RIG - Transocean Sells Deepwater Nautilus Floater for $53.5M | Benzinga
Transocean Ltd. (NYSE: RIG), the Swiss offshore contract drilling service provider, has reached an agreement with an undisclosed customer to sell one of its ultra-deepwater floaters. This strategic move marks a significant development in the company's ongoing efforts to streamline its asset portfolio.
Sale Details of the Deepwater Nautilus
The Agreement Overview: Transocean has disclosed in a recent U.S. Securities and Exchange Commission ("SEC") filing that the oil and gas drilling company has agreed to sell its 5th-generation semisubmersible rig, Deepwater Nautilus, along with associated assets for a total of $53.5 million. This decision is part of the company's strategy to dispose of non-strategic assets and optimize its operational efficiency.
Financial Implications: As a result of this sale, RIG anticipates a non-cash impairment charge ranging between $140 million and $150 million for the second quarter of 2024. This financial impact demonstrates the company's significant value adjustment to its asset base, which reflects current market conditions and strategic priorities.
Background of Deepwater Nautilus
Rig Specifications and Capabilities: The Deepwater Nautilus is a 5th-generation semisubmersible drilling rig, built in the year 2000. Known for its robust design and advanced drilling capabilities, this rig has been instrumental in numerous deepwater drilling projects around the world. Its ability to operate in ultra-deepwater environments has made this a valuable asset in RIG's fleet.
Operational History: Over the past two decades, the Deepwater Nautilus has contributed significantly to offshore drilling ...