Transocean Ltd. (RIG): restructuring charge — Transocean to transfer drillship Ocean Rig Olympia plus cash for GSR stake; expects $150-160M Q1 impairment charge

Transocean Ltd.

Subsidiaries agreed Feb. 9, 2023 to transfer stacked ultra-deepwater drillship Ocean Rig Olympia and nominal cash to Global Sea Mineral Resources NV for a noncontrolling ownership interest.
Q1 2023 results to include estimated non-cash impairment charge of ~$150M to $160M.
Charge reflects write-down of drillship value upon transfer; company takes equity stake in GSR.
Rig had been stacked (idle); deal allows Transocean to monetize asset while gaining exposure to seabed mineral resources.

Key facts

Extracted from this filing and checked against the source text.

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

Transocean Ltd. announced a impairment with charges of approximately $150 million to $160 million affecting stacked, ultra-deepwater drillship Ocean Rig Olympia.

Type: impairment
Charge: approximately $150 million to $160 million
Affected area: stacked, ultra-deepwater drillship Ocean Rig Olympia

Exact text from the filing

the Company expects its first-quarter 2023 results to include an estimated non-cash charge ranging from approximately $150 million to $160 million

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Transocean Ltd. filing history →

Source: SEC EDGAR

accession 0001451505-23-000017

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