Transocean : Fleet Status Report

Transocean Ltd. Provides Quarterly Fleet Status Report

STEINHAUSEN, Switzerland-October 25, 2021-Transocean Ltd. (NYSE: RIG) today issued a quarterly Fleet Status Report that provides the current status of, and contract information for, the company's fleet of offshore drilling rigs.

This quarter's report includes the following updates:

• Deepwater Atlas - Awarded a two-phase,four-well contract in the U.S. Gulf of Mexico
• Deepwater Conqueror - Awarded a three-well contract in the U.S. Gulf of Mexico
• Deepwater Asgard - Awarded a one-well contract in the U.S. Gulf of Mexico
• Deepwater Invictus - Awarded a one-well contract extension in the U.S. Gulf of Mexico
• Development Driller III - Customer exercised a one-well option in Trinidad
• Deepwater Nautilus - Customer exercised a one-well option

As of October 25, the company's total backlog is approximately $7.1 billion.

The report can be accessed on the company's website: www.deepwater.com.

About Transocean

Transocean is a leading international provider of offshore contract drilling services for oil and gas wells. The company specializes in technically demanding sectors of the global offshore drilling business with a particular focus on ultra-deepwater and harsh environment drilling services and operates one of the most versatile offshore drilling fleets in the world.

Transocean owns or has partial ownership interests in, and operates a fleet of, 37 mobile offshore drilling units consisting of 27 ultra-deepwater floaters and 10 harsh environment floaters. In addition, Transocean is constructing two ultra-deepwater drillships.

Forward-Looking Statements

The statements described herein that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements could contain words such as "possible," "intend," "will," "if," "expect," or other similar expressions. Forward-looking statements are based on management's current expectations and assumptions, and are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. As a result, actual results could differ materially from those indicated in these forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, estimated duration of customer contracts, contract dayrate amounts, future contract commencement dates and locations, planned shipyard projects and other out-of-service time, sales of drilling units, timing of the company's newbuild deliveries, operating hazards and delays, risks associated with international operations, actions by customers and other third parties, the fluctuation of current and future prices of oil and gas, the global and regional supply and demand for oil and gas, the intention to scrap certain drilling rigs, the success of our business following prior acquisitions, the effects of the spread of and mitigation efforts by

governments, businesses and individuals related to contagious illnesses, such as COVID-19, and other factors, including those and other risks discussed in the company's most recent Annual Report on Form 10-K for the year ended December 31, 2020, and in the company's other filings with the SEC, which are available free of charge on the SEC's website at: www.sec.gov. Should one or more of these risks or uncertainties materialize (or the other consequences of such a development worsen), or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or expressed or implied by such forward-looking statements. All subsequent written and oral forward-looking statements attributable to the company or to persons acting on our behalf are expressly qualified in their entirety by reference to these risks and uncertainties. You should not place undue reliance on forward-looking statements. Each forward-looking statement speaks only as of the date of the particular statement, and we undertake no obligation to publicly update or revise any forward-looking statements to reflect events or circumstances that occur, or which we become aware of, after the date hereof, except as otherwise may be required by law. All non-GAAP financial measure reconciliations to the most comparative GAAP measure are displayed in quantitative schedules on the company's website at: www.deepwater.com.

This press release, or referenced documents, do not constitute an offer to sell, or a solicitation of an offer to buy, any securities, and do not constitute an offering prospectus within the meaning of the Swiss Financial Services Act ("FinSA") or advertising within the meaning of the FinSA. Investors must rely on their own evaluation of Transocean and its securities, including the merits and risks involved. Nothing contained herein is, or shall be relied on as, a promise or representation as to the future performance of Transocean.

Analyst Contact: Alison Johnson [phone]

Media Contact:

Pam Easton

[phone]

Updated: October 25, 2021

Revisions Noted in Bold

Dynamically positioned "DP" 

Dayrate on

Dayrate on

Yr. (1)

Water

Drilling

Estimated

Estimated

Current

Previous

Footnote

Floater

Entered

Depth

Depth

Contract

Expiration

Contract (3)

Contract (3)

Rig Type/Name

References

Type

DP

Service

(Feet)

(Feet)

Location

Customer

Start Date (2)

Date (2)

(Dollars)

(Dollars)

Additional Comments

Rigs Under Construction (2)



Deepwater Atlas

(8), (15)

ship

∗

TBA

12,000

40,000

USGOM

BOE

Q3 2022

Q2 2023

315,000

N/A

Q3 2023

Q2 2023

185,000

N/A

20,000 psi BOP installation

(8)

Q2 2023

Q1 2024

455,000

N/A

Deepwater Titan

(6), (15)

ship

∗

TBA

12,000

40,000

USGOM

Chevron

Q1 2023

Q1 2028

455,000

N/A

Ultra-Deepwater (27)



