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UNITED STATES
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Item
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Page
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PART I
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Item 4. | Mine Safety Disclosures | 35 |
PART II
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PART III
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PART IV
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§
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the impact of the Macondo well incident and related matters
,
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§
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our results of operations and cash flow from operations, including revenues and expenses,
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§
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the offshore drilling market, including the impact of enhanced regulations in the jurisdictions in which we operate, supply and demand, utilization rates, dayrates, customer drilling programs, commodity prices, stacking of rigs, reactivation of rigs, effects of new rigs on the market and effects of declines in commodity prices and the downturn in the global economy or market outlook for our various geographical operating sectors and classes of rigs,
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§
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customer contracts, including contract backlog, force majeure provisions, contract commencements, contract extensions, contract terminations, contract option exercises, contract revenues, contract awards and rig mobilizations,
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§
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liquidity and adequacy of cash flows for our obligations,
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§
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debt levels, including impacts of the financial and economic downturn
,
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§
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uses of excess cash, including the payment of dividends and other distributions and debt retirement,
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§
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newbuild, upgrade, shipyard and other capital projects, including completion, delivery and commencement of operation dates, expected downtime and lost revenue, the level of expected capital expenditures and the timing and cost of completion of capital projects,
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§
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the cost and timing of acquisitions and the proceeds and timing of dispositions,
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§
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tax matters, including our effective tax rate, changes in tax laws, treaties and regulations, tax assessments and liabilities for tax issues, including those associated with our activities in Brazil, Norway and the U.S.
,
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§
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legal and regulatory matters, including results and effects of legal proceedings and governmental audits and assessments, outcomes and effects of internal and governmental investigations, customs and environmental matters,
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§
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insurance matters, including adequacy of insurance, renewal of insurance, insurance proceeds and cash investments of our wholly owned captive insurance company,
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§
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effects of accounting changes and adoption of accounting policies, and
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§
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investments in recruitment, retention and personnel development initiatives, pension plan and other postretirement benefit plan contributions, the timing of severance payments and benefit payments.
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§
“anticipates”
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§
“could”
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§
“forecasts”
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§
“might”
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§
“projects”
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§
“believes”
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§
“estimates”
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§
“intends”
|
§
“plans”
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§
“scheduled”
|
§
“budgets”
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§
“expects”
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§
“may”
|
§
“predicts”
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§
“should”
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§
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those described under “Item 1A. Risk Factors,”
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§
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the adequacy of and access to sources of liquidity,
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§
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our inability to obtain contracts for our rigs that do not have contracts,
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§
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our inability to renew contracts at comparable dayrates,
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§
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operational performance,
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§
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the impact of regulatory changes,
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§
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the cancellation of contracts currently included in our reported contract backlog,
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§
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increased political and civil unrest,
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§
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the effect and results of litigation, regulatory matters, settlements, audits
,
assessments and contingencies, and
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§
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other factors discussed in this annual report and in our other filings with the U.S. Securities and Exchange Commission (“SEC”), which are available free of charge on the SEC website at
www.sec.gov
.
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Business
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§
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50 High-Specification Floaters, which are comprised of:
|
§
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27 Ultra-Deepwater Floaters;
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§
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16 Deepwater Floaters; and
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§
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Seven Harsh Environment Floaters;
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§
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25 Midwater Floaters;
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§
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Nine High-Specification Jackups;
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§
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49 Standard Jackups; and
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§
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one swamp barge
|
Water
|
Drilling
|
||||
depth
|
depth
|
||||
Expected
|
capacity
|
capacity
|
Contracted
|
||
Name
|
Type
|
completion
|
(in feet)
|
(in feet)
|
location
|
Ultra
-
Deepwater Floaters
|
|||||
DSME 12000 Drillship TBN1
|
HSD
|
1Q 2014
|
12,000
|
40,000
|
To be determined
|
DSME 12000 Drillship TBN2
|
HSD
|
2Q 2014
|
12,000
|
40,000
|
To be determined
|
High
-
Specification Jackups
|
|||||
Transocean Honor
|
Jackup
|
1Q 2012
|
400
|
30,000
|
Angola
|
Transocean Siam Driller
|
Jackup
|
1Q 2013
|
350
|
35,000
|
Thailand
|
Transocean Andaman
|
Jackup
|
1Q 2013
|
350
|
35,000
|
Thailand
|
Transocean Ao Thai
|
Jackup
|
3Q 2013
|
350
|
35,000
|
Thailand
|
|
“HSD” means high-specification drillship.
|
Year
|
Water
|
Drilling
|
|||
entered
|
depth
|
depth
|
|||
service/
|
capacity
|
capacity
|
|||
Name
|
Type
|
upgraded (a)
|
(in feet)
|
(in feet)
|
Location
|
Ultra
-
Deepwater Floaters (27)
|
|||||
Discoverer Clear Leader (b) (c) (d)
|
HSD
|
2009
|
12,000
|
40,000
|
U.S. Gulf
|
Discoverer Americas (b) (c) (d)
|
HSD
|
2009
|
12,000
|
40,000
|
U.S. Gulf
|
Discoverer Inspiration (b) (c) (d)
|
HSD
|
2010
|
12,000
|
40,000
|
U.S. Gulf
|
Deepwater Champion (b) (c)
|
HSD
|
2011
|
12,000
|
40,000
|
Romania/Black Sea
|
Petrobras 10000 (b) (c)
|
HSD
|
2009
|
12,000
|
37,500
|
Brazil
|
Dhirubhai Deepwater KG1 (b) (e)
|
HSD
|
2009
|
12,000
|
35,000
|
India
|
Dhirubhai Deepwater KG2 (b) (e)
|
HSD
|
2010
|
12,000
|
35,000
|
India
|
Discoverer India (b) (c) (d)
|
HSD
|
2010
|
12,000
|
40,000
|
U.S. Gulf
|
Discoverer Deep Seas (b) (c) (d)
|
HSD
|
2001
|
10,000
|
35,000
|
U.S. Gulf
|
Discoverer Enterprise (b) (c) (d)
|
HSD
|
1999
|
10,000
|
35,000
|
U.S. Gulf
|
Discoverer Spirit (b) (c) (d)
|
HSD
|
2000
|
10,000
|
35,000
|
Sierra Leone
|
GSF C.R. Luigs (b)
|
HSD
|
2000
|
10,000
|
35,000
|
U.S. Gulf
|
GSF Jack Ryan (b)
|
HSD
|
2000
|
10,000
|
35,000
|
Nigeria
|
Deepwater Discovery (b)
|
HSD
|
2000
|
10,000
|
30,000
|
Brazil
|
Deepwater Frontier (b)
|
HSD
|
1999
|
10,000
|
30,000
|
Australia
|
Deepwater Millennium (b)
|
HSD
|
1999
|
10,000
|
30,000
|
Mozambique
|
Deepwater Pathfinder (b)
|
HSD
|
1998
|
10,000
|
30,000
|
U.S. Gulf
|
Deepwater Expedition (b)
|
HSD
|
1999
|
8,500
|
30,000
|
To be determined
|
Cajun Express (b) (f)
|
HSS
|
2001
|
8,500
|
35,000
|
Brazil
|
Deepwater Nautilus (g)
|
HSS
|
2000
|
8,000
|
30,000
|
U.S. Gulf
|
GSF Explorer (b)
|
HSD
|
1972/1998
|
7,800
|
30,000
|
Indonesia
|
Discoverer Luanda (b) (c) (d) (h)
|
HSD
|
2010
|
7,500
|
40,000
|
Angola
|
GSF Development Driller I (b) (c)
|
HSS
|
2005
|
7,500
|
37,500
|
U.S. Gulf
|
GSF Development Driller II (b) (c)
|
HSS
|
2005
|
7,500
|
37,500
|
U.S. Gulf
|
Development Driller III (b) (c)
|
HSS
|
2009
|
7,500
|
37,500
|
U.S. Gulf
|
Sedco Energy (b) (f)
|
HSS
|
2001
|
7,500
|
35,000
|
Ghana
|
Sedco Express (b) (f)
|
HSS
|
2001
|
7,500
|
35,000
|
Israel
|
Deepwater Floaters (16)
|
|||||
Deepwater Navigator (b)
|
HSD
|
1971/2000
|
7,200
|
25,000
|
Brazil
|
Discoverer 534 (b)
|
HSD
|
1975/1991
|
7,000
|
25,000
|
Stacked
|
Discoverer Seven Seas (b)
|
HSD
|
1976/1997
|
7,000
|
25,000
|
India
|
Transocean Marianas (g)
|
HSS
|
1979/1998
|
7,000
|
30,000
|
Nigeria/Ghana
|
Sedco 702 (b)
|
HSS
|
1973/2007
|
6,500
|
25,000
|
Nigeria
|
Sedco 706 (b)
|
HSS
|
1976/2008
|
6,500
|
25,000
|
Brazil
|
Sedco 707 (b)
|
HSS
|
1976/1997
|
6,500
|
25,000
|
Brazil
|
GSF Celtic Sea (g)
|
HSS
|
1982/1998
|
5,750
|
25,000
|
Angola
|
Jack Bates (g)
|
HSS
|
1986/1997
|
5,400
|
30,000
|
Australia
|
M.G. Hulme, Jr. (g)
|
HSS
|
1983/1996
|
5,000
|
25,000
|
India
|
Sedco 709 (b)
|
HSS
|
1977/1999
|
5,000
|
25,000
|
Stacked
|
Transocean Richardson (g)
|
HSS
|
1988
|
5,000
|
25,000
|
Stacked
|
Jim Cunningham (g)
|
HSS
|
1982/1995
|
4,600
|
25,000
|
Stacked
|
Sedco 710 (b)
|
HSS
|
1983/2001
|
4,500
|
25,000
|
Brazil
|
Sovereign Explorer (g)
|
HSS
|
1984
|
4,500
|
25,000
|
Stacked
|
Transocean Rather (g)
|
HSS
|
1988
|
4,500
|
25,000
|
Angola
|
Harsh Environment Floaters (7)
|
|||||
Transocean Spitsbergen (b) (c)
|
HSS
|
2010
|
10,000
|
30,000
|
Norwegian N. Sea
|
Transocean Barents (b) (c)
|
HSS
|
2009
|
10,000
|
30,000
|
Norwegian N. Sea
|
Henry Goodrich (g)
|
HSS
|
1985/2007
|
5,000
|
30,000
|
Canada
|
Transocean Leader (g)
|
HSS
|
1987/1997
|
4,500
|
25,000
|
Norwegian N. Sea
|
Paul B. Loyd, Jr.(g)
|
HSS
|
1990
|
2,000
|
25,000
|
U.K. N. Sea
|
Transocean Arctic (g)
|
HSS
|
1986
|
1,650
|
25,000
|
Norwegian N. Sea
|
Polar Pioneer (g)
|
HSS
|
1985
|
1,500
|
25,000
|
Norwegian N. Sea
|
|
“HSD” means high-specification drillship.
|
|
“HSS” means high-specification semisubmersible.
|
(a)
|
Dates shown are the original service date and the date of the most recent upgrade, if any.
|
(b)
|
Dynamically positioned.
|
(c)
|
Dual-activity.
|
(d)
|
Enterprise-class or Enhanced Enterprise-class rig.
|
(f)
|
Express-class rig.
|
(g)
|
Moored floaters.
|
(h)
|
Owned through our 65 percent interest in Angola Deepwater Drilling Company Limited and pledged as collateral for the debt of the joint venture company.
|
Year
|
Water
|
Drilling
|
|||
entered
|
depth
|
depth
|
|||
service/
|
capacity
|
capacity
|
|||
Name
|
Type
|
upgraded (a)
|
(in feet)
|
(in feet)
|
Location
|
Sedco 700
|
OS
|
1973/1997
|
3,600
|
25,000
|
Stacked
|
Transocean Amirante
|
OS
|
1978/1997
|
3,500
|
25,000
|
Egypt
|
Transocean Legend
|
OS
|
1983
|
3,500
|
25,000
|
Australia
|
GSF Arctic I
|
OS
|
1983/1996
|
3,400
|
25,000
|
Brazil
|
C. Kirk Rhein, Jr.
|
OS
|
1976/1997
|
3,300
|
25,000
|
Stacked
|
Transocean Driller
|
OS
|
1991
|
3,000
|
25,000
|
Brazil
|
GSF Rig 135
|
OS
|
1983
|
2,800
|
25,000
|
Nigeria
|
GSF Rig 140
|
OS
|
1983
|
2,800
|
25,000
|
India
|
Falcon 100
|
OS
|
1974/1999
|
2,400
|
25,000
|
Brazil
|
GSF Aleutian Key
|
OS
|
1976/2001
|
2,300
|
25,000
|
Stacked
|
Sedco 703
|
OS
|
1973/1995
|
2,000
|
25,000
|
Stacked
|
GSF Arctic III
|
OS
|
1984
|
1,800
|
25,000
|
U.K. N. Sea
|
Sedco 711
|
OS
|
1982
|
1,800
|
25,000
|
U.K. N. Sea
|
Transocean John Shaw
|
OS
|
1982
|
1,800
|
25,000
|
U.K. N. Sea
|
Sedco 712
|
OS
|
1983
|
1,600
|
25,000
|
Stacked
|
Sedco 714
|
OS
|
1983/1997
|
1,600
|
25,000
|
U.K. N. Sea
|
Actinia
|
OS
|
1982
|
1,500
|
25,000
|
Malaysia
|
GSF Grand Banks
|
OS
|
1984
|
1,500
|
25,000
|
Canada
|
Sedco 601
|
OS
|
1983
|
1,500
|
25,000
|
Stacked
|
Sedneth 701
|
OS
|
1972/1993
|
1,500
|
25,000
|
Congo
|
Transocean Prospect
|
OS
|
1983/1992
|
1,500
|
25,000
|
U.K. N. Sea
|
Transocean Searcher
|
OS
|
1983/1988
|
1,500
|
25,000
|
Norwegian N. Sea
|
Transocean Winner
|
OS
|
1983
|
1,500
|
25,000
|
Norwegian N. Sea
|
J. W. McLean
|
OS
|
1974/1996
|
1,250
|
25,000
|
Stacked
|
Sedco 704
|
OS
|
1974/1993
|
1,000
|
25,000
|
U.K. N. Sea
|
|
“OS” means other semisubmersible.
|
(a)
|
Dates shown are the original service date and the date of the most recent upgrade, if any.
|
Year
|
Water
|
Drilling
|
|||
entered
|
depth
|
depth
|
|||
service/
|
capacity
|
capacity
|
|||
Name
|
upgraded (a)
|
(in feet)
|
(in feet)
|
Location
|
|
GSF Constellation I
|
2003
|
400
|
30,000
|
Gabon
|
|
GSF Constellation II
|
2004
|
400
|
30,000
|
Egypt
|
|
GSF Galaxy I
|
1991/2001
|
400
|
30,000
|
Stacked
|
|
GSF Galaxy II
|
1998
|
400
|
30,000
|
U.K. N. Sea
|
|
GSF Galaxy III
|
1999
|
400
|
30,000
|
U.K. N. Sea
|
|
GSF Baltic
|
1983
|
375
|
25,000
|
Nigeria
|
|
GSF Magellan
|
1992
|
350
|
30,000
|
Nigeria
|
|
GSF Monarch
|
1986
|
350
|
30,000
|
Denmark
|
|
GSF Monitor
|
1989
|
350
|
30,000
|
Nigeria
|
(a)
|
Dates shown are the original service date and the date of the most recent upgrades, if any.
