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2014-05-07 18:05:00

TRANSOCEAN: 8 DRILLING RIGS

TRANSOCEAN: 8 DRILLING RIGS

Transocean Ltd. plans to spin off eight drilling rigs in the UK's North Sea into a separate company, it said in a regulatory filing Monday.

The rigs, which entered service in the 1970s and '80s, will form a new entity called Caledonia Offshore Drilling Co. later this year.

Transocean said the UK's North Sea remains an important market for it and that it is committed to maintaining its presence in the region. The company is considering various options for the separation, it said in the filing, and the Caledonia entity is expected to have a focused approach to assets and operations in the UK's North Sea.

Transocean said the separation is part of a strategy that includes divesting noncore assets.

wsj.com

Tags: TRANSOCEAN, DRILLING, RIG

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