Zug Commercial Register Does Not Approve Registration of Transocean's First Distribution Installment
22:30 13.08.10
Transocean Ltd. / Zug Commercial Register Does Not Approve Registration of Transocean's First Distribution Installment processed and transmitted by Hugin AS. The issuer is solely responsible for the content of this announcement.
Transocean to Appeal Commercial Register's Decision
ZUG, SWITZERLAND -- (MARKETWIRE) -- 08/13/10 -- Transocean Ltd. (NYSE: RIG)
(SIX: RIGN) today announced that the Commercial Register of the Canton of Zug
rejected Transocean's application to register the first of four planned partial
par value reductions in an amount of 0.86 Swiss francs per issued share, equal
to approximately 0.82 U.S. dollars (using an exchange rate of 1.00 U.S. dollar
to 1.05 Swiss francs as of the close of trading on August 12, 2010). The
Commercial Register's rejection is related to the fact that Transocean has been
served in Switzerland with several complaints from lawsuits filed in the U.S.
Transocean disagrees with the Commercial Register's view. Transocean continues
to believe that all prerequisites for the registration of the first partial par
value reduction have been satisfied and will appeal the decision of the
Commercial Register. Without effective registration of the applicable par value
reduction, Transocean will not be able to proceed with the payment of the first
or any subsequent installment of its cash distribution to shareholders.
In February 2010, the Board of Directors recommended a distribution to
shareholders in the form of a par value reduction in the aggregate amount of
3.44 Swiss francs per issued share equal to approximately 3.28 U.S. dollars
(using an exchange rate of 1.00 U.S. dollar to 1.05 Swiss francs as of the close
of trading on August 12, 2010) to be calculated and paid in four quarterly
installments. The proposal for the distribution was described in a proxy
statement filed April 1, 2010 in connection with the Annual General Meeting on
May 14, 2010 and approved by shareholders at the meeting. Under Swiss law, upon
satisfaction of all legal requirements, Transocean was required to submit an
application to the commercial register in the Canton of Zug to register the
applicable par value reduction.
Statements regarding the distribution to shareholders, including timing and
amount of distribution available options, appeal of the rejection of the
application in the relevant courts, future payments of the distribution, as well
as any other statements that are not historical facts, are forward-looking
statements that involve certain risks, uncertainties and assumptions. These
include but are not limited to compliance with legal requirements, operating
hazards and delays, actions by governmental and regulatory authorities
(including courts), customers and other third parties, the future price of oil
and gas, the actual revenues earned and other factors detailed in the company's
most recent Form 10-K, Form 10-Q and other filings with the Securities and
Exchange Commission ("SEC"), which are available free of charge on the SEC's
website at
www.sec.gov. Should one or more of these risks or uncertainties
materialize, or should underlying assumptions prove incorrect, actual results
may vary materially from those indicated. Additional information regarding the
distribution may be found in the company's most recent Form 10-Q, proxy
statement and other filings made with the SEC.
Transocean Ltd. is the world's largest offshore drilling contractor and the
leading provider of drilling management services worldwide. With a fleet of 139
mobile offshore drilling units plus three ultra-deepwater drillships under
construction, Transocean's fleet is considered one of the most modern and
versatile in the world due to its emphasis on technically demanding segments of
the offshore drilling business. Transocean owns or operates a contract drilling
fleet of 45 High-Specification Floaters (Ultra-Deepwater, Deepwater and
Harsh-Environment semisubmersibles and drillships), 26 Midwater Floaters, 10
High-Specification Jackups, 55 Standard Jackups and other assets utilized in the
support of offshore drilling activities worldwide.
For more information about Transocean, please visit our website at
www.deepwater.com. Analyst Contact:
Gregory S. Panagos
+1 713-232-7551
Media Contact:
Guy A. Cantwell
+1 713-232-7647
[HUG#1438025]
--- End of Message ---
Transocean Ltd.
Chemin de Blandonnet 10 Vernier Switzerland
ISIN: CH0048265513;
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
All reproduction for further distribution is prohibited.
Source: Transocean Ltd. via Thomson Reuters ONE
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