Transocean (mineral oil company)

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Transocean Ltd.

logo
legal form Corporation
ISIN CH0048265513
founding 1953
Seat Steinhausen , SwitzerlandSwitzerlandSwitzerland 
management Jeremy D. Thigpen
( CEO )
Merrill A. "Pete" Miller, Jr.
( Chairman of the Board )
Number of employees 6,700
sales 3.018 billion US dollars (2018)
Branch Petroleum industry
Website www.deepwater.com
As of December 31, 2018

The Transocean Ltd. is an international group that specializes in deep-sea drilling and is based in Steinhausen , Switzerland .

The company has 136 drilling platforms and drilling ships that are in action around the world in search of oil or natural gas . As in the case of the Discoverer Clear Leader drill ship, these can drill down to 3,657 meters water depth and up to 12,200 meters below the ground surface.

Transocean employs 13,100 people - 1,000 of whom are hired through recruitment agencies - and in 2014 generated sales of 9.174 billion US dollars and a loss of 1.9 billion US dollars due to depreciation . The company is thus positioning itself as the world's largest specialist for offshore drilling.

The company's shares are listed on the New York Stock Exchange and are included in the S&P 500 . Until 30 March 2016, the shares were also on the SIX Swiss Exchange listed .

history

Today's Transocean Ltd. emerged over the decades through numerous takeovers , mergers , spin-offs and associated name and seat changes. Its roots go back to 1919 and are mainly in the United States and Norway , through various acquisitions but also in the United Kingdom and France .

Transocean

In 1953, Southern Production , a subsidiary of Southern National Gas , founded in 1928, founded a subsidiary called The Offshore Company for the development and construction of oil rigs . The drilling activities of the Danciger Oil & Refining Company, founded in 1919 and taken over by Southern Production in 1950, were also brought into this .

With the takeover of London-based International Drilling Co. Ltd. In 1963 , The Offshore Company expanded its activities to the United Kingdom and the North Sea . In 1992 the parent company, meanwhile renamed Southern Natural Resources , changed its name to Sonat . Associated with this was the renaming of the subsidiary The Offshore Company to Sonat Offshore Drilling Inc. This was made independent in 1993 through a spin-off and simultaneous IPO .

1996 took over Sonat Offshore Drilling Norwegian Transocean ASA and was doing in Transocean Offshore, Inc. renamed. The merger led to a doubling of the oil rig portfolio. In 1999, Transocean Offshore and Sedco Forex Holdings Limited, which had been spun off from Schlumberger, merged to form Transocean Sedco Forex Inc. Sedco Forex, for its part, merged in 1985 from the merger of the Southeastern Drilling Company (Sedco) founded in Texas in 1947 and Forex founded in France in 1942 emerged. Both companies were taken over by Schlumberger in the course of time, Sedco in 1984 and Forex in 1968 for the most part and in 1971 completely.

In early 2001, Transocean Sedco Forex completed the acquisition of R&B Falcon Corporation . On this occasion the company name was shortened to Transocean .

GlobalSantaFe Corporation

The Santa Fe Drilling Company was founded in 1946 by employees of the Union Oil Company who had bought the drilling activities from their former employer. In just eight years, the young company had already operated 21 oil rigs in the United States, Europe, the Middle East, North Africa and South America. In 1963 the company was listed on the New York Stock Exchange and renamed Santa Fe International Corporation five years later . In 1981, Santa Fe was completely taken over by the Kuwait Petroleum Corporation (KPC). In 1997 the company sold a first part of its stake and brought Santa Fe , which has meanwhile been registered on the Cayman Islands, back to the New York Stock Exchange through an IPO. In 2001 KPC sold a second part, which paved the way for the merger with Global Marine .