|
Year
|
Water
|
Drilling
|
|||
entered
|
depth
|
depth
|
|||
service/
|
capacity
|
capacity
|
|||
Name
|
upgraded (a)
|
(in feet)
|
(in feet)
|
Location
|
|
Trident IX
|
1982
|
400
|
21,000
|
Malaysia
|
|
GSF Adriatic II
|
1981
|
350
|
25,000
|
Stacked
|
|
GSF Adriatic IX
|
1981
|
350
|
25,000
|
Nigeria
|
|
GSF Adriatic X
|
1982
|
350
|
30,000
|
Nigeria
|
|
GSF Key Manhattan
|
1980
|
350
|
25,000
|
Italy
|
|
GSF Key Singapore
|
1982
|
350
|
25,000
|
Stacked
|
|
GSF Adriatic VI
|
1981
|
328
|
25,000
|
Stacked
|
|
GSF Adriatic VIII
|
1983
|
328
|
25,000
|
Stacked
|
|
C. E. Thornton
|
1974
|
300
|
25,000
|
India
|
|
D. R. Stewart
|
1980
|
300
|
25,000
|
Stacked
|
|
F. G. McClintock
|
1975
|
300
|
25,000
|
India
|
|
GSF Adriatic I
|
1981
|
300
|
25,000
|
Stacked
|
|
GSF Adriatic V
|
1979
|
300
|
25,000
|
Stacked
|
|
GSF Compact Driller
|
1992
|
300
|
25,000
|
Thailand
|
|
GSF Galveston Key
|
1978
|
300
|
25,000
|
Vietnam
|
|
GSF Key Gibraltar
|
1976/1996
|
300
|
25,000
|
Thailand
|
|
GSF Key Hawaii
|
1982
|
300
|
25,000
|
Vietnam
|
|
GSF Main Pass I
|
1982
|
300
|
25,000
|
Arabian Gulf
|
|
GSF Main Pass IV
|
1982
|
300
|
25,000
|
Arabian Gulf
|
|
Harvey H. Ward
|
1981
|
300
|
25,000
|
Indonesia
|
|
J. T. Angel
|
1982
|
300
|
25,000
|
India
|
|
Randolph Yost
|
1979
|
300
|
25,000
|
Stacked
|
|
Roger W. Mowell
|
1982
|
300
|
25,000
|
Stacked
|
|
Ron Tappmeyer
|
1978
|
300
|
25,000
|
India
|
|
Transocean Shelf Explorer
|
1982
|
300
|
20,000
|
Stacked
|
|
Interocean III
|
1978/1993
|
300
|
25,000
|
Stacked
|
|
Transocean Nordic
|
1984
|
300
|
25,000
|
Stacked
|
|
Trident II
|
1977/1985
|
300
|
25,000
|
India
|
|
Trident IV-A
|
1980/1999
|
300
|
25,000
|
Stacked
|
|
Trident 17
|
1983
|
300
|
25,000
|
Stacked
|
|
Trident XII
|
1982/1992
|
300
|
25,000
|
India
|
|
Trident XIV
|
1982/1994
|
300
|
25,000
|
Angola
|
|
Trident 15
|
1982
|
300
|
25,000
|
Thailand
|
|
Trident 16
|
1982
|
300
|
25,000
|
Thailand
|
|
Trident VIII
|
1981
|
300
|
21,000
|
Gabon
|
|
GSF Parameswara
|
1983
|
300
|
20,000
|
Indonesia
|
|
GSF Rig 134
|
1982
|
300
|
20,000
|
Stacked
|
|
GSF High Island II
|
1979
|
270
|
20,000
|
Arabian Gulf
|
|
GSF High Island IV
|
1980/2001
|
270
|
20,000
|
Arabian Gulf
|
|
GSF High Island V
|
1981
|
270
|
20,000
|
Stacked
|
|
GSF High Island VII
|
1982
|
250
|
20,000
|
Nigeria
|
|
GSF High Island IX
|
1983
|
250
|
20,000
|
Arabian Gulf
|
|
GSF Rig 103
|
1974
|
250
|
20,000
|
Stacked
|
|
GSF Rig 105
|
1975
|
250
|
20,000
|
Egypt
|
|
GSF Rig 124
|
1980
|
250
|
20,000
|
Egypt
|
|
GSF Rig 127
|
1981
|
250
|
20,000
|
Stacked
|
|
GSF Rig 141
|
1982
|
250
|
20,000
|
Egypt
|
|
Transocean Comet
|
1980
|
250
|
20,000
|
Egypt
|
|
Trident VI
|
1981
|
220
|
21,000
|
Stacked
|
(a)
|
Dates shown are the original service date and the date of the most recent upgrade, if any.
|
Years ended December 31,
|
||||||||||||
2011
|
2010
|
2009
|
||||||||||
Operating revenues
|
||||||||||||
U.S.
|
$
|
1,975
|
$
|
2,087
|
$
|
2,209
|
||||||
U.K.
|
1,211
|
1,183
|
1,563
|
|||||||||
Brazil
|
1,019
|
1,288
|
1,108
|
|||||||||
Other countries (a)
|
4,937
|
4,908
|
6,561
|
|||||||||
Total operating revenues
|
$
|
9,142
|
$
|
9,466
|
$
|
11,441
|
(a)
|
Other countries represents countries in which we operate that individually had operating revenues or long-lived assets representing less than 10 percent of total operating revenues earned or total long-lived assets for any of the periods presented.
|
December 31,
|
||||||||
2011
|
2010
|
|||||||
Long
-
lived assets
|
||||||||
U.S.
|
$
|
6,549
|
$
|
5,519
|
||||
Brazil
|
2,185
|
2,472
|
||||||
India
|
1,593
|
2,632
|
||||||
Other countries (a)
|
12,202
|
10,696
|
||||||
Total long
-
lived assets
|
$
|
22,529
|
$
|
21,319
|
(a)
|
Other countries represents countries in which we operate that individually had operating revenues or long-lived assets representing less than 10 percent of total operating revenues earned or total long-lived assets for any of the periods presented.
|
§
|
we may not be able to obtain financing in the future for working capital, capital expenditures, acquisitions, debt service requirements or other purposes;
|
§
|
we may not be able to use operating cash flow in other areas of our business because we must dedicate a substantial portion of these funds to service the debt;
|
§
|
we could become more vulnerable to general adverse economic and industry conditions, including increases in interest rates, particularly given our substantial indebtedness, some of which bears interest at variable rates;
|
§
|
we may not be able to meet financial ratios or satisfy certain other conditions included in our bank credit agreements
,
which could result in our inability to meet requirements for borrowings under our bank credit agreements or a default under these agreements and trigger cross default provisions in our other debt instruments;
|
§
|
less levered competitors could have a competitive advantage because they have lower debt service requirements; and
|
§
|
we may be less able to take advantage of significant business opportunities and to react to changes in market or industry conditions than our competitors.
|
§
|
worldwide demand for oil and gas including economic activity in the U.S. and other energy
-
consuming markets;
|
§
|
the ability of the Organization of the Petroleum Exporting Countries (“OPEC”) to set and maintain production levels and pricing;
|
§
|
the level of production in non
-
OPEC countries;
|
§
|
the policies of various governments regarding exploration and development of their oil and gas reserves;
|
§
|
advances in exploration and development technology; and
|
§
|
the worldwide military and political environment, including uncertainty or instability resulting from an escalation or additional outbreak of armed hostilities, civil unrest or other crises in the Middle East or other geographic areas or further acts of terrorism in the U.S., or elsewhere.
|
§
|
availability of suppliers to recertify equipment for enhanced regulations;
|
§
|
shipyard availability;
|
§
|
shortages of equipment, materials or skilled labor;
|
§
|
unscheduled delays in the delivery of ordered materials and equipment;
|
§
|
engineering problems, including those relating to the commissioning of newly designed equipment;
|
§
|
work stoppages;
|
§
|
customer acceptance delays;
|
§
|
weather interference or storm damage;
|
§
|
civil unrest;
|
§
|
unanticipated cost increases; and
|
§
|
difficulty in obtaining necessary permits or approvals.
|
§
|
terrorist acts, war, piracy and civil disturbances;
|
§
|
seizure, expropriation or nationalization of equipment;
|
§
|
imposition of trade barriers;
|
§
|
import
-
export quotas;
|
§
|
wage and price controls;
|
§
|
changes in law and regulatory requirements, including changes in interpretation and enforcement;
|
§
|
damage to our equipment or violence directed at our employees, including kidnappings;
|
§
|
civil unrest resulting in suspension of operations;
|
§
|
complications associated with supplying, repairing and replacing equipment in remote locations;
|
§
|
the inability to move income or capital; and
|
§
|
currency exchange fluctuations.
|
§
|
classify our board into three
classes of directors, each of which serve for staggered three-year periods;
|
§
|
provide that the board of directors is authorized, subject to obtaining shareholder approval every two years, at any time during a maximum two
-
year period, which is currently scheduled to expire on May 13, 2013, to issue up to a specified number of shares, currently approximately 10.17 percent of the share capital registered in the commercial register
,
and to limit or withdraw the preemptive rights of existing shareholders in various circumstances, including (1) following a shareholder or group of shareholders acting in concert having acquired in excess of 15
percent of the share capital registered in the commercial register without having submitted a takeover proposal to shareholders that is recommended by the board of directors or (2) for purposes of the defense of an actual, threatened or potential unsolicited takeover bid, in relation to which the board of directors has, upon consultation with an independent financial adviser retained by the board of directors, not recommended acceptance to the shareholders;
|
§
|
provide for a conditional share capital that authorizes the issuance of additional shares up to a maximum amount of 50 percent of the share capital registered in the commercial register without obtaining additional shareholder approval through: (1) the exercise of conversion, exchange, option, warrant or similar rights for the subscription of shares granted in connection with bonds, options, warrants or other securities newly or already issued in national or international capital markets or new or already existing contractual obligations by or of any of our subsidiaries; or (2) in connection with the issuance of shares, options or other share-based awards;
|
§
|
provide that any shareholder who wishes to propose any business or to nominate a person or persons for election as director at any annual meeting may only do so if advance notice is given to the company;
|
§
|
provide that directors can be removed from office only by the affirmative vote of the holders of at least 66 2/3 percent of the shares entitled to vote;
|
§
|
provide that a merger or demerger transaction requires the affirmative vote of the holders of at least 66
2/3
percent of the shares represented at the meeting and provide for the possibility of a so
-
called “cashout” or “squeezeout” merger if the acquirer controls 90 percent of the outstanding shares entitled to vote at the meeting;
|
§
|
provide that any action required or permitted to be taken by the holders of shares must be taken at a duly called annual or extraordinary general meeting of shareholders;
|
§
|
limit the ability of our shareholders to amend or repeal some provisions of our articles of association; and
|
§
|
limit transactions between us and an “interested shareholder,” which is generally defined as a shareholder that, together with its affiliates and associates, beneficially, directly or indirectly, owns 15
percent or more of our shares entitled to vote at a general meeting.
|
Unresolved Staff Comments
|
Properties
|
§
|
principal executive offices in Vernier, Switzerland;
|
§
|
corporate offices in Zug, Switzerland; Houston, Texas; Cayman Islands, Barbados and Luxembourg; and
|
§
|
a regional operational office in France.
|
Legal Proceedings
|
§
|
the actual responsibility attributed to us and the other PRPs at the site;
|
§
|
appropriate investigatory or remedial actions; and
|
§
|
allocation of the costs of such activities among the PRPs and other site users
.
|
§
|
the volume and nature of material, if any, contributed to the site for which we are responsible;
|
§
|
the number of other PRPs and their financial viability; and
|
§
|
the remediation methods and technology to be used
.
|
Age as of
|
||||
Officer
|
Office
|
February 22, 2012
|
||
Steven L. Newman
|
President and Chief Executive Officer
|
47
|
||
Gregory L. Cauthen
|
Executive Vice President and Chief Financial Officer
|
54
|
||
Nick Deeming
|
Senior Vice President, General Counsel and Assistant Corporate Secretary
|
57
|
||
Ihab Toma
|
Executive Vice President, Operations
|
49
|
Market for Registrant’s Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities
|
NYSE Stock Price
|
SIX Stock Price
|
|||||||||||||||||||||||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||||||||||||||||||||||
High
|
Low
|
High
|
Low
|
High
|
Low
|
High
|
Low
|
|||||||||||||||||||||||||
First quarter
|
$
|
85.98
|
$
|
68.89
|
$
|
94.88
|
$
|
76.96
|
CHF
|
79.95
|
CHF
|
64.60
|
CHF
|
—
|
CHF
|
—
|
||||||||||||||||
Second quarter
|
83.05
|
59.30
|
92.67
|
41.88
|
75.80
|
49.58
|
101.10
|
49.90
|
||||||||||||||||||||||||
Third quarter
|
65.39
|
47.70
|
65.98
|
44.30
|
55.25
|
36.52
|
64.45
|
46.54
|
||||||||||||||||||||||||
Fourth quarter
|
60.09
|
38.21
|
73.94
|
61.60
|
51.70
|
36.02
|
72.00
|
59.15
|
§
|
beneficial ownership,
|
§
|
U.S. residency, and
|
§
|
meeting the U.S.-Swiss tax treaty’s limitation on benefits requirements.
|
Period
|
Total Number
of Shares
Purchased (1
)
|
Average
Price Paid
Per Share
|
Total
Number of Shares
Purchased as Part
of Publicly Announced
Plans or Programs (2)
|
Maximum Number
(or Approximate Dollar Value)
of Shares that May Yet Be Purchased
Under the Plans or Programs (2)
(in millions
)
|
||||||||||
October 2011
|
645
|
$
|
46.76
|
—
|
$
|
3,560
|
||||||||
November 2011
|
14,286
|
50.36
|
—
|
3,560
|
||||||||||
December 2011
|
2,022
|
43.26
|
—
|
3,560
|
||||||||||
Total
|
16,953
|
$
|
49.38
|
—
|
$
|
3,560
|
(1)
|
Total number of shares purchased in the fourth quarter of 2011 includes 16,953 shares withheld by us through a broker arrangement and limited to statutory tax in satisfaction of withholding taxes due upon the vesting of restricted shares granted to our employees under our Long-Term Incentive Plan.
|
(2)
|
In May 2009, at the annual general meeting of Transocean Ltd., our shareholders approved and authorized our board of directors, at its discretion, to repurchase an amount of our shares for cancellation with an aggregate purchase price of up to CHF 3.5 billion (which is equivalent to approximately $3.7 billion at an exchange rate as of the close of trading on December 31, 2011 of USD 1.00 to CHF 0.94). On February 12, 2010, our board of directors authorized our management to implement the share repurchase program. We may decide, based upon our ongoing capital requirements, the price of our shares, matters relating to the Macondo well
incident, regulatory and tax considerations, cash flow generation, the relationship between our contract backlog and our debt, general market conditions and other factors, that we should retain cash, reduce debt, make capital investments or otherwise use cash for general corporate purposes, and consequently, repurchase fewer or no shares under this program. Decisions regarding the amount, if any, and timing of any share repurchases would be made from time to time based upon these factors. Through December 31, 2011, we have repurchased a total of 2,863,267 of our shares under this share repurchase program at a total cost of $240 million ($83.74 per share). See “Part I. Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Sources and Uses of Liquidity—Overview.”