Deepwater Poseidon

(6)

ship

∗

2018

12,000

40,000

USGOM

Shell

Sep-18

Feb-28

473,000

N/A

Deepwater Pontus

(6)

ship

∗

2017

12,000

40,000

USGOM

Shell

Oct-17

Oct-27

473,000

N/A

Deepwater Conqueror

(6), (8)

ship

∗

2016

12,000

40,000

USGOM

Chevron

Dec-16

Dec-21

579,000

N/A

(6), (8)

USGOM

Chevron

Jan-22

Oct-22

335,000

N/A

Deepwater Proteus

(6)

ship

∗

2016

12,000

40,000

USGOM

Shell

Aug-16

May-26

474,000

N/A

Deepwater Thalassa

(6)

ship

∗

2016

12,000

40,000

USGOM

Shell

Jul-16

Feb-26

475,000

N/A

Ocean Rig Apollo

ship

∗

2015

12,000

40,000

Stacked May-16

Deepwater Asgard

ship

∗

2014

12,000

40,000

USGOM

Beacon

Jul-21

Sep-21

240,000

N/A

USGOM

Beacon

Sep-21

Oct-21

280,000

N/A

Includes MPD Services

USGOM

Not Disclosed

Jan-22

Apr-22

295,000

N/A

Includes MPD Services

Deepwater Invictus

(6)

ship

∗

2014

12,000

40,000

USGOM

BHP Billiton

Jun-21

Sep-21

215,000

N/A

USGOM

BHP Billiton

Oct-21

Mar-22

260,000

215,000

USGOM

BHP Billiton

Mar-22

May-22

295,000

260,000

Ocean Rig Athena

ship

∗

2014

12,000

40,000

Stacked Mar-17

Deepwater Skyros

ship

∗

2013

12,000

40,000

Angola

Total

Dec-18

Dec-21

573,000

N/A

(8), (13)

Angola

Total

Dec-21

Dec-22

195,000

N/A

Ocean Rig Mylos

ship

∗

2013

12,000

40,000

Stacked Sep-16

Deepwater Corcovado

(7), (8)

ship

∗

2011

10,000

35,000

Brazil

Petrobras

Dec-19

Jul-23

189,000

N/A

Deepwater Mykonos

(7), (8)

ship

∗

2011

10,000

35,000

Brazil

Petrobras

Nov-19

Aug-23

208,000

N/A

Ocean Rig Olympia

ship

∗

2011

10,000

35,000

Stacked Apr-16

Deepwater Orion

ship

∗

2011

10,000

35,000

Idle Oct-19

Deepwater Champion

ship

∗

2011

12,000

40,000

Stacked Feb-16

Discoverer Inspiration

ship

∗

2010

12,000

40,000

USGOM

Hess

Oct-21

May-22

215,000

N/A

Discoverer India

ship

∗

2010

12,000

40,000

Stacked Jul-20

Dhirubhai Deepwater KG2

ship

∗

2010

12,000

35,000

Brunei

Brunei Shell Petroleum

Dec-21

Dec-21

190,000

N/A

Discoverer Luanda

ship

∗

2010

7,500

40,000

Stacked Feb-18

Discoverer Americas

ship

∗

2009

12,000

40,000

Stacked Apr-16

Discoverer Clear Leader

ship

∗

2009

12,000

40,000

Stacked Jun-19

Petrobras 10000

(6), (7), (16)

ship

∗

2009

12,000

37,500

Brazil

Petrobras

Oct-21

Mar-22

316,000

N/A

(6), (7), (16)

Brazil

Petrobras

Mar-22

Mar-23

323,000

N/A

(6), (7), (16)

Brazil

Petrobras

Mar-23

Oct-23

329,000

N/A

Dhirubhai Deepwater KG1

(14), (17)

ship

∗

2009

12,000

35,000

India

Reliance

Sep-21

Dec-21

158,000

144,000

29 days out of service in Q4 2021

(14)

Dec-21

Nov-22

158,000

Development Driller III

semi

∗

2009

7,500

37,500

Trinidad

BHP Billiton

Jun-21

Oct-21

220,000

N/A

Trinidad

BHP Billiton

Nov-21

Nov-21

220,000

N/A

GSF Development Driller I

semi

∗

2005

7,500

37,500

Stacked Nov-20

Deepwater Nautilus

semi

2000

8,000

30,000

Not Disclosed

POSCO

Jul-21

Aug-21

135,000

N/A

Not Disclosed

POSCO

Aug-21

Sep-21

135,000

N/A

Not Disclosed

POSCO

Sep-21

Nov-21

135,000

N/A

Not Disclosed

POSCO

Nov-21

Dec-21

135,000

N/A

(9)

Not Disclosed

Not Disclosed

Feb-22

Apr-22

145,000

N/A

Estimated Average Contract Dayrates (5)

Q4 2021

Q1 2022

Q2 2022

Q3 2022

$327,000

$307,000

$321,000

$327,000

Harsh Environment (10)