For its part, Global Marine has its origins in the CUSS Group founded in 1946 by Continental Oil Company , Union Oil Company of California , Superior Oil Company and Shell Oil Company . The purpose of this network was to analyze the feasibility of offshore drilling. In 1955, the composite was CUSS Group in the joint venture named Louis N. Waterfall Inc. converted. Just three years later, the partnership between the four founding companies was dissolved, and Louis N. Waterfall Inc. was completely taken over and dissolved by Union Oil Company . Its activities have been completely transferred to the California-based Global Marine Exploration Company . This in turn was renamed Global Marine Inc. registered in Delaware in 1964 and split off from Union Oil Company . With the dramatic drop in prices from US $ 32 to less than US $ 12 per barrel of oil in the mid-1980s, Global Marine Inc. found itself in a serious financial emergency, which at the end of January 1986 led to a restructuring under Chapter 11 US bankruptcy law . The renovation was completed in 1989 and capacity was increased again to 90 percent in 1990.

Merger

In 2007, Transocean and GlobalSantaFe Corporation merged through a share swap . For its part, GlobalSantaFe Corporation emerged in 2001 from the merger of the Santa Fe Drilling Company, founded in 1946, and the Global Marine Drilling Company , founded in 1958 .

Newer development

In October 2008, Transocean announced that it would relocate its legal headquarters from the Cayman Islands and the previously Houston- based management team to Switzerland. The Houston location, which continues to be important and will continue to operate as a subsidiary, will in future focus mainly on administrative, technical and support services. The relocation of the headquarters to Zug and the move into the offices of the corporate management in Vernier were completed in December 2008. Linked to this was the conversion of the group into a stock corporation under Swiss law .

Since 20 April 2010, the shares of Transocean are also on the Swiss Exchange SIX Swiss Exchange listed . As of June 21, 2010, the shares of Transocean were included in the Swiss Market Index .

On November 23, 2015, Transocean surprisingly applied for the shares to be delisted from the SIX Swiss Exchange. Linked to this is the removal of the shares from the Swiss Market Index. The reason given is the high financial and administrative effort involved in listing on two stock exchanges. Due to the current difficult situation in the oil business, the company is forced to make savings. The anticipation of the removal of the shares from the SMI by SIX is also assumed to be the reason for delisting. Since the listing in April 2010, the shares have lost more than 80 percent of their value. In future, the shares are to be listed exclusively on the New York Stock Exchange. The last trading day on the SIX Swiss Exchange was March 30, 2016. On March 21, 2016, Transocean was replaced in the Swiss Market Index (SMI) by Swiss Life , which was only removed from the SMI in 2010 in favor of Transocean.

As of April 16, 2018, the shares of Transocean were admitted to trading on the BX Swiss exchange via a market maker. Since then, the shares have been tradable for investors in Switzerland again, with the company fulfilling its disclosure requirements via the New York Stock Exchange.

Accidents

Ixtoc I

The Schlumberger subsidiary Sedco, which later became Transocean, also operated the Sedco 135F ( Ixtoc I ) drilling platform . Errors in drilling resulted in gas and crude oil escaping from the borehole (so-called blowout), which ignited and destroyed the oil platform on June 3, 1979. In the beginning, around 30,000 barrels leaked out a day. After two relief wells, the oil leak could finally be stopped after 294 days on March 23, 1980. The estimates for the total amount of leaked crude oil are 440,000 to 1,400,000 tons. Apart from the oil disasters caused in the Gulf War, this was the largest oil spill in the world until 2010.

Deepwater Horizon

Transocean operated the Deepwater Horizon oil rig , which caught fire on April 21, 2010 and sank on April 22, 2010. 115 people, some seriously injured, were rescued from the burning platform. Eleven workers were killed. Following the sinking, oil leaked from the well and triggered an oil spill in the Gulf of Mexico (see also: Oil disaster in the Gulf of Mexico 2010 ).

Transocean owned the platform, leased it to BP and was commissioned by BP to operate it. In April 2011, BP filed a lawsuit against Transocean in a New Orleans court. The drilling platform was not seaworthy. Transocean neglected contractual obligations to adequately maintain the platform, did not train its crews adequately and did not coordinate the fight against the fire well enough. "The simple fact is that on April 20, 2010, every single security system, device and source control mechanism on the Deepwater Horizon failed."