|
Years ended December 31,
|
||||||||||||||||
2011 (a)
|
2010
|
2009
|
2008
|
2007 (b)
|
||||||||||||
(In millions, except per share data)
|
||||||||||||||||
Statement of operations data
|
||||||||||||||||
Operating revenues
|
$
|
9,142
|
$
|
9,466
|
$
|
11,441
|
$
|
12,462
|
$
|
6,309
|
||||||
Operating income (loss)
|
(4,776
|
)
|
1,857
|
4,390
|
5,298
|
3,207
|
||||||||||
Income (loss) from continuing operations
|
(5,829
|
)
|
954
|
3,196
|
3,981
|
3,093
|
||||||||||
Net income (loss)
|
(5,632
|
)
|
988
|
3,170
|
4,029
|
3,121
|
||||||||||
Net income (loss) attributable to controlling interest
|
(5,725
|
)
|
961
|
3,181
|
4,031
|
3,121
|
||||||||||
Per share earnings (loss) from continuing operations
|
||||||||||||||||
Basic
|
$
|
(18.40
|
)
|
$
|
2.88
|
$
|
9.95
|
$
|
12.48
|
$
|
14.44
|
|||||
Diluted
|
$
|
(18.40
|
)
|
$
|
2.88
|
$
|
9.92
|
$
|
12.38
|
$
|
13.95
|
|||||
Balance sheet data (at end of period)
|
||||||||||||||||
Total assets
|
$
|
35,088
|
$
|
36,811
|
$
|
36,436
|
$
|
35,182
|
$
|
34,356
|
||||||
Debt due within one year
|
2,039
|
2,012
|
1,868
|
664
|
6,172
|
|||||||||||
Long
-
term debt
|
11,497
|
9,209
|
9,849
|
12,893
|
10,266
|
|||||||||||
Total equity
|
15,691
|
21,375
|
20,559
|
17,167
|
13,382
|
|||||||||||
Other financial data
|
||||||||||||||||
Cash provided by operating activities
|
$
|
1,785
|
$
|
3,946
|
$
|
5,598
|
$
|
4,959
|
$
|
3,073
|
||||||
Cash used in investing activities
|
(1,896
|
)
|
(721
|
)
|
(2,694
|
)
|
(2,196
|
)
|
(5,677
|
)
|
||||||
Cash provided by (used in) financing activities
|
734
|
(961
|
)
|
(2,737
|
)
|
(3,041
|
)
|
3,378
|
||||||||
Capital expenditures
|
1,020
|
1,391
|
3,041
|
2,184
|
1,377
|
|||||||||||
Distributions of qualifying additional paid-in capital
|
763
|
—
|
—
|
—
|
—
|
|||||||||||
Per share distributions of qualifying additional paid-in capital
|
$
|
2.37
|
$
|
—
|
$ |
—
|
$
|
—
|
$
|
—
|
(a)
|
In October 2011, we completed our acquisition of Aker Drilling ASA and applied the acquisition method of accounting for the business combination. The balance sheet data as of December 31, 2011 represents the consolidated statement of financial position of the combined company. The statement of operations and other financial data for the year ended December 31, 2011 include approximately three months of operating results and cash flows for the combined company. In December 2011, we completed a public offering of 29.9 million shares for aggregate net proceeds of $1.2 billion.
|
(b)
|
In November 2007, Transocean Inc., a wholly owned subsidiary and our former parent holding company, completed its merger with GlobalSantaFe Corporation (the “Merger”) and applied the acquisition method of accounting for the Merger. The balance sheet data as of December 31, 2007 represents the consolidated statement of financial position of the combined company. The statement of operations and other financial data for the year ended December 31, 2007 include approximately one month of operating results and cash flows for the combined company. Transocean Inc. financed payments made in connection with the Merger with borrowings under a $15.0 billion bridge loan facility.
|
Years ending December 31,
|
||||||||||||
2012
|
2013
|
2014
|
2015
|
|||||||||
Uncommitted fleet rate (a)
|
||||||||||||
High
-
Specification Floaters
|
18
|
%
|
37
|
%
|
64
|
%
|
79
|
%
|
||||
Midwater Floaters
|
43
|
%
|
73
|
%
|
84
|
%
|
90
|
%
|
||||
High
-
Specification Jackups
|
24
|
%
|
57
|
%
|
69
|
%
|
75
|
%
|
||||
Standard Jackups
|
45
|
%
|
70
|
%
|
84
|
%
|
97
|
%
|
(a)
|
The uncommitted fleet rate is the number of uncommitted days as a percentage of the total number of available rig calendar days in the period.
|
February 14,
2012
|
October 17,
2011
|
February 10,
2011
|
||||||||||
Contract backlog
(a)
|
(in millions)
|
|||||||||||
High-Specification Floaters
|
||||||||||||
Ultra-Deepwater Floaters
|
$
|
12,232
|
$
|
14,070
|
$
|
15,673
|
||||||
Deepwater Floaters
|
2,228
|
2,574
|
3,383
|
|||||||||
Harsh Environment Floaters
|
2,188
|
2,545
|
1,900
|
|||||||||
Total High-Specification Floaters
|
16,648
|
19,189
|
20,956
|
|||||||||
Midwater Floaters
|
2,249
|
2,140
|
1,912
|
|||||||||
High-Specification Jackups
|
1,051
|
914
|
129
|
|||||||||
Standard Jackups
|
1,434
|
1,213
|
936
|
|||||||||
Swamp Barge
|
24
|
30
|
47
|
|||||||||
Total
|
$
|
21,406
|
$
|
23,486
|
$
|
23,980
|
(a)
|
Contract backlog is calculated by multiplying the full contractual operating dayrate by the number of days remaining in the firm contract period, excluding revenues for mobilization, demobilization and contract preparation or other incentive provisions, which are not expected to be significant to our contract drilling revenues.
|
For the years ending December 31,
|
||||||||||||||||||||||||
Total
|
2012
|
2013
|
2014
|
2015
|
Thereafter
|
|||||||||||||||||||
Contract backlog
(a)
|
(In millions, except average dayrates)
|
|||||||||||||||||||||||
High-Specification Floaters
|
||||||||||||||||||||||||
Ultra-Deepwater Floaters
|
$
|
12,232
|
$
|
3,902
|
$
|
3,526
|
$
|
1,958
|
$
|
872
|
$
|
1,974
|
||||||||||||
Deepwater Floaters
|
2,228
|
876
|
516
|
487
|
240
|
109
|
||||||||||||||||||
Harsh Environment Floaters
|
2,188
|
901
|
935
|
327
|
25
|
—
|
||||||||||||||||||
Total High-Specification Floaters
|
16,648
|
5,679
|
4,977
|
2,772
|
1,137
|
2,083
|
||||||||||||||||||
Midwater Floaters
|
2,249
|
1,218
|
588
|
255
|
133
|
55
|
||||||||||||||||||
High-Specification Jackups
|
1,051
|
255
|
175
|
206
|
164
|
251
|
||||||||||||||||||
Standard Jackups
|
1,434
|
702
|
455
|
226
|
51
|
—
|
||||||||||||||||||
Swamp Barge
|
24
|
24
|
—
|
—
|
—
|
—
|
||||||||||||||||||
Total contract backlog
|
$
|
21,406
|
$
|
7,878
|
$
|
6,195
|
$
|
3,459
|
$
|
1,485
|
$
|
2,389
|
||||||||||||
Average contractual dayrates
(b)
|
||||||||||||||||||||||||
High-Specification Floaters
|
||||||||||||||||||||||||
Ultra-Deepwater Floaters
|
$
|
502,000
|
$
|
506,000
|
$
|
511,000
|
$
|
520,000
|
$
|
497,000
|
$
|
470,000
|
||||||||||||
Deepwater Floaters
|
$
|
341,000
|
$
|
347,000
|
$
|
346,000
|
$
|
341,000
|
$
|
329,000
|
$
|
302,000
|
||||||||||||
Harsh Environment Floaters
|
$
|
440,000
|
$
|
432,000
|
$
|
446,000
|
$
|
402,000
|
$
|
451,000
|
$
|
—
|
||||||||||||
Total High-Specification Floaters
|
$
|
464,000
|
$
|
461,000
|
$
|
474,000
|
$
|
470,000
|
$
|
449,000
|
$
|
456,000
|
||||||||||||
Midwater Floaters
|
$
|
284,000
|
$
|
290,000
|
$
|
298,000
|
$
|
258,000
|
$
|
239,000
|
$
|
264,000
|
||||||||||||
High-Specification Jackups
|
$
|
139,000
|
$
|
138,000
|
$
|
147,000
|
$
|
141,000
|
$
|
139,000
|
$
|
135,000
|
||||||||||||
Standard Jackups
|
$
|
89,000
|
$
|
92,000
|
$
|
87,000
|
$
|
84,000
|
$
|
96,000
|
$
|
—
|
||||||||||||
Swamp Barge
|
$
|
73,000
|
$
|
73,000
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
||||||||||||
Total fleet average
|
$
|
316,000
|
$
|
299,000
|
$
|
328,000
|
$
|
303,000
|
$
|
326,000
|
$
|
361,000
|
(a)
|
Contract backlog is calculated by multiplying the full contractual operating dayrate by the number of days remaining in the firm contract period, excluding revenues for mobilization, demobilization and contract preparation or other incentive provisions, which are not expected to be significant to our contract drilling revenues.
|
(b)
|
Average contractual dayrate relative to our contract backlog is defined as the contracted operating dayrate to be earned per revenue earning day in the period. A revenue earning day is defined as a day for which a rig is contracted to earn a dayrate during the firm contract period after commencement of operations.
|
Three months ended
|
||||||||||||
December 31,
2011
|
September 30,
2011
|
December 31,
2010
|
||||||||||
Average daily revenue
(a)
|
||||||||||||
High
-
Specification Floaters
|
||||||||||||
Ultra
-
Deepwater Floaters
|
$
|
542,900
|
$
|
524,800
|
$
|
435,900
|
||||||
Deepwater Floaters
|
$
|
351,600
|
$
|
348,400
|
$
|
395,600
|
||||||
Harsh Environment Floaters
|
$
|
468,300
|
$
|
433,800
|
$
|
366,800
|
||||||
Total High
-
Specification Floaters
|
$
|
486,600
|
$
|
478,900
|
$
|
414,500
|
||||||
Midwater Floaters
|
$
|
274,300
|
$
|
287,400
|
$
|
298,500
|
||||||
High
-
Specification Jackups
|
$
|
111,900
|
$
|
115,600
|
$
|
129,400
|
||||||
Standard Jackups
|
$
|
93,400
|
$
|
100,400
|
$
|
110,600
|
||||||
Swamp Barge
|
$
|
73,800
|
$
|
73,800
|
$
|
73,000
|
||||||
Total fleet average daily revenue
|
$
|
295,400
|
$
|
290,200
|
$
|
276,900
|
(a)
|
Average daily revenue is defined as contract drilling revenue earned per revenue earning day. A revenue earning day is defined as a day for which a rig is contracted to earn a dayrate during the firm contract period after commencement of operations.
|
Three months ended
|
||||||||||||
December 31,
2011
|
September 30,
2011
|
December 31,
2010
|
||||||||||
Utilization
(a)
|
||||||||||||
High
-
Specification Floaters
|
||||||||||||
Ultra
-
Deepwater Floaters
|
79
|
%
|
79
|
%
|
76
|
%
|
||||||
Deepwater Floaters
|
50
|
%
|
37
|
%
|
58
|
%
|
||||||
Harsh Environment Floaters
|
95
|
%
|
95
|
%
|
92
|
%
|
||||||
Total High
-
Specification Floaters
|
72
|
%
|
67
|
%
|
71
|
%
|
||||||
Midwater Floaters
|
55
|
%
|
55
|
%
|
68
|
%
|
||||||
High
-
Specification Jackups
|
74
|
%
|
69
|
%
|
31
|
%
|
||||||
Standard Jackups
|
51
|
%
|
48
|
%
|
46
|
%
|
||||||
Swamp Barge
|
99
|
%
|
100
|
%
|
48
|
%
|
||||||
Total fleet average utilization
|
61
|
%
|
58
|
%
|
58
|
%
|
(a)
|
Utilization is the total actual number of revenue earning days as a percentage of the total number of calendar days in the period.
|
Years ended December 31,
|
|||||||||||||||
2011
|
2010
|
Change
|
% Change
|
||||||||||||
(In millions, except day amounts and percentages)
|
|||||||||||||||
Revenue earning days
|
28,020
|
31,348
|
(3,328
|
)
|
(11
|
)%
|
|||||||||
Utilization
|
57
|
%
|
63
|
%
|
n/m
|
||||||||||
Average daily revenue
|
$
|
297,400
|
$
|
283,500
|
$
|
13,900
|
5
|
%
|
|||||||
Contract drilling revenues
|
$
|
8,335
|
$
|
8,888
|
$
|
(553
|
)
|
(6
|
)%
|
||||||
Contract drilling intangible revenues
|
45
|
98
|
(53
|
)
|
(54
|
)%
|
|||||||||
Other revenues
|
762
|
480
|
282
|
59
|
%
|
||||||||||
9,142
|
9,466
|
(324
|
)
|
(3
|
)%
|
||||||||||
Operating and maintenance expense
|
(6,956
|
)
|
(5,074
|
)
|
(1,882
|
)
|
37
|
%
|
|||||||
Depreciation and amortization
|
(1,449
|
)
|
(1,536
|
)
|
87
|
(6
|
)%
|
||||||||
General and administrative expense
|
(288
|
)
|
(246
|
)
|
(42
|
)
|
17
|
%
|
|||||||
Loss on impairment
|
(5,229
|
)
|
(1,010
|
)
|
(4,219
|
)
|
n/m
|
||||||||
Gain on disposal of assets, net
|
4
|
257
|
(253
|
)
|
(98
|
)%
|
|||||||||
Operating income (loss)
|
(4,776
|
)
|
1,857
|
(6,633
|
)
|
n/m
|
|||||||||
Other income (expense), net
|
|||||||||||||||
Interest income
|
44
|
23
|
21
|
91
|
%
|
||||||||||
Interest expense, net of amounts capitalized
|
(621
|
)
|
(567
|
)
|
(54
|
)
|
10
|
%
|
|||||||
Loss on retirement of debt
|
—
|
(33
|
)
|
33
|
n/m
|
||||||||||
Other, net
|
(81
|
)
|
10
|
(91
|
)
|
n/m
|
|||||||||
Income (loss) from continuing operations before income tax expense
|
(5,434
|
)
|
1,290
|
(6,724
|
)
|
n/m
|
|||||||||
Income tax expense
|
(395
|
)
|
(336
|
)
|
(59
|
)
|
18
|
%
|
|||||||
Income (loss) from continuing operations
|
(5,829
|
)
|
954
|
(6,783
|
)
|
n/m
|
|||||||||
Income from discontinued operations, net of tax
|
197
|
34
|
163
|
n/m
|
|||||||||||
Net income (loss)
|
(5,632
|
)
|
988
|
(6,620
|
)
|
n/m
|
|||||||||
Net income attributable to noncontrolling interest
|
93
|
27
|
66
|
n/m
|
|||||||||||
Net income (loss) attributable to controlling interest
|
$
|
(5,725
|
)
|
$
|
961
|
$
|
(6,686
|
)
|
n/m
|
|
“n/a” means not applicable.
|
|
“n/m” means not meaningful.