Transocean Norge

(12)

semi

∗

2019

10,000

40,000

Norway

ConocoPhillips

Mar-22

Sep-22

280,000

N/A

Transocean Enabler

(6), (7), (8)

semi

∗

2016

1,640

28,000

Norway

Equinor

Jul-21

Jul-22

441,000

N/A

(6), (7), (8)

Norway

Equinor

Jul-22

Jul-23

436,000

N/A

(6), (7), (8)

Norway

Equinor

Jul-23

Mar-24

426,000

N/A

Transocean Encourage

(6), (7), (8)

semi

∗

2016

1,640

28,000

Norway

Equinor

Mar-21

Mar-22

437,000

N/A

(6), (7), (8)

Norway

Equinor

Mar-22

Mar-23

432,000

N/A

(6), (7), (8)

Norway

Equinor

Mar-23

Nov-23

423,000

N/A

Transocean Endurance

(6), (8)

semi

∗

2015

1,640

28,000

Norway

Equinor

Dec-20

Dec-21

492,000

N/A

(6), (8)

Norway

Equinor

Dec-21

Dec-22

488,000

N/A

(6), (8)

Norway

Equinor

Dec-22

Jun-23

477,000

N/A

Transocean Equinox

(6), (8)

semi

∗

2015

1,640

28,000

Norway

Equinor

Nov-20

Nov-21

492,000

N/A

(6), (8)

Norway

Equinor

Nov-21

Nov-22

488,000

N/A

(6), (8)

Norway

Equinor

Nov-22

Dec-22

477,000

N/A

Transocean Spitsbergen

(7), (8)

semi

∗

2010

10,000

30,000

Norway

Equinor

Oct-19

Jun-22

Not Disclosed

N/A

(7), (8)

Norway

Equinor

Jun-22

Aug-22

287,000

N/A

(7), (8)

Norway

Equinor

Aug-22

Sep-22

287,000

N/A

Transocean Barents

(4), (7), (8)

semi

∗

2009

10,000

30,000

Norway

Shell

Feb-22

Aug-22

296,000

N/A

Paul B. Loyd, Jr.

(7)

semi

1990

2,000

25,000

UKNS

Harbour Energy

Aug-21

Oct-21

Not Disclosed

N/A

Transocean Leader

semi

1987/1997

4,500

25,000

Stacked Jul-20

Henry Goodrich

semi

1985/2007

5,000

30,000

Stacked Mar-20

Q4 2021

Q1 2022

Q2 2022

Q3 2022

Estimated Average Contract Dayrates (5)

$401,000

$405,000

$387,000

$396,000

Fixed-Price Options - See Footnote 10



Ultra-Deepwater



Dhirubhai Deepwater KG2

ship

∗

2010

12,000

35,000

Brunei

Brunei Shell Petroleum

Dec-21

Jan-22

190,000

N/A

Brunei

Brunei Shell Petroleum

Jan-22

Mar-22

190,000

N/A

Transocean Norge

(12)

semi

∗

2019

10,000

40,000

Norway

ConocoPhillips

Sep-22

Nov-22

280,000

N/A

(12)

Norway

ConocoPhillips

Nov-22

Dec-22

280,000

N/A

Harsh Environment



Transocean Enabler

(6), (7), (8), (11)

semi

∗

2016

1,640

28,000

Norway

Equinor

Mar-24

Mar-27

426,000

N/A

(6), (7), (8), (11)

Norway

Equinor

Mar-27

Mar-30

426,000

N/A

(7), (8)

Norway

Equinor

Mar-30

Mar-33

426,000

N/A

(7), (8)

Norway

Equinor

Mar-33

Mar-36

426,000

N/A

Transocean Encourage

(6), (7), (8), (11)

semi

∗

2016

1,640

28,000

Norway

Equinor

Nov-23

Nov-26

423,000

N/A

(6), (7), (8), (11)

Norway

Equinor

Nov-26

Nov-29

423,000

N/A

(7), (8)

Norway

Equinor

Nov-29

Nov-32

423,000

N/A

(7), (8)

Norway

Equinor

Nov-32

Nov-35

423,000

N/A

Transocean Endurance

(6), (8), (11)

semi

∗

2015

1,640

28,000

Norway

Equinor

Jun-23

Jun-26

492,000

N/A

(6), (8), (11)

Norway

Equinor

Jun-26

Jun-29

492,000

N/A

(6), (8)

Norway

Equinor

Jun-29

Jun-32

492,000

N/A

(6), (8)

Norway

Equinor

Jun-32

Jun-35

492,000

N/A

Transocean Equinox

(6), (8), (11)

semi

∗

2015

1,640

28,000

Norway

Equinor

Dec-22

Dec-25

492,000

N/A

(6), (8), (11)

Norway

Equinor

Dec-25

Dec-28

492,000

N/A

(6), (8)

Norway

Equinor

Dec-28

Dec-31

492,000

N/A

(6), (8)

Norway

Equinor

Dec-31

Dec-34

492,000

N/A