On January 3, 2013, the US Department of Justice announced that Transocean was paying US $ 1.4 billion to resolve civil and potential criminal claims because of its complicity in the disaster. The company has signed a guilty pledge that has yet to be confirmed by a court in New Orleans. The sum is made up of one billion US dollars for water pollution and 400 million US dollars as a penalty for criminal acts. Transocean will pay the amount over a period of five years, with $ 560 million to be paid in the current year.

At the instigation of the US Chemical Safety and Hazard Investigation Board , Transocean was finally sentenced on July 23, 2013 to give up its 31-month refusal to provide documents and to comply with the Subpoena ordered to investigate the course of the disaster.

Environmental disaster off Brazil

According to Chevron, around 2,400 barrels of crude oil escaped into the sea in November 2011 from a leak in a well on a platform operated by Chevron and Transocean. As a result, both companies were sued by the Brazilian public prosecutor's office for $ 11 billion in damages and for discontinuing their production activities.

Shareholder structure

Shareholder structure of Transocean Ltd.
proportion of owner
8.13% Primecap Management Company
6.84% BlackRock, Inc.
6.67% The Vanguard Group
5.91% Icahn Capital LP
72.45% Free float
As of March 15, 2015

Web links

Commons : Transocean  - collection of images, videos and audio files

Individual evidence

  1. ↑ a b Entry of Transocean Ltd. in the commercial register of the canton of Zug
  2. ↑ a b Annual Report 2018 , accessed on July 5, 2019 (English)
  3. ↑ Transocean Ltd .: Annual Report 2015- 10-K Form. (PDF) Retrieved April 7, 2016 .
  4. ↑ SEC Filing, Form 10-K, Annual Report 2008 of Transocean Ltd.
  5. ↑ SIX Swiss Exchange : Extraordinary inclusion of Transocean Ltd in the SMI and SLI indices (pdf; 20 kB) , media release of June 3, 2010, accessed on June 21, 2010.
  6. ^ Vinzenz Greiner: Transocean wants to move away from the Swiss stock exchange. blick.ch, November 23, 2015, accessed on November 24, 2015 .
  7. ↑ Transocean to delist from Swiss Exchange. Update 2. Reuters, November 23, 2015, accessed on November 24, 2015 .
  8. ↑ http://www.handelszeitung.ch/invest/transocean-bleibt-bis-maerz-der-six-kotiert-946349
  9. ↑ NOAA IncidentNews: Ixtoc I ( Memento from October 14, 2012 in the Internet Archive )
  10. ↑ "Oil rig sunk - fighting the oil spill in the Gulf of Mexico". faz.net, April 23, 2010, accessed April 30, 2010 .
  11. ↑ "Sinking of the oil platform - disaster in installments". fr-online.de, April 26, 2010, archived from the original on June 28, 2010 ; Retrieved April 30, 2010 .
  12. ↑ zeit.de April 20, 2011: BP files billions against oil rig operators
  13. ↑ Oil spill in the Gulf of Mexico: Swiss company Transocean has to pay a fine of billions at focus.de, January 4, 2013 (accessed on January 4, 2013).
  14. ↑ United States Court of Appeals for the Fifth Circuit: UNITED STATES OF AMERICA v. TRANSOCEAN DEEPWATER DRILLING, INCORPORATED. (PDF; 128 kB) (No longer available online.) July 23, 2013, p. 12 , archived from the original on December 27, 2013 ; accessed on July 25, 2013 . Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. @1@ 2Template: Webachiv / IABot / www.csb.gov
  15. ↑ Brazil wants to ban US oil companies from drilling. Focus / Reuters / AFP, December 15, 2011, accessed November 24, 2015 .
  16. ↑ Annual report of Transocean Ltd. 2014  ( page no longer available , search in web archives )  Info: The link was automatically marked as defective. Please check the link according to the instructions and then remove this notice. , Transocean Annual Report 2014@1@ 2Template: Dead Link / phx.corporate-ir.net