Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - Transocean Ltd. | d8k.htm |
| EX-99.1 - RELEASE - FINANCIAL RESULTS - Transocean Ltd. | dex991.htm |
 Transocean Ltd. Reports Fourth Quarter 2009 Results Exhibit 99.2 |
 Chart #1: Average Contracted Dayrate by Rig Type Qtr 1 2010 through Qtr 4 2010 (Unaudited) The Jackups category consists of our jackup fleet. Jackups The Midwater Floaters category is generally comprised of those non-High-Specification Floaters with a water depth capacity of less than 4,500 feet. Midwater Floaters The Other Deepwater Floaters include the remaining semi-submersible rigs and drillships that have a water depth capacity of at least 4,500 feet. Other High-Specification Floaters were built in the mid to late 1980s, are capable of drilling in harsh environments and have greater displacement than previously constructed rigs resulting in larger variable load capacity, more useable deck space and better motion characteristics. Ultra-Deepwater Floaters have high-pressure mud pumps and a water depth capability of 7,500 feet or greater. The High-Specification Floaters category is a consolidation of the Ultra-Deepwater Floaters, Other High-Specification Floaters and Other Deepwater Floaters as described below. High- Specification Floaters The weighted average contract dayrate for each rig type based on current backlog from the company's most recent Fleet Status Report as of February 2, 2010. Includes firm contracts only. Average Dayrate Definitions (Remaining) 470 460 433 429 357 341 323 325 138 138 138 144 $50k $100k $150k $200k $250k $300k $350k $400k $450k $500k Qtr 1 10 Qtr 2 10 Qtr 3 10 Qtr 4 10 High Specification Floaters Midwater Floaters Jackups |
 Chart #2: Out-of-Service Rig Months* Qtr 1 2009 through Qtr 4 2010 (Unaudited) Refers to periods during which a rig is out of service as a result of contract preparation, other planned shipyards, surveys, repairs, regulatory inspections or other planned service or work on the rig excluding upgrades. Shipyard Includes the Sedco 702 and the Sedco 706 which have undergone shipyard projects to enhance the operational capabilities. Upgrade Includes mobilization and demobilization to and from operating contracts and other activities such as shipyards excluding those mobilization and demobilization periods covered in Upgrade. Excludes Newbuild mobilization prior to commencement of operations. Mobilization Time when a rig is not available to earn an operating dayrate due to shipyard, mobilization, and upgrades. Out-of-Service Time expressed in months that each rig has been, or is forecast to be Out of Service as reflected in the company's Fleet Status Report as of February 2, 2010. Also includes out of service time of less than 14 days that is not disclosed in the Fleet Status Report. Rig Months Definitions * Excludes stacked rigs and mobilization to stacking locations. 8 18 24 25 21 22 13 9 3 2 3 3 4 5 3 1 - - - - - - - 3 1 - 5 10 15 20 25 30 35 40 Qtr 1 - 09A Qtr 2 - 09A Qtr 3 - 09A Qtr 4 - 09A Qtr 1 - 10F Qtr 2 - 10F Qtr 3 - 10F Qtr 4 - 10F Period (A = actual data, F = forecast data) Shipyard Mobilization Upgrade 14 21 27 28 25 27 16 10 |
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#3: Operating & Maintenance (O&M) Costs Trends (Unaudited) Operating and maintenance costs represent all direct and indirect costs associated with the operation and maintenance of our drilling rigs. Operating and maintenance costs also includes all costs related to local and unit offices as well as all costs related to operations support, engineering support, marketing and other similar costs. The principal elements of these costs are direct and indirect labor and benefits, repair and maintenance, contract preparation expenses, insurance, boat and helicopter rentals, professional and technical fees, freight costs, communications, customs duties, tool rentals and services, fuel and water, general taxes and licenses. Labor, repair and maintenance costs, insurance premiums, personal injury losses and drilling rig casualty losses represent the most significant components of our operating and maintenance costs O&M Costs Denotes the total O&M costs while a rig is out of service which includes shipyards, contract preparation and stacking costs. Out of Service $ Denotes the total O&M costs of a rig while in service based upon the Rig Operating Days (excluding shorebase or common support costs), as defined below. Operating Rig $ Includes all shorebase and common support costs such as onshore offices, yards and pool equipment and other direct costs such as labor pools and certain newbuild expenses prior to commencement of operations. Includes Integrated Services, Drilling Management, and Oil & Gas Services, and non-drilling overhead Drilling - Support Costs & Other Direct Non Drilling Operations Definitions $- $200 MM $400 MM $600 MM $800 MM $1,000 MM $1,200 MM $1,400 MM $1,600 MM $263 $212 $126 $110 $101 $83 $213 $200 $194 $207 $322 $165 $841 $922 $801 $795 $737 $785 $109 $74 $50 $165 $236 $263 Qtr3'08 Qtr4'08 Qtr1'09 Qtr2'09 Qtr3'09 Qtr4'09 Period Non Drilling Operations $ Drilling-Support Costs & Other Direct $ Operating Rig $ Out of Service $ $1,277 $1,171 $1,408 $1,426 $1,396 $1,296 |
 Chart #4: Contract Backlog by Client Rating (1) (Unaudited) Total Contract Backlog (2) = $30.4 Billion (1) Credit ratings represent the rating of client parent companies; however, our contracts
may or may not be with the parent company. (2) Calculated by multiplying the contracted operating dayrate by the firm contract period from February 2, 2010 forward. Reflects firm commitments represented by signed contracts. Contract backlog excludes revenues from mobilization, demobilization, contract preparation, integrated services and customer reimbursables. Our backlog calculation assumes that we receive the full
contractual dayrate, which could be higher than the actual dayrate that we
receive because of a number of factors (rig downtime, suspension of operations, etc.) including some beyond our control. (3) Other includes non-investment grade and unrated companies A Rated Other Investment Grade Other A Rated – 61% Other (3) – 3% Other Investment Grade – 36% |
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#5: Free Cash Flow Backlog and Debt Maturities (Unaudited) Total Free Cash Flow Backlog (1) = $15.6 Billion (1) Defined as revenue backlog, plus firm mobilization revenue for contracts not started, less the following: operating expenditures, overhead costs (except general and administrative costs), firm mobilization costs, cash taxes, firm sustaining capital expenditures, all newbuild capital expenditures and upgrade capital expenditures based on current backlog from the company's Fleet Status Update Summary as of February 2, 2010.
(2) In preparing the scheduled maturities of outstanding debt, presented as of December 31, 2009 for 2010 and future periods,we assumed the noteholders exercise their options to require us to repurchase the 1.625% Series A, 1.50% Series B, and 1.50% Series C Convertible Senior Notes in December 2010, 2011, and 2012, respectively. Total Free Cash Flow Backlog $15.6 B Total Face Value of Debt (2) $12.1 B Difference $3.5 B Remaining 1.9 2.5 2.3 0.9 2.0 2.5 3.9 4.0 3.1 2.3 2.3 0.0 1.0 2.0 3.0 4.0 5.0 2010 2011 2012 2013 2014-2019 2020-2038 (US$ Billions) Scheduled Debt Maturities Free Cash Flow Backlog |