. The well spewed 4.9 million barrels of oil into the Gulf of Mexico for 87 straight days, unleashing a torrent of oil that fouled the shorelines of four Gulf Coast states and eclipsed the 1989 Exxon Valdez spill in Alaska in severity. The accident led to a months-long U.S. deepwater ban and intense scrutiny of the offshore drilling industry, which is now booming worldwide despite lingering public concerns. Of the $400 million in Transocean criminal fines, $150 million will help protect the Gulf of Mexico, while another $150 million will fund spill prevention and response efforts there.  Full Article

Transocean Ltd To Pay $1.4 Bln For Role In BP Oil Spill-Reuters
Thursday, 3 Jan 2013 06:48pm EST 

Reuters reported that Transocean Ltd has agreed to pay $1.4 billion to settle U.S. government charges over BP Plc's massive Gulf of Mexico oil spill in 2010 and the rig contractor admitted that its crew on the Deepwater Horizon was partly responsible. Transocean, which employed nine of the 11 workers killed in the accident, had set aside $1.5 billion for the U.S. Department of Justice out of a $1.95 billion Macondo loss provision. The settlement, unveiled on January 3, 2013 by the DoJ, includes $1 billion in civil penalties and $400 million in criminal penalties.  Full Article

Norway appeals acquittal of Transocean, advisers in tax fraud case

OSLO, July 16 - Norway is appealing a decision by an Oslo court to acquit Swiss-based rig firm Transocean and some of its advisers of tax fraud in connection with shifting assets between affiliated companies, the police economic crimes investigation unit said.

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