Transocean Ltd. (NYSE: RIG) (SIX: RIGN) announced that it intends to scrap, in an environmentally responsible manner, the following two rigs: GSF Aleutian Key and Sedco 707.
These rigs are classified as held for sale. As a result of this decision, the company expects its first quarter 2015 results to include an estimated non-cash charge of $90 million to $110 million, net of taxes. Including these two rigs, Transocean has announced plans to scrap a total of 18 floaters.
As the company continues to evaluate the long-term competitiveness of its fleet, additional rigs may be identified as candidates for scrapping.
