UNITED STATES

 

SECURITIES AND EXCHANGE COMMISSION

 

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

 

Date of Report (Date of earliest event reported):  May 23, 2017

 

TRANSOCEAN LTD.

(Exact name of registrant as specified in its charter)

 

Switzerland

    

000-53533

    

98-0599916

(State or other jurisdiction of

 

(Commission

 

(I.R.S. Employer

incorporation or organization)

 

File Number)

 

Identification No.)

 

 

 

 

Turmstrasse 30

   

 

6300 Zug

 

 

Switzerland

 

CH-6300

(Address of principal executive offices)

 

(zip code)

 

Registrant’s telephone number, including area code: +41 (22) 930-9000

 

10 Chemin de Blandonnet

1214 Vernier, Geneva

Switzerland

(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

☐     Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

☐     Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

☐     Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

☐     Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

  

Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company ◻

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 


 

 

Item 2.06    Material Impairments   

 

On May 23, 2017, subsidiaries of Transocean Ltd. (the “Company”) entered into an asset and share purchase agreement (the “purchase agreement”) with Borr Drilling Limited and certain of its affiliates (collectively, “Borr”) pursuant to which the Company will sell ten high-specification jackups and novate the contracts relating to the construction of five high-specification jackups, together with related assets, to Borr.  These rigs are classified as held for sale.  Accordingly, during the second quarter 2017, the Company expects to recognize an estimated loss of approximately $1.6 billion associated with the impairment of such assets.  As the Company continues to evaluate the long-term competitiveness of its fleet, additional rigs may be identified as candidates for sale or disposal.  The Company expects to close the transactions contemplated by the purchase agreement on May 31, 2017.

 

 

 


 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

 

 

 

 

 

 

 

TRANSOCEAN LTD.

 

 

 

 

 

 

Date: May 30, 2017

By

/s/ Daniel Ro-Trock

 

 

Daniel Ro-Trock

 

 

Authorized Person