|
Years ended December 31,
|
|||||||||||||||
2010
|
2009
|
Change
|
% Change
|
||||||||||||
(In millions, except day amounts and percentages)
|
|||||||||||||||
Revenue earning days
|
31,348
|
39,391
|
(8,043
|
)
|
(20)
|
%
|
|||||||||
Utilization
|
63
|
%
|
79
|
%
|
n/a
|
n/m
|
|||||||||
Average daily revenue
|
$
|
283,500
|
$
|
274,100
|
$
|
9,400
|
3
|
%
|
|||||||
Contract drilling revenues
|
$
|
8,888
|
$
|
10,522
|
$
|
(1,634
|
)
|
(16)
|
%
|
||||||
Contract drilling intangible revenues
|
98
|
281
|
(183
|
)
|
(65)
|
%
|
|||||||||
Other revenues
|
480
|
638
|
(158
|
)
|
(25)
|
%
|
|||||||||
9,466
|
11,441
|
(1,975
|
)
|
(17)
|
%
|
||||||||||
Operating and maintenance expense
|
(5,074
|
)
|
(5,066
|
)
|
(8
|
)
|
n/m
|
||||||||
Depreciation and amortization
|
(1,536
|
)
|
(1,433
|
)
|
(103
|
)
|
7
|
%
|
|||||||
General and administrative expense
|
(246
|
)
|
(209
|
)
|
(37
|
)
|
18
|
%
|
|||||||
Loss on impairment
|
(1,010
|
)
|
(334
|
)
|
(676
|
)
|
n/m
|
||||||||
Gain (loss) on disposal of assets, net
|
257
|
(9
|
)
|
266
|
n/m
|
||||||||||
Operating income
|
1,857
|
4,390
|
(2,533
|
)
|
(58)
|
%
|
|||||||||
Other income (expense), net
|
|||||||||||||||
Interest income
|
23
|
5
|
18
|
n/m
|
|||||||||||
Interest expense, net of amounts capitalized
|
(567
|
)
|
(484
|
)
|
(83
|
)
|
17
|
%
|
|||||||
Loss on retirement of debt
|
(33
|
)
|
(29
|
)
|
(4
|
)
|
14
|
%
|
|||||||
Other, net
|
10
|
37
|
(27
|
)
|
(73)
|
%
|
|||||||||
Income from continuing operations before income tax expense
|
1,290
|
3,919
|
(2,629
|
)
|
(67)
|
%
|
|||||||||
Income tax expense
|
(336
|
)
|
(723
|
)
|
387
|
(54)
|
%
|
||||||||
Income from continuing operations
|
954
|
3,196
|
(2,242
|
)
|
(70)
|
%
|
|||||||||
Income (loss) from discontinued operations, net of tax
|
34
|
(26
|
)
|
60
|
n/m
|
||||||||||
Net income
|
988
|
3,170
|
(2,182
|
)
|
(69)
|
%
|
|||||||||
Net income (loss) attributable to noncontrolling interest
|
27
|
(11
|
)
|
38
|
n/m
|
||||||||||
Net income attributable to controlling interest
|
$
|
961
|
$
|
3,181
|
$
|
(2,220
|
)
|
(70)
|
%
|
|
“n/a” means not applicable.
|
|
“n/m” means not meaningful.
|
Years ended December 31,
|
||||||||||||
2011
|
2010
|
Change
|
||||||||||
(In millions)
|
||||||||||||
Cash flows from operating activities
|
||||||||||||
Net income (loss)
|
$
|
(5,632
|
)
|
$
|
988
|
$
|
(6,620
|
)
|
||||
Amortization of drilling contract intangibles
|
(45
|
)
|
(98
|
)
|
53
|
|||||||
Depreciation and amortization
|
1,449
|
1,536
|
(87
|
)
|
||||||||
Loss on impairment
|
5,229
|
1,010
|
4,219
|
|||||||||
Gain on disposal of assets, net
|
(4
|
)
|
(257
|
)
|
253
|
|||||||
Gain on disposal of discontinued operations, net
|
(181
|
)
|
—
|
(181
|
)
|
|||||||
Other non
-
cash items
|
224
|
358
|
(134
|
)
|
||||||||
Changes in operating assets and liabilities, net
|
745
|
409
|
336
|
|||||||||
$
|
1,785
|
$
|
3,946
|
$
|
(2,161
|
)
|
Years ended December 31,
|
||||||||||||
2011
|
2010
|
Change
|
||||||||||
(In millions)
|
||||||||||||
Cash flows from investing activities
|
||||||||||||
Capital expenditures
|
$
|
(1,020
|
)
|
$
|
(1,391
|
)
|
$
|
371
|
||||
Investment in business combination, net of cash acquired
|
(1,246
|
)
|
—
|
(1,246
|
)
|
|||||||
Payment for settlement of forward exchange contract, net
|
(78
|
)
|
—
|
(78
|
)
|
|||||||
Proceeds from disposal of assets, net
|
177
|
60
|
117
|
|||||||||
Proceeds from disposal of discontinued operations, net
|
284
|
—
|
284
|
|||||||||
Proceeds from insurance recoveries for loss of drilling unit
|
—
|
560
|
(560
|
)
|
||||||||
Other, net
|
(13
|
)
|
50
|
(63
|
)
|
|||||||
$
|
(1,896
|
)
|
$
|
(721
|
)
|
$
|
(1,175
|
)
|
Years ended December 31,
|
||||||||||||
2011
|
2010
|
Change
|
||||||||||
(In millions)
|
||||||||||||
Cash flows from financing activities
|
||||||||||||
Change in short
-
term borrowings, net
|
$
|
(88
|
)
|
$
|
(193
|
)
|
$
|
105
|
||||
Proceeds from debt
|
2,939
|
2,054
|
885
|
|||||||||
Repayments of debt
|
(2,409
|
)
|
(2,565
|
)
|
156
|
|||||||
Proceeds from restricted cash investments
|
479
|
—
|
479
|
|||||||||
Deposits to restricted cash investments
|
(523
|
)
|
—
|
(523
|
)
|
|||||||
Proceeds from share issuance, net
|
1,211
|
—
|
1,211
|
|||||||||
Distribution of qualifying additional paid-in capital
|
(763
|
)
|
—
|
(763
|
)
|
|||||||
Purchases of shares held in treasury
|
—
|
(240
|
)
|
240
|
||||||||
Financing costs
|
(83
|
)
|
(15
|
)
|
(68
|
)
|
||||||
Other, net
|
(29
|
)
|
(2
|
)
|
(27
|
)
|
||||||
$
|
734
|
$
|
(961
|
)
|
$
|
1,695
|
Total costs
through
December 31,
2011
|
Expected costs
for the year ending
December 31,
2012
|
Estimated
costs
thereafter
|
Total estimated
costs
at completion
|
|||||||||||||
Deepwater Champion (a) (b)
|
$
|
776
|
$
|
—
|
$
|
—
|
$
|
776
|
||||||||
Transocean Honor (c)
|
216
|
9
|
—
|
225
|
||||||||||||
Ultra-Deepwater Floater TBN1 (d)
|
138
|
47
|
345
|
530
|
||||||||||||
Ultra-Deepwater Floater TBN2 (d)
|
137
|
28
|
330
|
495
|
||||||||||||
Transocean Siam Driller (e)
|
119
|
86
|
5
|
210
|
||||||||||||
Transocean Andaman (e)
|
119
|
23
|
68
|
210
|
||||||||||||
Transocean Ao Thai (f)
|
79
|
62
|
74
|
215
|
||||||||||||
Capitalized interest
|
550
|
42
|
60
|
652
|
||||||||||||
Mobilization costs
|
264
|
10
|
—
|
274
|
||||||||||||
Total
|
$
|
2,398
|
$
|
307
|
$
|
882
|
$
|
3,587
|
(a)
|
The accumulated construction costs of this rig are no longer included in construction work in progress, as the construction project has been completed as of December 31, 2011.
|
(b)
|
The costs for
Deepwater Champion
include our initial investment of $109 million, representing the estimated fair value of the rig at the time of our merger with GlobalSantaFe in November 2007.
|
(c)
|
In November 2010, we purchased
Transocean Honor
, a PPL Pacific Class 400 design jackup, which is under construction at PPL Shipyard Pte Ltd. in Singapore and is expected for delivery in the first quarter of 2012.
|
(d)
|
The costs for Ultra-Deepwater Floater TBN1 and Ultra-Deepwater Floater TBN2 include our initial investment of $136 million and $136 million, respectively, representing the estimated fair value of the rigs at the time of our acquisition of Aker Drilling, completed in October 2011. The fair value of our initial investment is preliminary and is subject to change.
|
(e)
|
In December 2010, we purchased
Transocean Siam Driller
and
Transocean Andaman,
two Keppel FELS Super B class design jackups, which are under construction at Keppel FELS’ yard in Singapore and are expected for delivery in the first quarter of 2013.
|
(f)
|
In June 2011, we purchased
Transocean Ao Thai,
a Keppel FELS Super B class design jackup, which is under construction at Keppel FELS’ yard in Singapore and is expected for delivery in the third quarter of 2013.
|
For the years ending December 31,
|
||||||||||||||||||||
Total
|
2012
|
2013 - 2014
|
2015 - 2016
|
Thereafter
|
||||||||||||||||
(in millions)
|
||||||||||||||||||||
Contractual obligations
|
||||||||||||||||||||
Debt (a)
|
$
|
12,039
|
$
|
1,984
|
$
|
1,196
|
$
|
2,977
|
$
|
5,882
|
||||||||||
Debt of consolidated variable interest entities
|
838
|
97
|
197
|
356
|
188
|
|||||||||||||||
Interest on debt (b)
|
6,587
|
638
|
1,164
|
1,045
|
3,740
|
|||||||||||||||
Capital lease
|
1,273
|
66
|
144
|
145
|
918
|
|||||||||||||||
Operating leases
|
239
|
39
|
66
|
43
|
91
|
|||||||||||||||
Distribution of qualifying additional paid-in capital
|
278
|
278
|
—
|
—
|
—
|
|||||||||||||||
Purchase obligations
|
1,311
|
311
|
1,000
|
—
|
—
|
|||||||||||||||
Total (c)
|
$
|
22,565
|
$
|
3,413
|
$
|
3,767
|
$
|
4,566
|
$
|
10,819
|
(a)
|
Noteholders may, at their option, require Transocean Inc. to repurchase the Series C Convertible Senior Notes in December 2012, 2017, 2022, 2027 and 2032. In preparing the table above, we have assumed that the holders of our notes exercise the option at the first available date.
|
(b)
|
Includes interest on consolidated debt.
|
(c)
|
As of December 31, 2011, our defined benefit pension and other postretirement plans represented an aggregate liability of $640 million, representing the aggregate projected benefit obligation, net of the aggregate fair value of plan assets. The carrying amount of this liability is affected by net periodic benefit costs, funding contributions, participant demographics, plan amendments, significant current and future assumptions, and returns on plan assets. Due to the uncertainties resulting from these factors and since the carrying amount is not representative of future liquidity requirements, we have excluded this amount from the contractual obligations presented in the table above. See “—Retirement Pension Plans and Other Postretirement Benefit Plans” and Notes to Consolidated Financial Statements—Note 14—Postemployment Benefit Plans.
|
|
As of December 31, 2011, our unrecognized tax benefits related to uncertain tax positions, net of prepayments, represented a liability of $781 million. Due to the high degree of uncertainty regarding the timing of future cash outflows associated with the liabilities recognized in this balance, we are unable to make reasonably reliable estimates of the period of cash settlement with the respective taxing authorities, and we have excluded this amount from the contractual obligations presented in the table above. See Notes to Consolidated Financial Statements—Note 6—Income Taxes.
|
For the years ending December 31,
|
||||||||||||||||||||
Total
|
2012
|
2013 - 2014
|
2015 - 2016
|
Thereafter
|
||||||||||||||||
(in millions)
|
||||||||||||||||||||
Other commercial commitments
|
||||||||||||||||||||
Standby letters of credit
|
$
|
650
|
$
|
576
|
$
|
54
|
$
|
20
|
$
|
—
|
||||||||||
Surety bonds
|
12
|
12
|
—
|
—
|
—
|
|||||||||||||||
Total
|
$
|
662
|
$
|
588
|
$
|
54
|
$
|
20
|
$
|
—
|
Year ended December 31, 2011
|
Year ended December 31, 2010
|
|||||||||||||||||||||||||||||||
U.S.
Plans
|
Non-U.S.
Plans
|
OPEB
Plans
|
Total
|
U.S.
Plans
|
Non-U.S.
Plans
|
OPEB
Plans
|
Total
|
|||||||||||||||||||||||||
Net periodic benefit costs (a)
|
$
|
62
|
$
|
25
|
$
|
1
|
$
|
88
|
$
|
58
|
$
|
31
|
$
|
2
|
$
|
91
|
||||||||||||||||
Other comprehensive income
|
129
|
51
|
(1
|
)
|
179
|
44
|
(56
|
)
|
4
|
(8
|
)
|
|||||||||||||||||||||
Employer contributions
|
70
|
29
|
4
|
103
|
69
|
45
|
4
|
118
|
||||||||||||||||||||||||
At end of period:
|
||||||||||||||||||||||||||||||||
Accumulated benefit obligation
|
$
|
1,083
|
$
|
375
|
$
|
53
|
$
|
1,511
|
$
|
921
|
$
|
336
|
$
|
56
|
$
|
1,313
|
||||||||||||||||
Projected benefit obligation
|
1,260
|
447
|
53
|
1,760
|
1,068
|
374
|
56
|
1,498
|
||||||||||||||||||||||||
Fair value of plan assets
|
769
|
351
|
—
|
1,120
|
697
|
332
|
—
|
1,029
|
||||||||||||||||||||||||
Funded status
|
(491
|
)
|
(96
|
)
|
(53
|
)
|
(640
|
)
|
(371
|
)
|
(42
|
)
|
(56
|
)
|
(469
|
)
|
||||||||||||||||
Weighted
-
Average Assumptions
|
||||||||||||||||||||||||||||||||
-Net periodic benefit costs
|
||||||||||||||||||||||||||||||||
Discount rate (b)
|
5.49
|
%
|
5.73
|
%
|
4.94
|
%
|
5.53
|
%
|
5.86
|
%
|
5.67
|
%
|
5.51
|
%
|
5.80
|
%
|
||||||||||||||||
Long
-
term rate of return (c)
|
8.49
|
%
|
6.42
|
%
|
n/a
|
7.83
|
%
|
8.49
|
%
|
6.65
|
%
|
n/a
|
7.89
|
%
|
||||||||||||||||||
Compensation trend rate (b)
|
4.24
|
%
|
4.62
|
%
|
n/a
|
4.36
|
%
|
4.21
|
%
|
4.77
|
%
|
n/a
|
4.37
|
%
|
||||||||||||||||||
Health care cost trend rate-initial
|
n/a
|
n/a
|
8.08
|
%
|
8.08
|
%
|
n/a
|
n/a
|
8.00
|
%
|
8.00
|
%
|
||||||||||||||||||||
Health care cost trend rate-ultimate (d)
|
n/a
|
n/a
|
5.00
|
%
|
5.00
|
%
|
n/a
|
n/a
|
5.00
|
%
|
5.00
|
%
|
||||||||||||||||||||
-Benefit obligations
|
||||||||||||||||||||||||||||||||
Discount rate (b)
|
4.66
|
%
|
4.90
|
%
|
4.28
|
%
|
4.71
|
%
|
5.48
|
%
|
5.81
|
%
|
4.92
|
%
|
5.54
|
%
|
||||||||||||||||
Compensation trend rate (b)
|
4.22
|
%
|
4.30
|
%
|
n/a
|
4.26
|
%
|
4.24
|
%
|
4.65
|
%
|
n/a
|
4.36
|
%
|
|
“n/a” means not applicable.
|
(a)
|
Net periodic benefit costs were reduced by expected returns on plan assets of $86 million and $75 million for the years ended December 31, 2011 and 2010, respectively.
|
(b)
|
Weighted-average based on relative average projected benefit obligation for the year.
|
(c)
|
Weighted-average based on relative average fair value of plan assets for the year.
|
(d)
|
Ultimate health care trend rate is expected to be reached in 2018.
|
U.S.
