Transocean has announced plans to create a new spin-off firm to operate its UK rigs.
The firm revealed at OTC yesterday that Caledonia Offshore Drilling will run its eight midwater assets used in the North Sea.
The new subsidiary will be created in the second half of the year and the drilling giant hopes to eventually separate the two companies.
Transocean did not specify the structure be used, though it had previously discussed plans for a master limited partnership as part of an agreement with activist shareholder Carl Icahn. The offshore drilling assets expected to transfer to Caledonia include the Sedco 704, Sedco 711, Sedco 712, Sedco 714, Transocean John Shaw, Transocean Prospect, GSF Arctic III and J.W. McLean.
A spokesman said: “The UK North Sea remains an important market for Transocean and the company is committed to maintaining its presence in the region.
“As such, various options for the separation of Caledonia are under consideration.”