Transocean Considering ‘Transactions’ for Its Shallow-Water Rigs

Transocean Ltd., the world’s largest offshore oil driller, is “exploring transactions” involving its shallow-water rig fleet to reduce exposure to that market, Chief Executive Officer Steven Newman said.

Rival drillers have expressed interest in Transocean’s jack-up rigs, Newman said today during a conference call with analysts. Jack-up rigs are designed to operate in coastal waters with depths of less than about 400 feet (122 meters).

Jack-up rigs typically command lower daily lease rates than larger, more sophisticated deep-water drilling vessels.

To contact the reporter on this story: Joe Carroll in Chicago at jcarroll8@bloomberg.net

To contact the editor responsible for this story: Susan Warren at susanwarren@bloomberg.net

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