Plans
|
Non-U.S.
Plans
|
OPEB
Plans
|
Total
|
|||||||||||||
Years ending December 31,
|
||||||||||||||||
2012
|
$
|
41
|
$
|
10
|
$
|
3
|
$
|
54
|
||||||||
2013
|
44
|
10
|
3
|
57
|
||||||||||||
2014
|
47
|
10
|
3
|
60
|
||||||||||||
2015
|
50
|
9
|
4
|
63
|
||||||||||||
2016
|
54
|
9
|
4
|
67
|
||||||||||||
2017-2021
|
319
|
62
|
20
|
401
|
______________________________
|
(a)
|
Expected maturity amounts are based on the face value of debt.
|
In preparing the scheduled maturities of our debt, we assumed the noteholders will exercise their option to require us to repurchase the 1.50% Series C Convertible Senior Notes in December 2012.
|
We have engaged in certain hedging activities designed to reduce our exposure to interest rate risk and currency exchange rate risk. We also hold certain derivative instruments that are not designated as hedges. See Notes to Consolidated Financial Statements—Note 13—Derivatives and Hedging.
|
Years ended December 31,
|
||||||||||||
2011
|
2010
|
2009
|
||||||||||
Operating revenues
|
||||||||||||
Contract drilling revenues
|
$
|
8,335
|
$
|
8,888
|
$
|
10,522
|
||||||
Contract drilling intangible revenues
|
45
|
98
|
281
|
|||||||||
Other revenues
|
762
|
480
|
638
|
|||||||||
9,142
|
9,466
|
11,441
|
||||||||||
Costs and expenses
|
||||||||||||
Operating and maintenance
|
6,956
|
5,074
|
5,066
|
|||||||||
Depreciation and amortization
|
1,449
|
1,536
|
1,433
|
|||||||||
General and administrative
|
288
|
246
|
209
|
|||||||||
8,693
|
6,856
|
6,708
|
||||||||||
Loss on impairment
|
(5,229
|
)
|
(1,010
|
)
|
(334
|
)
|
||||||
Gain (loss) on disposal of assets, net
|
4
|
257
|
(9
|
)
|
||||||||
Operating income (loss)
|
(4,776
|
)
|
1,857
|
4,390
|
||||||||
Other income (expense), net
|
||||||||||||
Interest income
|
44
|
23
|
5
|
|||||||||
Interest expense, net of amounts capitalized
|
(621
|
)
|
(567
|
)
|
(484
|
)
|
||||||
Loss on retirement of debt
|
—
|
(33
|
)
|
(29
|
)
|
|||||||
Other, net
|
(81
|
)
|
10
|
37
|
||||||||
(658
|
)
|
(567
|
)
|
(471
|
)
|
|||||||
Income (loss) from continuing operations before income tax expense
|
(5,434
|
)
|
1,290
|
3,919
|
||||||||
Income tax expense
|
395
|
336
|
723
|
|||||||||
Income (loss) from continuing operations
|
(5,829
|
)
|
954
|
3,196
|
||||||||
Income (loss) from discontinued operations, net of tax
|
197
|
34
|
(26
|
)
|
||||||||
Net income (loss)
|
(5,632
|
)
|
988
|
3,170
|
||||||||
Net income (loss) attributable to noncontrolling interest
|
93
|
27
|
(11
|
)
|
||||||||
Net income (loss) attributable to controlling interest
|
$
|
(5,725
|
)
|
$
|
961
|
$
|
3,181
|
|||||
Earnings per share-basic
|
||||||||||||
Earnings (loss) from continuing operations
|
$
|
(18.40
|
)
|
$
|
2.88
|
$
|
9.95
|
|||||
Earnings (loss) from discontinued operations
|
0.61
|
0.11
|
(0.08
|
)
|
||||||||
Earnings (loss) per share
|
$
|
(17.79
|
)
|
$
|
2.99
|
$
|
9.87
|
|||||
Earnings per share-diluted
|
||||||||||||
Earnings (loss) from continuing operations
|
$
|
(18.40
|
)
|
$
|
2.88
|
$
|
9.92
|
|||||
Earnings (loss) from discontinued operations
|
0.61
|
0.11
|
(0.08
|
)
|
||||||||
Earnings (loss) per share
|
$
|
(17.79
|
)
|
$
|
2.99
|
$
|
9.84
|
|||||
Weighted
-
average shares outstanding
|
||||||||||||
Basic
|
322
|
320
|
320
|
|||||||||
Diluted
|
322
|
320
|
321
|
|||||||||
Years ended December 31,
|
||||||||||||
2011
|
2010
|
2009
|
||||||||||
Net income (loss)
|
$
|
(5,632
|
)
|
$
|
988
|
$
|
3,170
|
|||||
Other comprehensive income (loss) before income taxes
|
||||||||||||
Unrecognized components of net periodic benefit costs
|
(204
|
)
|
(8
|
)
|
37
|
|||||||
Unrecognized loss on derivative instruments
|
(13
|
)
|
(29
|
)
|
(2
|
)
|
||||||
Unrecognized loss on marketable securities
|
(13
|
)
|
—
|
—
|
||||||||
Recognized components of net periodic benefit costs
|
25
|
16
|
24
|
|||||||||
Recognized loss on derivative instruments
|
11
|
12
|
6
|
|||||||||
Recognized loss on marketable securities
|
13
|
—
|
1
|
|||||||||
Other comprehensive income (loss) before income taxes
|
(181
|
)
|
(9
|
)
|
66
|
|||||||
Income taxes related to other comprehensive income (loss)
|
13
|
(9
|
)
|
24
|
||||||||
Other comprehensive income (loss), net of income taxes
|
(168
|
)
|
(18
|
)
|
90
|
|||||||
Total comprehensive income (loss)
|
(5,800
|
)
|
970
|
3,260
|
||||||||
Total comprehensive income (loss) attributable to noncontrolling interest
|
89
|
6
|
(6
|
)
|
||||||||
Total comprehensive income (loss) attributable to controlling interest
|
$
|
(5,889
|
)
|
$
|
964
|
$
|
3,266
|
December 31,
|
||||||||
2011
|
2010
|
|||||||
Assets
|
||||||||
Cash and cash equivalents
|
$
|
4,017
|
$
|
3,394
|
||||
Accounts receivable, net
|
||||||||
Trade
|
2,049
|
1,653
|
||||||
Other
|
127
|
190
|
||||||
Materials and supplies, net
|
627
|
514
|
||||||
Deferred income taxes, net
|
142
|
115
|
||||||
Assets held for sale
|
26
|
—
|
||||||
Other current assets
|
621
|
329
|
||||||
Total current assets
|
7,609
|
6,195
|
||||||
Property and equipment
|
29,037
|
26,721
|
||||||
Property and equipment of consolidated variable interest entities
|
2,252
|
2,214
|
||||||
Less accumulated depreciation
|
8,760
|
7,616
|
||||||
Property and equipment, net
|
22,529
|
21,319
|
||||||
Goodwill
|
3,205
|
8,132
|
||||||
Other assets
|
1,745
|
1,165
|
||||||
Total assets
|
$
|
35,088
|
$
|
36,811
|
||||
Liabilities and equity
|
||||||||
Accounts payable
|
$
|
880
|
$
|
832
|
||||
Accrued income taxes
|
89
|
109
|
||||||
Debt due within one year
|
1,942
|
1,917
|
||||||
Debt of consolidated variable interest entities due within one year
|
97
|
95
|
||||||
Other current liabilities
|
2,350
|
883
|
||||||
Total current liabilities
|
5,358
|
3,836
|
||||||
Long
-
term debt
|
10,756
|
8,354
|
||||||
Long
-
term debt of consolidated variable interest entities
|
741
|
855
|
||||||
Deferred income taxes, net
|
523
|
575
|
||||||
Other long
-
term liabilities
|
1,903
|
1,791
|
||||||
Total long
-
term liabilities
|
13,923
|
11,575
|
||||||
Commitments and contingencies
|
||||||||
Redeemable noncontrolling interest
|
116
|
25
|
||||||
Shares, CHF 15.00 par value, 365,135,298 authorized, 167,617,649 conditionally authorized, 365,135,298 issued
and 349,805,793 outstanding at December 31, 2011; and 335,235,298 authorized, 167,617,649 conditionally
authorized, 335,235,298 issued and 319,080,678 outstanding at December 31, 2010
|
4,982
|
4,482
|
||||||
Additional paid
-
in capital
|
7,211
|
7,504
|
||||||
Treasury shares, at cost, 2,863,267 held at December 31, 2011 and 2010
|
(240
|
)
|
(240
|
)
|
||||
Retained earnings
|
4,244
|
9,969
|
||||||
Accumulated other comprehensive loss
|
(496
|
)
|
(332
|
)
|
||||
Total controlling interest shareholders’ equity
|
15,701
|
21,383
|
||||||
Noncontrolling interest
|
(10
|
)
|
(8
|
)
|
||||
Total equity
|
15,691
|
21,375
|
||||||
Total liabilities and equity
|
$
|
35,088
|
$
|
36,811
|
Years ended December 31,
|
Years ended December 31,
|
||||||||||||||||||||
2011
|
2010
|
2009
|
2011
|
2010
|
2009
|
||||||||||||||||
Shares
|
Shares
|
Amount
|
|||||||||||||||||||
Balance, beginning of period
|
319
|
321
|
319
|
$
|
4,482
|
$
|
4,472
|
$
|
4,444
|
||||||||||||
Issuance of shares
|
30
|
—
|
—
|
488
|
—
|
—
|
|||||||||||||||
Issuance of shares under share
-
based compensation plans
|
1
|
1
|
2
|
12
|
10
|
28
|
|||||||||||||||
Purchases of shares held in treasury
|
—
|
(3
|
)
|
—
|
—
|
—
|
—
|
||||||||||||||
Balance, end of period
|
350
|
319
|
321
|
$
|
4,982
|
$
|
4,482
|
$
|
4,472
|
||||||||||||
Additional paid
-
in capital
|
|||||||||||||||||||||
Balance, beginning of period
|
$
|
7,504
|
$
|
7,407
|
$
|
7,313
|
|||||||||||||||
Issuance of shares, net of issue costs
|
671
|
—
|
—
|
||||||||||||||||||
Share
-
based compensation
|
95
|
102
|
81
|
||||||||||||||||||
Issuance of shares under share
-
based compensation plans
|
(18
|
)
|
(11
|
)
|
7
|
||||||||||||||||
Obligation for distribution of qualifying additional paid-in capital
|
(1,041
|
)
|
—
|
—
|
|||||||||||||||||
Other, net
|
—
|
6
|
6
|
||||||||||||||||||
Balance, end of period
|
$
|
7,211
|
$
|
7,504
|
$
|
7,407
|
|||||||||||||||
Treasury shares, at cost
|
|||||||||||||||||||||
Balance, beginning of period
|
$
|
(240
|
)
|
$
|
—
|
$
|
—
|
||||||||||||||
Purchases of shares held in treasury
|
—
|
(240
|
)
|
—
|
|||||||||||||||||
Balance, end of period
|
$
|
(240
|
)
|
$
|
(240
|
)
|
$
|
—
|
|||||||||||||
Retained earnings
|
|||||||||||||||||||||
Balance, beginning of period
|
$
|
9,969
|
$
|
9,008
|
$
|
5,827
|
|||||||||||||||
Net income (loss) attributable to controlling interest
|
(5,725
|
)
|
961
|
3,181
|
|||||||||||||||||
Balance, end of period
|
$
|
4,244
|
$
|
9,969
|
$
|
9,008
|
|||||||||||||||
Accumulated other comprehensive loss
|
|||||||||||||||||||||
Balance, beginning of period
|
$
|
(332
|
)
|
$
|
(335
|
)
|
$
|
(420
|
)
|
||||||||||||
Other comprehensive income (loss) attributable to controlling interest
|
(164
|
)
|
3
|
85
|
|||||||||||||||||
Balance, end of period
|
$
|
(496
|
)
|
$
|
(332
|
)
|
$
|
(335
|
)
|
||||||||||||
Total controlling interest shareholders’ equity
|
|||||||||||||||||||||
Balance, beginning of period
|
$
|
21,383
|
$
|
20,552
|
$
|
17,164
|
|||||||||||||||
Total comprehensive income (loss) attributable to controlling interest
|
(5,889
|
)
|
964
|
3,266
|
|||||||||||||||||
Issuance of shares, net of issue costs
|
1,159
|
—
|
—
|
||||||||||||||||||
Share
-
based compensation
|
95
|
102
|
81
|
||||||||||||||||||
Issuance of shares under share
-
based compensation plans
|
(6
|
)
|
(1
|
)
|
35
|
||||||||||||||||
Obligation for distribution of qualifying additional paid-in capital
|
(1,041
|
)
|
—
|
—
|
|||||||||||||||||
Purchases of shares held in treasury
|
—
|
(240
|
)
|
—
|
|||||||||||||||||
Other, net
|
—
|
6
|
6
|
||||||||||||||||||
Balance, end of period
|
$
|
15,701
|
$
|
21,383
|
$
|
20,552
|
|||||||||||||||
Noncontrolling interest
|
|||||||||||||||||||||
Balance, beginning of period
|
$
|
(8
|
)
|
$
|
7
|
$
|
3
|
||||||||||||||
Total comprehensive income (loss) attributable to noncontrolling interest
|
(2
|
)
|
7
|
(6
|
)
|
||||||||||||||||
Reclassification of redeemable noncontrolling interest
|
—
|
(26
|
)
|
—
|
|||||||||||||||||
Other, net
|
—
|
4
|
10
|
||||||||||||||||||
Balance, end of period
|
$
|
(10
|
)
|
$
|
(8
|
)
|
$
|
7
|
|||||||||||||
Total equity
|
|||||||||||||||||||||
Balance, beginning of period
|
$
|
21,375
|
$
|
20,559
|
$
|
17,167
|
|||||||||||||||
Total comprehensive income (loss)
|
(5,891
|
)
|
971
|
3,260
|
|||||||||||||||||
Issuance of shares, net of issue costs
|
1,159
|
—
|
—
|
||||||||||||||||||
Share
-
based compensation
|
95
|
102
|
81
|
||||||||||||||||||
Issuance of shares under share
-
based compensation plans
|
(6
|
)
|
(1
|
)
|
35
|
||||||||||||||||
Obligation for distribution of qualifying additional paid-in capital
|
(1,041
|
)
|
—
|
—
|
|||||||||||||||||
Purchases of shares held in treasury
|
—
|
(240
|
)
|
—
|
|||||||||||||||||
Other, net
|
—
|
(16
|
)
|
16
|
|||||||||||||||||
Balance, end of period
|
$
|
15,691
|
$
|
21,375
|
$
|
20,559
|
Years ended December 31,
|
||||||||||||
2011
|
2010
|
2009
|
||||||||||
Cash flows from operating activities
|
||||||||||||
Net income (loss)
|
$
|
(5,632
|
)
|
$
|
988
|
$
|
3,170
|
|||||
Adjustments to reconcile to net cash provided by operating activities:
|
||||||||||||
Amortization of drilling contract intangibles
|
(45
|
)
|
(98
|
)
|
(281
|
)
|
||||||
Depreciation and amortization
|
1,449
|
1,536
|
1,433
|
|||||||||
Share
-
based compensation expense
|
95
|
102
|
81
|
|||||||||
Loss on impairment
|
5,229
|
1,010
|
334
|
|||||||||
(Gain) loss on disposal of assets, net
|
(4
|
)
|
(257
