Offshore vessel contractor Transocean said today that it would retire six of its “older, less competitive” rigs.
The company, headquartered in Switzerland, will book an impairment charge of $1.4billion for the third quarter of 2017 as a result of the move.
The decision affects the GSF Jack Ryan, Sedco Energy, Sedco Express, Cajun Express, Deepwater Pathfinder and Transocean Marianas vessels.
The rigs will be classified as held for sale and will be recycled.
All six rigs were previously cold stacked.
Transocean chief executive Jeremy Thigpen said: “We continue to enhance the quality of our fleet through the addition of new, high-specification assets, and the retirement of older, less competitive rigs.
“We remain committed to providing our customers with the most technically capable and highest quality ultra-deepwater and harsh environment assets in the industry, and will continue to objectively evaluate our rigs and high-grade our fleet as the market evolves.”
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