Transocean to take on US$1.4bn impairment charge for retiring six oil rigs
Transocean Ltd (NYSE:RIG) said that it will be booking in an impairment charge amounting to US$1.4bn in the third quarter over the costs of retiring six of its rigs.
In a statement, the offshore drilling company said the ultra-deepwater rigs that will be retired are: GSF Jack Ryan, Sedco Energy, Sedco Express, Cajun Express, Deepwater Pathfinder, and the deepwater floater Transocean Marianas.
READ: Transocean shares slide as it says it’s buying Norwegian competitor Songa
It added that the rigs will be put up for sale and recycled. All six rigs were previously cold-stacked, it said.
“We continue to enhance the quality of our fleet through the addition of new, high-specification assets, and the retirement of older, less competitive rigs,” said Jeremy Thigpen, president and chief executive officer said.
Story by ProactiveInvestors
Source: http://www.proactiveinvestors.com/companies/news/184441/transocean-to-take-on-us14bn-impairment-charge-for-retiring-six-oil-rigs-184441.html
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