|
)
|
9
|
|||||||
Gain on disposal of discontinued operations, net
|
(181
|
)
|
—
|
—
|
||||||||
Amortization of debt issue costs, discounts and premiums, net
|
125
|
189
|
209
|
|||||||||
Deferred income taxes
|
(31
|
)
|
(114
|
)
|
(15
|
)
|
||||||
Other, net
|
112
|
55
|
93
|
|||||||||
Changes in deferred revenue, net
|
(16
|
)
|
205
|
169
|
||||||||
Changes in deferred expenses, net
|
(61
|
)
|
(79
|
)
|
(38
|
)
|
||||||
Changes in operating assets and liabilities
|
745
|
409
|
434
|
|||||||||
Net cash provided by operating activities
|
1,785
|
3,946
|
5,598
|
|||||||||
Cash flows from investing activities
|
||||||||||||
Capital expenditures
|
(1,020
|
)
|
(1,391
|
)
|
(3,041
|
)
|
||||||
Investment in business combination, net of cash acquired
|
(1,246
|
)
|
—
|
—
|
||||||||
Payment for settlement of forward exchange contract, net
|
(78
|
)
|
—
|
—
|
||||||||
Purchases of marketable securities
|
—
|
—
|
(269
|
)
|
||||||||
Proceeds from disposal of assets, net
|
177
|
60
|
18
|
|||||||||
Proceeds from disposal of discontinued operations, net
|
284
|
—
|
—
|
|||||||||
Proceeds from insurance recoveries for loss of drilling unit
|
—
|
560
|
—
|
|||||||||
Proceeds from sale of marketable securities
|
—
|
37
|
564
|
|||||||||
Other, net
|
(13
|
)
|
13
|
34
|
||||||||
Net cash used in investing activities
|
(1,896
|
)
|
(721
|
)
|
(2,694
|
)
|
||||||
Cash flows from financing activities
|
||||||||||||
Changes in short
-
term borrowings, net
|
(88
|
)
|
(193
|
)
|
(382
|
)
|
||||||
Proceeds from debt
|
2,939
|
2,054
|
514
|
|||||||||
Repayments of debt
|
(2,409
|
)
|
(2,565
|
)
|
(2,871
|
)
|
||||||
Proceeds from restricted cash investments
|
479
|
—
|
—
|
|||||||||
Deposits to restricted cash investments
|
(523
|
)
|
—
|
—
|
||||||||
Proceeds from share issuance
|
1,211
|
—
|
—
|
|||||||||
Distribution of qualifying additional paid-in capital
|
(763
|
)
|
—
|
—
|
||||||||
Purchases of shares held in treasury
|
—
|
(240
|
)
|
—
|
||||||||
Financing costs
|
(83
|
)
|
(15
|
)
|
(2
|
)
|
||||||
Other, net
|
(29
|
)
|
(2
|
)
|
4
|
|||||||
Net cash provided by (used in) financing activities
|
734
|
(961
|
)
|
(2,737
|
)
|
|||||||
Net increase in cash and cash equivalents
|
623
|
2,264
|
167
|
|||||||||
Cash and cash equivalents at beginning of period
|
3,394
|
1,130
|
963
|
|||||||||
Cash and cash equivalents at end of period
|
$
|
4,017
|
$
|
3,394
|
$
|
1,130
|
Years ended
December
31
,
|
|||||||||
2011
|
2010
|
||||||||
Operating revenues
|
$
|
9,454
|
$
|
9,797
|
|||||
Operating income (loss)
|
(4,628
|
)
|
1,975
|
||||||
Income (loss) from continuing operations
|
(5,806
|
)
|
999
|
||||||
Per share earnings (loss) from continuing operations
|
|||||||||
Basic
|
$
|
(18.33
|
)
|
$
|
3.02
|
||||
Diluted
|
$
|
(18.33
|
)
|
$
|
3.02
|
Years ended December 31,
|
||||||||||||
2011
|
2010
|
2009
|
||||||||||
Current tax expense
|
$
|
426
|
$
|
450
|
$
|
738
|
||||||
Deferred tax expense (benefit)
|
(31
|
)
|
(114
|
)
|
(15
|
)
|
||||||
Income tax expense
|
$
|
395
|
$
|
336
|
$
|
723
|
||||||
Years ended December 31,
|
||||||||||||
2011
|
2010
|
2009
|
||||||||||
Income tax expense at the Swiss federal statutory rate
|
$
|
(425
|
)
|
$
|
101
|
$
|
307
|
|||||
Taxes on earnings subject to rates greater than the Swiss federal statutory rate
|
285
|
107
|
288
|
|||||||||
Taxes on impairment loss subject to rates less than the Swiss federal statutory rate
|
409
|
79
|
—
|
|||||||||
Taxes on asset sales subject to rates less than the Swiss federal statutory rate
|
(16
|
)
|
—
|
—
|
||||||||
Taxes on litigation matters subject to rates less than the Swiss federal statutory rate
|
78
|
—
|
—
|
|||||||||
Changes in unrecognized tax benefits, net
|
62
|
71
|
135
|
|||||||||
Change in valuation allowance
|
19
|
4
|
49
|
|||||||||
Benefit from foreign tax credits
|
(28
|
)
|
(23
|
)
|
(49
|
)
|
||||||
Taxes on asset acquisition costs at rates lower than the Swiss federal statutory rate
|
8
|
—
|
—
|
|||||||||
Other, net
|
3
|
(3
|
)
|
(7
|
)
|
|||||||
Income tax expense
|
$
|
395
|
$
|
336
|
$
|
723
|
December 31,
|
||||||||
2011
|
2010
|
|||||||
Deferred tax assets
|
||||||||
Drilling contract intangibles
|
$
|
2
|
$
|
6
|
||||
Net operating loss carryforwards
|
341
|
184
|
||||||
Tax credit carryforwards
|
45
|
29
|
||||||
Accrued payroll expenses not currently deductible
|
77
|
72
|
||||||
Deferred income
|
67
|
84
|
||||||
Valuation allowance
|
(183
|
)
|
(164
|
)
|
||||
Other
|
81
|
61
|
||||||
Total deferred tax assets
|
430
|
272
|
||||||
Deferred tax liabilities
|
||||||||
Depreciation and amortization
|
(749
|
)
|
(680
|
)
|
||||
Drilling management services intangibles
|
(25
|
)
|
(26
|
)
|
||||
Other
|
(37
|
)
|
(26
|
)
|
||||
Total deferred tax liabilities
|
(811
|
)
|
(732
|
)
|
||||
Net deferred tax liabilities
|
$
|
(381
|
)
|
$
|
(460
|
)
|
December 31,
|
||||||||
2011
|
2010
|
|||||||
Valuation allowance for non-current deferred tax assets
|
$
|
183
|
$
|
164
|
Years ended December 31,
|
||||||||||||
2011
|
2010
|
2009
|
||||||||||
Balance, beginning of period
|
$
|
485
|
$
|
460
|
$
|
372
|
||||||
Additions for current year tax positions
|
45
|
46
|
64
|
|||||||||
Additions for prior year tax positions
|
23
|
9
|
62
|
|||||||||
Reductions for prior year tax positions
|
—
|
(11
|
)
|
(22
|
)
|
|||||||
Settlements
|
(42
|
)
|
(17
|
)
|
(3
|
)
|
||||||
Reductions related to statute of limitation expirations
|
(2
|
)
|
(2
|
)
|
(13
|
)
|
||||||
Balance, end of period
|
$
|
509
|
$
|
485
|
$
|
460
|
December 31,
|
||||||||
2011
|
2010
|
|||||||
Unrecognized tax benefits, excluding interest and penalties
|
$
|
509
|
$
|
485
|
||||
Interest and penalties
|
272
|
235
|
||||||
Unrecognized tax benefits, including interest and penalties
|
$
|
781
|
$
|
720
|
Years ended December 31,
|
||||||||||||
2011
|
2010
|
2009
|
||||||||||
Operating revenues
|
$
|
62
|
$
|
110
|
$
|
115
|
||||||
Costs and expenses
|
(55
|
)
|
(99
|
)
|
(110
|
)
|
||||||
Loss on impairment (a)
|
(10
|
)
|
(2
|
)
|
—
|
|||||||
Gain on disposal of discontinued operations, net
|
181
|
—
|
—
|
|||||||||
Income from discontinued operations before income tax expense
|
178
|
9
|
5
|
|||||||||
Income tax benefit (expense)
|
19
|
25
|
(31
|
)
|
||||||||
Income (loss) from discontinued operations, net of tax
|
$
|
197
|
$
|
34
|
$
|
(26
|
)
|
|
_________________________
|
(a)
|
During the year ended December 31, 2011, we recognized a loss on impairment of our oil and gas properties, which were classified as assets held for sale, in the amount of $10 million ($0.03 per diluted share from discontinued operations) since the carrying amount of the properties exceeded the estimated fair value less costs to sell the properties. We estimated fair value based on significant unobservable inputs, including non-binding price quotes from unaffiliated parties. During the year ended December 31, 2010, we determined that the goodwill associated with our former oil and gas properties reporting unit was impaired, and we recognized a loss on impairment of the full carrying amount of the goodwill associated with the reporting unit in the amount of $2 million ($0.01 per diluted share from discontinued operations), which had no tax effect.
|
December 31,
|
||||||||
2011
|
2010
|
|||||||
Assets
|
||||||||
Oil and gas properties, net
|
$
|
24
|
$
|
—
|
||||
Other related assets
|
2
|
—
|
||||||
Assets held for sale
|
$
|
26
|
$
|
—
|
||||
Accounts receivable
|
$
|
6
|
$
|
22
|
||||
Other assets
|
25
|
17
|
||||||
Other current assets
|
$
|
31
|
$
|
39
|
||||
Rig and related equipment, net
|
$
|
—
|
$
|
86
|
||||
Oil and gas properties, net
|
—
|
53
|
||||||
Other assets
|
$
|
—
|
$
|
139
|
||||
Liabilities
|
||||||||
Accounts payable
|
$
|
3
|
$
|
15
|
||||
Other liabilities
|
14
|
13
|
||||||
Other current liabilities
|
$
|
17
|
$
|
28
|
||||
Asset retirement obligation
|
$
|
—
|
$
|
9
|
||||
Deferred taxes
|
—
|
19
|
||||||
Other long-term liabilities
|
$
|
—
|
$
|
28
|
Years ended December 31,
|
||||||||||||||||||||||||
2011
|
2010
|
2009
|
||||||||||||||||||||||
Basic
|
Diluted
|
Basic
|
Diluted
|
Basic
|
Diluted
|
|||||||||||||||||||
Numerator for earnings per share
|
||||||||||||||||||||||||
Income (loss) from continuing operations attributable to controlling interest
|
$
|
(5,922
|
)
|
$
|
(5,922
|
)
|
$
|
927
|
$
|
927
|
$
|
3,207
|
$
|
3,207
|
||||||||||
Undistributed earnings allocable to participating securities
|
—
|
—
|
(5
|
)
|
(5
|
)
|
(18
|
)
|
(18
|
)
|
||||||||||||||
Income (loss) from continuing operations available to shareholders
|
$
|
(5,922
|
)
|
$
|
(5,922
|
)
|
$
|
922
|
$
|
922
|
$
|
3,189
|
$
|
3,189
|
||||||||||
Denominator for earnings per share
|
||||||||||||||||||||||||
Weighted
-
average shares outstanding
|
322
|
322
|
320
|
320
|
320
|
320
|
||||||||||||||||||
Effect of stock options and other share
-
based awards
|
—
|
—
|
—
|
—
|
—
|
1
|
||||||||||||||||||
Weighted
-
average shares for per share calculation
|
322
|
322
|
320
|
320
|
320
|
321
|
||||||||||||||||||
Per share earnings (loss) from continuing operations
|
$
|
(18.40
|
)
|
$
|
(18.40
|
)
|
$
|
2.88
|
$
|
2.88
|
$
|
9.95
|
$
|
9.92
|
Years ended December 31,
|
|||||||||||||||||||||||||||||||||||
2011
|
2010
|
2009
|
|||||||||||||||||||||||||||||||||
Controlling interest
|
Non-controlling interest (a)
|
Total
|
Controlling interest
|
Non-controlling interest (a)
|
Total
|
Controlling interest
|
Non-controlling interest (a)
|
Total
|
|||||||||||||||||||||||||||
Unrecognized components of net periodic benefit costs
|
$
|
(204
|
)
|
$
|
—
|
$
|
(204
|
)
|
$
|
(8)
|
$
|
—
|
$
|
(8
|
)
|
$
|
37
|
$
|
—
|
$
|
37
|
||||||||||||||
Unrecognized gain (loss) on derivative instruments
|
3
|
(16
|
)
|
(13
|
)
|
(10
|
)
|
(19
|
)
|
(29
|
)
|
(4
|
)
|
2
|
(2
|
)
|
|||||||||||||||||||
Unrecognized loss on marketable securities
|
(13
|
)
|
—
|
(13
|
)
|
—
|
—
|
—
|
—
|
—
|
—
|
||||||||||||||||||||||||
Recognized components of net periodic benefit costs
|
25
|
—
|
25
|
16
|
—
|
16
|
24
|
—
|
24
|
||||||||||||||||||||||||||
Recognized (gain) loss on derivative instruments
|
(1
|
)
|
12
|
11
|
14
|
(2)
|
12
|
3
|
3
|
6
|
|||||||||||||||||||||||||
Recognized loss on marketable securities
|
13
|
—
|
13
|
—
|
—
|
—
|
1
|
—
|
1
|
||||||||||||||||||||||||||
Other comprehensive income (loss) before income taxes
|
(177
|
)
|
(4
|
)
|
(181
|
)
|
12
|
(21
|
)
|
(9
|
)
|
61
|
5
|
66
|
|||||||||||||||||||||
Income taxes related to other comprehensive income
|
13
|
—
|
13
|
(9)
|
—
|
(9
|
)
|
24
|
—
|
24
|
|||||||||||||||||||||||||
Other comprehensive income (loss), net of tax
|
$
|
(164
|
)
|
$
|
(4
|
)
|
$
|
(168
|
)
|
$
|
3
|
$
|
(21
|
)
|
$
|
(18
|
)
|
$
|
85
|
$
|
5
|
$
|
90
|
(a)
|
Includes amounts attributable to noncontrolling interest and redeemable noncontrolling interest.
|
December 31, 2011
|
December 31, 2010
|
|||||||||||||||||||||||
Controlling interest
|
Non-controlling interest
|
Redeemable non-controlling interest
|
Controlling interest
|
Non-controlling interest
|
Redeemable non-controlling interest
|
|||||||||||||||||||
Unrecognized components of net periodic benefit costs (a)
|
$
|
(501
|
)
|
$
|
—
|
$
|
—
|
$
|
(335
|
)
|
$
|
—
|
$
|
—
|
||||||||||
Unrecognized gain (loss) on derivative instruments
|
7
|
(3
|
)
|
(17
|
)
|
5
|
(3
|
)
|
(13)
|
)
|
||||||||||||||
Unrecognized loss on marketable securities
|
(2
|
)
|
—
|
—
|
(2
|
)
|
—
|
—
|
||||||||||||||||
Accumulated other comprehensive income (loss)
|
$
|
(496
|
)
|
$
|
(3
|
)
|
$
|
(17
|
)
|
$
|
(332
|
)
|
$
|
(3
|
)
|
$
|
(13)
|
(a)
|
Amounts are net of income tax effect of $49 million and $36 million for December 31, 2011 and 2010, respectively.
