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Transocean to scrap seven more rigs, take up to $140M Q4 charge

Dec. 19, 2014 11:44 AM ETTransocean Ltd. (RIG) StockATW, RIG, RDC, SDRL, PACD, DO, VALBy: Carl Surran, SA News Editor4 Comments
  • Transocean (RIG +4.6%) discloses that it plans to scrap seven of its older, lower-quality deepwater and midwater vessels, and adds that it may not be finished getting rid of parts of its fleet, even as oil prices and demand for offshore rigs have fallen.
  • RIG says it expects to take a related $100M-$140M charge in Q4.
  • RIG's decision to put the rigs up for sale comes after a string of vessel retirements and a $2.76B writedown of the company’s asset value in November.
  • Most offshore drilling service contractors are higher: ESV +5.1%, RDC +1.7%, DO +0.8%, ATW +3.1%, PACD +8.4%, but SDRL -4.3%.

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