Transoceans Acquisition of Transocean Partners August 1, 2016
Transaction Overview Transocean (NYSE: RIG) has agreed to acquire all of the outstanding common units of Transocean Partners (NYSE: RIGP) not owned by Transocean RIGP public common unitholders to receive 1.1427 Transocean shares for each…
RIGPs Assets and Ownership RIGPs assets consist of 51% interests in subsidiary companies that own and operate three UDW rigs (the Discoverer Inspiration, the Discoverer Clear Leader and the Development Driller III) Transocean owns the…
Current and Pro Forma Ownership Status Quo Structure Pro Forma Structure 19.7 mm RIGP Common Units RIGP RIGP Public Unit Public Unit RIG RIG Holders Holders 22.7 mm RIG Shares 19.7 mm RIGP Common Units 29% Ownership 21.3 mm…
Benefits to RIGP Unitholders RIGP common unitholders receive a premium to RIGPs pre-announcement unit price as well as immediate and long-term benefits through ownership in a larger, more diverse drilling contractor with significantly…
Benefits to Transocean Shareholders Transaction provides Transocean with cost savings and enhanced financial liquidity profile Transocean will save 29 million in annual distributions currently paid to public RIGP common unit holders…
Transocean: Global Footprint and Diverse Fleet 29 Ultra-Deepwater 7 Harsh Env. 4 Deepwater 10 Midwater 10 Jackup Transocean fleet composition as of 7/21/16 Fleet Status Report 8
Transocean: Strong Financial Position 14.6 billion backlog provides solid cash-generation foundation 5.6 billion total liquidity at March 31, 2016 2.6 billion cash 3.0 billion undrawn revolving credit facility Continued strong…
Transocean: Solid Liquidity As a result of the July Notes / 12 Tender Offers, net cash Projected liquidity at 11 position increased 360mm December 31, 2017 (not portrayed in chart below) 10 9 8 1.5-2.5B* 1.7B* (US billions)…
Transocean: Industry Leading Contract Backlog Total backlog - 14.6 billion* (90% Investment Grade Cos.) 7.0 6.0 6.0 (US billions) 5.0 Backlog recognized 4.0 through March 31, 2016 3.4 3.0 1.1 2.7 6.0 2.1 2.0 1.5 1.5…
Transocean: Backlog Surpasses Peers 2.8 2.6 2.4 Backlog Composition by Year Annual Backlog in US Billions 2.2 2.0 RIG (incl. RIGP 1.5B) 1.8 RDC 1.6 9.1B NE 1.4 SDRL (Incl. SDLP 3.6B) 1.2 ESV 4.8B 1.0 DO 0.8 14.6B ATW…
Transocean: Improving Mix and Overall Fleet Quality 2009 Fleet Current Fleet 2020 Projected Fleet % of Fleet % of Fleet % of Fleet 15% 4% 17% 24% 41% 48% 23% 55% 10% 32% 8% 11% 12% Ultra-Deepwater Floaters Actions…
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