|
Years ended December 31,
|
||||||||||||||||||||
2011
|
2010
|
2009
|
2008 - 2006
|
Total
|
||||||||||||||||
Ultra-Deepwater Floater TBN1 (a)
|
$
|
138
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
138
|
||||||||||
Ultra-Deepwater Floater TBN2 (a)
|
137
|
—
|
—
|
—
|
137
|
|||||||||||||||
Transocean Honor (b)
|
119
|
97
|
—
|
—
|
216
|
|||||||||||||||
Transocean Siam Driller (c)
|
110
|
9
|
—
|
—
|
119
|
|||||||||||||||
Transocean Andaman (c)
|
110
|
9
|
—
|
—
|
119
|
|||||||||||||||
Transocean Ao Thai (d)
|
79
|
—
|
—
|
—
|
79
|
|||||||||||||||
Deepwater Champion (e) (f)
|
43
|
206
|
263
|
264
|
776
|
|||||||||||||||
Discoverer Luanda (f) (g)
|
12
|
174
|
220
|
315
|
721
|
|||||||||||||||
Discoverer India (f)
|
6
|
203
|
291
|
250
|
750
|
|||||||||||||||
Dhirubhai Deepwater KG2 (f) (h)
|
—
|
36
|
371
|
270
|
677
|
|||||||||||||||
Development Driller III (e) (f)
|
—
|
24
|
117
|
483
|
624
|
|||||||||||||||
Discoverer Inspiration (f)
|
—
|
12
|
224
|
443
|
679
|
|||||||||||||||
Discoverer Americas (f)
|
—
|
6
|
148
|
478
|
632
|
|||||||||||||||
Discoverer Clear Leader (f)
|
—
|
6
|
115
|
516
|
637
|
|||||||||||||||
Petrobras 10000 (f) (i)
|
—
|
6
|
735
|
—
|
741
|
|||||||||||||||
Dhirubhai Deepwater KG1 (f) (h)
|
—
|
—
|
295
|
384
|
679
|
|||||||||||||||
Sedco 700-series upgrades (f)
|
—
|
—
|
71
|
520
|
591
|
|||||||||||||||
Capitalized interest
|
39
|
89
|
182
|
240
|
550
|
|||||||||||||||
Mobilization costs
|
20
|
89
|
155
|
—
|
264
|
|||||||||||||||
Total
|
$
|
813
|
$
|
966
|
$
|
3,187
|
$
|
4,163
|
$
|
9,129
|
(a)
|
The costs for Ultra-Deepwater Floater TBN1 and Ultra-Deepwater Floater TBN2 include our initial investments of $136 million and $136 million, respectively, representing the estimated fair values of the rigs at the time of our acquisition of Aker Drilling in October 2011. The fair values of our initial investments are preliminary and subject to change. See Note 4—Business Combination.
|
(b)
|
In November 2010, we purchased
Transocean Honor,
a PPL Pacific Class 400 design jackup, which is under construction at PPL Shipyard Pte Ltd. in Singapore and is expected for delivery in the first quarter of 2012.
|
(c)
|
In December 2010, we purchased
Transocean Siam Driller
and
Transocean Andaman
, two Keppel FELS Super B class design jackups, which are under construction at Keppel FELS’ yard in Singapore and are expected for delivery in the first quarter of 2013.
|
(d)
|
In June 2011, we purchased
Transocean Ao Thai
, a Keppel FELS Super B class design jackup, which is under construction at Keppel FELS’ yard in Singapore and is expected for delivery in the third quarter of 2013.
|
(e)
|
The costs for
Deepwater Champion
and
Development Driller III
include our initial investments of $109 million and $350 million, respectively, representing the estimated fair values of the rigs at the time of our merger with GlobalSantaFe Corporation (“GlobalSantaFe”) in November 2007.
|
(f)
|
The accumulated construction costs of these rigs are no longer included in construction work in progress, as their construction projects had been completed as of December 31, 2011.
|
(g)
|
The costs for
Discoverer Luanda
represent 100 percent of expenditures incurred since inception. ADDCL is responsible for all of these costs. We hold a 65 percent interest in the ADDCL joint venture, and Angco Cayman Limited, a Cayman Islands company (“Angco Cayman”), holds the remaining 35 percent interest.
|
(h)
|
The costs for
Dhirubhai Deepwater KG1
and
Dhirubhai Deepwater KG2
represent 100 percent of TPDI’s expenditures, including those incurred prior to our investment in the joint venture. TPDI is responsible for all of these costs. We hold a 50 percent interest in the TPDI joint venture, and Quantum Pacific Management Limited, a Cypriot company and successor in interest to Pacific Drilling Limited (“Quantum”), holds the remaining 50 percent interest.
|
(i)
|
In June 2008, we reached an agreement with a joint venture formed by subsidiaries of Petrobras and Mitsui to acquire
Petrobras 10000
under a capital lease contract. In connection with the agreement, we agreed to provide assistance and advisory services for the construction of the rig and operating management services once the rig commenced operations. On August 4, 2009, we accepted delivery of
Petrobras 10000
and recorded non-cash additions of $716 million to property and equipment, net, along with a corresponding increase to long-term debt. Total capital additions include $716 million in capital costs incurred by Petrobras and Mitsui for the construction of the drillship and $19 million of other capital expenditures. The capital lease agreement has a 20-year term, after which we will have the right and obligation to acquire the drillship for one dollar. See Note 12—Debt and Note 15—Commitments and Contingencies.
|
Year ended December 31, 2011
|
Year ended December 31, 2010
|
|||||||||||||||||||||||
Gross
carrying
amount
|
Accumulated
impairment
|
Net
carrying
amount
|
Gross
carrying
amount
|
Accumulated
impairment
|
Net
carrying
amount
|
|||||||||||||||||||
Contract drilling services
|
||||||||||||||||||||||||
Balance, beginning of period
|
$
|
10,626
|
$
|
(2,494
|
)
|
$
|
8,132
|
$
|
10,626
|
$
|
(2,494
|
)
|
$
|
8,132
|
||||||||||
Impairment
|
—
|
(5,200
|
)
|
(5,200
|
)
|
—
|
—
|
—
|
||||||||||||||||
Business combination
|
273
|
—
|
273
|
—
|
—
|
—
|
||||||||||||||||||
Balance, end of period
|
10,899
|
(7,694
|
)
|
3,205
|
10,626
|
(2,494
|
)
|
8,132
|
||||||||||||||||
Drilling management services
|
||||||||||||||||||||||||
Balance, beginning of period
|
176
|
(176
|
)
|
—
|
176
|
(176
|
)
|
—
|
||||||||||||||||
Balance, end of period
|
176
|
(176
|
)
|
—
|
176
|
(176
|
)
|
—
|
||||||||||||||||
Total goodwill
|
||||||||||||||||||||||||
Balance, beginning of period
|
10,802
|
(2,670
|
)
|
8,132
|
10,802
|
(2,670
|
)
|
8,132
|
||||||||||||||||
Impairment
|
—
|
(5,200
|
)
|
(5,200
|
)
|
—
|
—
|
—
|
||||||||||||||||
Business combination
|
273
|
—
|
273
|
—
|
—
|
—
|
||||||||||||||||||
Balance, end of period
|
$
|
11,075
|
$
|
(7,870
|
)
|
$
|
3,205
|
$
|
10,802
|
$
|
(2,670
|
)
|
$
|
8,132
|
Year ended December 31, 2011
|
Year ended December 31, 2010
|
|||||||||||||||||||||||
Gross
carrying
amount
|
Accumulated
impairment
|
Net
carrying
amount
|
Gross
carrying
amount
|
Accumulated
impairment
|
Net
carrying
amount
|
|||||||||||||||||||
Trade name
|
||||||||||||||||||||||||
Balance, beginning of period
|
$
|
76
|
$
|
(37
|
)
|
$
|
39
|
$
|
76
|
$
|
(37
|
)
|
$
|
39
|
||||||||||
Balance, end of period
|
$
|
76
|
$
|
(37
|
)
|
$
|
39
|
$
|
76
|
$
|
(37
|
)
|
$
|
39
|
Year ended December 31, 2011
|
Year ended December 31, 2010
|
|||||||||||||||||||||||
Gross
carrying
amount
|
Accumulated
amortization
and impairment
|
Net
carrying
amount
|
Gross
carrying
amount
|
Accumulated
amortization
and impairment
|
Net
carrying
amount
|
|||||||||||||||||||
Drilling contract intangible assets
|
||||||||||||||||||||||||
Balance, beginning of period
|
$
|
191
|
$
|
(185
|
)
|
$
|
6
|
$
|
191
|
$
|
(167
|
)
|
$
|
24
|
||||||||||
Amortization
|
—
|
(6
|
)
|
(6
|
)
|
—
|
(18
|
)
|
(18
|
)
|
||||||||||||||
Balance, end of period
|
191
|
(191
|
)
|
—
|
191
|
(185
|
)
|
6
|
||||||||||||||||
Customer relationships
|
||||||||||||||||||||||||
Balance, beginning of period
|
148
|
(89
|
)
|
59
|
148
|
(84
|
)
|
64
|
||||||||||||||||
Amortization
|
—
|
(5
|
)
|
(5
|
)
|
—
|
(5
|
)
|
(5
|
)
|
||||||||||||||
Balance, end of period
|
148
|
(94
|
)
|
54
|
148
|
(89
|
)
|
59
|
||||||||||||||||
Total definite
-
lived intangible assets
|
||||||||||||||||||||||||
Balance, beginning of period
|
339
|
(274
|
)
|
65
|
339
|
(251
|
)
|
88
|
||||||||||||||||
Amortization
|
—
|
(11
|
)
|
(11
|
)
|
—
|
(23
|
)
|
(23
|
)
|
||||||||||||||
Balance, end of period
|
$
|
339
|
$ |
(285
|
)
|
$ |
54
|
$
|
339
|
$
|
(274
|
)
|
$
|
65
|
||||||||||
Drilling contract intangible liabilities
|
||||||||||||||||||||||||
Balance, beginning of period
|
$
|
1,494
|
$
|
(1,342
|
)
|
$
|
152
|
$
|
1,494
|
$
|
(1,226
|
)
|
$
|
268
|
||||||||||
Amortization
|
—
|
(51
|
)
|
(51
|
)
|
—
|
(116
|
)
|
(116
|
)
|
||||||||||||||
Balance, end of period
|
$
|
1,494
|
$ |
(1,393
|
)
|
$
|
101
|
$
|
1,494
|
$
|
(1,342
|
)
|
$
|
152
|
Drilling
contract intangibles
|
Customer relationships
|
||||||
Years ending December 31,
|
|||||||
2012
|
$
|
(41
|
)
|
$
|
5
|
||
2013
|
(25
|
)
|
5
|
||||
2014
|
(15
|
)
|
5
|
||||
2015
|
(14
|
)
|
5
|
||||
2016
|
(6
|
)
|
5
|
||||
Thereafter
|
—
|
29
|
|||||
Total intangible assets (liabilities), net
|
$
|
(101
|
)
|
$
|
54
|
December 31, 2011
|
December 31, 2010
|
||||||||||||||||||||||
Transocean
Ltd.
and
subsidiaries
|
Consolidated
variable
interest
entities
|
Consolidated
total
|
Transocean
Ltd.
and
subsidiaries
|
Consolidated
variable
interest
entities
|
Consolidated
total
|
||||||||||||||||||
ODL Loan Facility
|
$
|
—
|
$ |
—
|
$ |
—
|
$
|
10
|
$
|
—
|
$
|
10
|
|||||||||||
Commercial paper program (a)
|
—
|
—
|
—
|
88
|
—
|
88
|
|||||||||||||||||
6.625% Notes due April 2011 (a)
|
—
|
—
|
—
|
167
|
—
|
167
|
|||||||||||||||||
5% Notes due February 2013
|
253
|
—
|
253
|
255
|
—
|
255
|
|||||||||||||||||
5.25% Senior Notes due March 2013 (a)
|
507
|
—
|
507
|
511
|
—
|
511
|
|||||||||||||||||
TPDI Credit Facilities due March 2015
|
—
|
473
|
473
|
—
|
560
|
560
|
|||||||||||||||||
4.95% Senior Notes due November 2015 (a)
|
1,120
|
—
|
1,120
|
1,099
|
—
|
1,099
|
|||||||||||||||||
Aker Revolving Credit and Term Loan Facility due December 2015
|
594
|
—
|
594
|
—
|
—
|
—
|
|||||||||||||||||
5.05% Senior Notes due December 2016 (a)
|
999
|
—
|
999
|
—
|
—
|
—
|
|||||||||||||||||
Callable Bonds due February 2016
|
267
|
—
|
267
|
—
|
—
|
—
|
|||||||||||||||||
ADDCL Credit Facilities due December 2017
|
—
|
217
|
217
|
—
|
242
|
242
|
|||||||||||||||||
Eksportfinans Loans due January 2018
|
884
|
—
|
884
|
—
|
—
|
—
|
|||||||||||||||||
6.00% Senior Notes due March 2018 (a)
|
998
|
—
|
998
|
997
|
—
|
997
|
|||||||||||||||||
7.375% Senior Notes due April 2018 (a)
|
247
|
—
|
247
|
247
|
—
|
247
|
|||||||||||||||||
TPDI Notes due October 2019
|
—
|
148
|
148
|
—
|
148
|
148
|
|||||||||||||||||
6.50% Senior Notes due November 2020 (a)
|
899
|
—
|
899
|
899
|
—
|
899
|
|||||||||||||||||
6.375% Senior Notes due December 2021 (a)
|
1,199
|
—
|
1,199
|
—
|
—
|
—
|
|||||||||||||||||
7.45% Notes due April 2027 (a)
|
97
|
—
|
97
|
96
|
—
|
96
|
|||||||||||||||||
8% Debentures due April 2027 (a)
|
57
|
—
|
57
|
57
|
—
|
57
|
|||||||||||||||||
7% Notes due June 2028
|
311
|
—
|
311
|
313
|
—
|
313
|
|||||||||||||||||
Capital lease contract due August 2029
|
676
|
—
|
676
|
694
|
—
|
694
|
|||||||||||||||||
7.5% Notes due April 2031 (a)
|
598
|
—
|
598
|
598
|
—
|
598
|
|||||||||||||||||
1.625% Series A Convertible Senior Notes due December 2037 (a)
|
—
|
—
|
—
|
11
|
—
|
11
|
|||||||||||||||||
1.50% Series B Convertible Senior Notes due December 2037 (a)
|
30
|
—
|
30
|
1,625
|
—
|
1,625
|
|||||||||||||||||
1.50% Series C Convertible Senior Notes due December 2037 (a)
|
1,663
|
—
|
1,663
|
1,605
|
—
|
1,605
|
|||||||||||||||||
6.80% Senior Notes due March 2038 (a)
|
999
|
—
|
999
|
999
|
—
|
999
|
|||||||||||||||||
7.35% Senior Notes due December 2041 (a)
|
300
|
—
|
300
|
—
|
—
|
—
|
|||||||||||||||||
Total debt
|
12,698
|
838
|
13,536
|
10,271
|
950
|
11,221
|
|||||||||||||||||
Less debt due within one year
|
|||||||||||||||||||||||
ODL Loan Facility
|
—
|
—
|
—
|
10
|
—
|
10
|
|||||||||||||||||
Commercial paper program (a)
|
—
|
—
|
—
|
88
|
—
|
88
|
|||||||||||||||||
6.625% Notes due April 2011 (a)
|
—
|
—
|
—
|
167
|
—
|
167
|
|||||||||||||||||
TPDI Credit Facilities due March 2015
|
—
|
70
|
70
|
—
|
70
|
70
|
|||||||||||||||||
Aker Revolving Credit and Term Loan Facility due December 2015
|
90
|
—
|
90
|
—
|
—
|
—
|
|||||||||||||||||
ADDCL Credit Facilities due November 2017
|
—
|
27
|
27
|
—
|
25
|
25
|
|||||||||||||||||
Eksportfinans Loans due January 2018
|
142
|
—
|
142
|
—
|
—
|
—
|
|||||||||||||||||
Capital lease contract due August 2029
|
17
|
—
|
17
|
16
|
—
|
16
|
|||||||||||||||||
1.625% Series A Convertible Senior Notes due December 2037 (a)
|
—
|
—
|
—
|
11
|
—
|
11
|
|||||||||||||||||
1.50% Series B Convertible Senior Notes due December 2037 (a)
|
30
|
—
|
30
|
1,625
|
—
|
1,625
|
|||||||||||||||||
1.50% Series C Convertible Senior Notes due December 2037 (a)
|
1,663
|
—
|
1,663
|
—
|
—
|
—
|
|||||||||||||||||
Total debt due within one year
|
1,942
|
97
|
2,039
|
1,917
|
95
|
2,012
|
|||||||||||||||||
Total long-term debt
|
$
|
10,756
|
$
|
741
|
$ |
11,497
|
$
|
8,354
|
$
|
855
|
$
|
9,209
|
(a)
|
Transocean Inc., a 100 percent owned subsidiary of Transocean Ltd., is the issuer of the notes and debentures, which have been guaranteed by Transocean Ltd. Transocean Ltd. has also guaranteed borrowings under the commercial paper program and the Five-Year Revolving Credit Facility. Transocean Ltd. and Transocean Inc. are not subject to any significant restrictions on their ability to obtain funds from their consolidated subsidiaries by dividends, loans or return of capital distributions. See Note 26—Condensed Consolidating Financial Statements.
|
Transocean
Ltd.
and
subsidiaries
|
Consolidated
variable
interest
entities
|
Consolidated
total
|
||||||||||
Years ending December 31,
|
||||||||||||
2012
|
$
|
2,001
|
$
|
97
|
$
|
2,098
|
||||||
2013
|
1,002
|
98
|
1,100
|
|||||||||
2014
|
235
|
99
|
334
|
|||||||||
2015
|
1,331
|
322
|
1,653
|
|||||||||
2016
|
1,696
|
34
|
1,730
|
|||||||||
Thereafter
|
6,450
|
188
|
6,638
|
|||||||||
Total debt, excluding unamortized discounts, premiums and fair value adjustments
|
12,715
|
838
|
13,553
|
|||||||||
Total unamortized discounts, premiums and fair value adjustments
|
(17
|
)
|
—
|
(17
|
)
|
|||||||
Total debt
|
$
|
12,698
|
$
|
838
|
$
|
13,536
|
December 31, 2011
|
December 31, 2010
|
||||||||||||||||||||||
Principal amount
|
Unamortized discount
|
Carrying amount
|
Principal amount
|
Unamortized discount
|
Carrying amount
|
||||||||||||||||||
Carrying amount of liability component
|
|||||||||||||||||||||||
Series A Convertible Senior Notes due 2037
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
11
|
$
|
—
|
$
|
11
|
|||||||||||
Series B Convertible Senior Notes due 2037
|
30
|
—
|
30
|
1,680
|
(55
|
)
|
1,625
|
||||||||||||||||
Series C Convertible Senior Notes due 2037
|
1,722
|
(59
|
)
|
1,663
|
1,722
|
(117
|
)
|
1,605
|
December 31,
|
|||||||||
2011
|
2010
|
||||||||
Carrying amount of equity component
|
|||||||||
Series A Convertible Senior Notes due 2037
|
$
|
—
|
$
|
1
|
|||||
Series B Convertible Senior Notes due 2037
|
4
|
210
|
|||||||
Series C Convertible Senior Notes due 2037
|
276
|
276
|
Years ended December 31,
|
||||||||||||
2011
|
2010
|
2009
|
||||||||||
Interest expense
|
||||||||||||
Series A Convertible Senior Notes due 2037
|
$
|
—
|
$
|
58
|
$
|
85
|
||||||
Series B Convertible Senior Notes due 2037
|
78
|
98
|
100
|
|||||||||
Series C Convertible Senior Notes due 2037
|
84
|
98
|
100
|
Aggregate notional amount
|
Weighted average variable rate
|
Weighted average
fixed rate
|
||||||||||
Interest rate swaps, fair value hedges
|
$
|
1,400
|
3.7
|
%
|
5.1
|
%
|
||||||
Interest rate swaps, cash flow hedges
|
455
|
0.6
|
%
|
2.3
|
%
|
Pay
|
Receive
|
|||||||||||||||
USD-denominated notional amount
|
Weighted average fixed rate
|
NOK-denominated notional
amount
|
Weighted average fixed rate
|
|||||||||||||
Cross-currency swaps, cash flow hedges
|
$
|
102
|
8.9
|
%
|
NOK
|
560
|
11
|
%
|
December
31,
|
||||||||||
Balance sheet classification
|
2011
|
2010
|
||||||||
Interest rate swaps, fair value hedges
|
Other current assets
|
$
|
5
|
$
|
4
|
|||||
Interest rate swaps, fair value hedges
|
Other assets
|
31
|
17
|
|||||||
Interest rate swaps, cash flow hedges
|
Other long-term liabilities
|
16
|
13
|
|||||||
Cross-currency swaps, cash flow hedges
|
Other long-term liabilities
|
7
|
—
|
Year ended
December
31
,
|
||||||||||
Statement of operations classification
|
2011
|
2010
|
||||||||
Loss associated with effective portion
|
Interest expense, net of amounts capitalized
|
$
|
11
|
$
|
12
|
Aggregate notional amount
|
Weighted average
variable rate
|
Weighted average
fixed rate
|
||||||||||
Interest rate swaps not designated as hedging instruments
|
$
|
305
|
0.5
|
%
|
4.2
|
%
|
December
31,
|
||||||||||
Balance sheet classification
|
2011
|
2010
|
||||||||
Interest rate swaps not designated as hedging instruments
|
Other long-term liabilities
|
$ |
15
|
$ |
—
|
Aggregate notional amount
|
Exchange rate
|
|||||||||||
Pay
|
Receive
|
|||||||||||
Forward exchange contract
|
$
|
1,120
|
NOK
|
6,051
|
5.4005
|
December 31, 2011
|
December 31, 2010
|
|||||||||||||||||||||||
U.S.
Plans
|
Non-U.S.
Plans
|
OPEB
Plans
|
U.S.
Plans
|
Non-U.S.
Plans
|
OPEB
Plans
|
|||||||||||||||||||
Discount rate
|
4.66
|
%
|
4.90
|
%
|
4.28
|
%
|
5.48
|
%
|
5.81
|
%
|
4.92
|
%
|
||||||||||||
Compensation trend rate
|
4.22
|
%
|
4.30
|
%
|
n/a
|
4.24
|
%
|
4.65
|
%
|
n/a
|
Year ended December 31, 2011
|
Year ended December 31, 2010
|
Year ended December 31, 2009
|
||||||||||||||||||||||||||||||||||
U.S.
Plans
|
Non-U.S.
Plans
|
OPEB
Plans
|
U.S.
Plans
|
Non-U.S.
Plans
|
OPEB
Plans
|
U.S.
Plans
|
Non-U.S.
Plans
|
OPEB Plans
|
||||||||||||||||||||||||||||
Discount rate
|
5.49
|
%
|
5.73
|
%
|
4.94
|
%
|
5.86
|
%
|
5.67
|
%
|
5.51
|
%
|
5.41
|
%
|
6.06
|
%
|
5.34
|
%
|
||||||||||||||||||
Expected rate of return
|
8.49
|
%
|
6.42
|
%
|
n/a
|
8.49
|
%
|
6.65
|
%
|
n/a
|
8.50
|
%
|
6.59
|
%
|
n/a
|
|||||||||||||||||||||
Compensation trend rate
|
4.24
|
%
|
4.62
|
%
|
n/a
|
4.21
|
%
|
4.77
|
%
|
n/a
|
4.21
|
%
|
4.55
|
%
|
n/a
|
|||||||||||||||||||||
Health care cost trend rate
|
||||||||||||||||||||||||||||||||||||
-initial
|
n/a
|
n/a
|
8.08
|
%
|
n/a
|
n/a
|
8.00
|
%
|
n/a
|
n/a
|
8.99
|
%
|
||||||||||||||||||||||||
-ultimate
|
n/a
|
n/a
|
5.00
|
%
|
n/a
|
n/a
|
5.00
|
%
|
n/a
|
n/a
|
5.00
|
%
|
||||||||||||||||||||||||
-
ultimate year
|
n/a
|
n/a
|
2018
|
n/a
|
n/a
|
2016
|
n/a
|
n/a
|
2016
|
|
“n/a” means not applicable.
|
Year ended December 31, 2011
|
Year ended December 31, 2010
|
|||||||||||||||||||||||||||||||
U.S.
Plans
|
Non-U.S.
Plans
|
OPEB
Plans
|
Total
|
U.S.
Plans
|
Non-U.S.
Plans
|
OPEB
Plans
|
Total
|
|||||||||||||||||||||||||
Change in projected benefit obligation
|
||||||||||||||||||||||||||||||||
Projected benefit obligation, beginning of period
|
$
|
1,068
|
$
|
374
|
$
|
56
|
$
|
1,498
|
$
|
932
|
$
|
403
|
$
|
54
|
$
|
1,389
|
||||||||||||||||
Assumed projected benefit obligation
|
—
|
17
|
—
|
17
|
—
|
—
|
—
|
—
|
||||||||||||||||||||||||
Actuarial (gains) losses, net
|
128
|
24
|
(3
|
)
|
149
|
89
|
(46
|
)
|
2
|
45
|
||||||||||||||||||||||
Service cost
|
43
|
21
|
1
|
65
|
42
|
20
|
1
|
63
|
||||||||||||||||||||||||
Interest cost
|
58
|
22
|
3
|
83
|
54
|
20
|
3
|
77
|
||||||||||||||||||||||||
Foreign currency exchange rate
|
—
|
(1
|
)
|
—
|
(1
|
)
|
—
|
(13
|
)
|
—
|
(13
|
)
|
||||||||||||||||||||
Benefits paid
|
(37
|
)
|
(12
|
)
|
(5
|
)
|
(54
|
)
|
(51
|
)
|
(14
|
)
|
(5
|
)
|
(70
|
)
|
||||||||||||||||
Participant contributions
|
—
|
2
|
1
|
3
|
—
|
2
|
1
|
3
|
||||||||||||||||||||||||
Special termination benefits
|
—
|
—
|
—
|
—
|
3
|
—
|
—
|
3
|
||||||||||||||||||||||||
Settlements and curtailments
|
—
|
—
|
—
|
—
|
(1
|
)
|
2
|
—
|
1
|
|||||||||||||||||||||||
Projected benefit obligation, end of period
|
1,260
|
447
|
53
|
1,760
|
1,068
|
374
|
56
|
1,498
|
||||||||||||||||||||||||
Change in plan assets
|
||||||||||||||||||||||||||||||||
Fair value of plan assets, beginning of period
|
697
|
332
|
—
|
1,029
|
594
|
281
|
—
|
875
|
||||||||||||||||||||||||
Fair value of acquired plan assets
|
—
|
9
|
—
|
9
|
—
|
—
|
—
|
—
|
||||||||||||||||||||||||
Actual return on plan assets
|
39
|
(8
|
)
|
—
|
31
|
85
|
29
|
—
|
114
|
|||||||||||||||||||||||
Foreign currency exchange rate changes
|
—
|
2
|
—
|
2
|
—
|
(11
|
)
|
—
|
(11
|
)
|
||||||||||||||||||||||
Employer contributions
|
70
|
29
|
4
|
103
|
69
|
45
|
4
|
118
|
||||||||||||||||||||||||
Participant contributions
|
—
|
2
|
1
|
3
|
—
|
2
|
1
|
3
|
||||||||||||||||||||||||
Benefits paid
|
(37
|
)
|
(12
|
)
|
(5
|
)
|
(54
|
)
|
(51
|
)
|
(14
|
)
|
(5
|
)
|
(70
|
)
|
||||||||||||||||
Settlement and curtailments
|
—
|
(3
|
)
|
—
|
(3
|
)
|
—
|
—
|
—
|
—
|
||||||||||||||||||||||
Fair value of plan assets, end of period
|
769
|
351
|
—
|
1,120
|
697
|
332
|
—
|
1,029
|
||||||||||||||||||||||||
Funded status, end of period
|
$
|
(491
|
)
|
$
|
(96
|
)
|
$
|
(53
|
)
|
$
|
(640
|
)
|
$
|
(371
|
)
|
$
|
(42
|
)
|
$
|
(56
|
)
|
$
|
(469
|
)
|
||||||||
Balance sheet classification, end of period:
|
||||||||||||||||||||||||||||||||
Pension asset, non
-
current
|
$
|
—
|
$ |
—
|
$ |
—
|
$ |
—
|
$
|
—
|
$
|
(8
|
)
|
$
|
—
|
$
|
(8
|
)
|
||||||||||||||
Accrued pension liability, current
|
3
|
5
|
3
|
11
|
3
|
2
|
4
|
9
|
||||||||||||||||||||||||
Accrued pension liability, non
-
current
|
488
|
91
|
50
|
629
|
368
|
48
|
52
|
468
|
||||||||||||||||||||||||
Accumulated other comprehensive income (loss) (a)
|
(437
|
)
|
(111
|
)
|
(2
|
)
|
(550
|
)
|
(308
|
)
|
(61
|
)
|
(2
|
)
|
(371
|
)
|
(a)
|
Amounts are before income tax effect.
|
December 31, 2011
|
December 31, 2010
|
|||||||||||||||||||||||||||||||
U.S.
Plans
|
Non-U.S.
Plans
|
OPEB
Plans
|
Total
|
U.S.
Plans
|
Non-U.S.
Plans
|
OPEB
Plans
|
Total
|
|||||||||||||||||||||||||
Projected benefit obligation
|
$
|
1,260
|
$
|
447
|
$
|
53
|
$
|
1,760
|
$
|
1,068
|
$
|
290
|
$
|
56
|
$
|
1,414
|
||||||||||||||||
Fair value of plan assets
|
769
|
351
|
—
|
1,120
|
697
|
248
|
—
|
945
|
December 31, 2011
|
December 31, 2010
|
|||||||||||||||||||||||||||||||
U.S.
Plans
|
Non-U.S.
Plans
|
OPEB
Plans
|
Total
|
U.S.
Plans
|
Non-U.S.
Plans
|
OPEB
Plans
|
Total
|
|||||||||||||||||||||||||
Accumulated benefit obligation
|
$
|
1,083
|
$
|
288
|
$
|
53
|
$
|
1,424
|
$
|
921
|
$ |
269
|
$ |
56
|
$ |
1,246
|
||||||||||||||||
Fair value of plan assets
|
769
|
254
|
—
|
1,023
|
697
|
248
|
—
|
945
|
Actual allocation at December 31,
|
||||||||||||||||||||||||
Target allocation
|
2011
|
2010
|
||||||||||||||||||||||
U.S.
Plans
|
Non-U.S.
Plans
|
U.S.
Plans
|
Non-U.S.
Plans
|
U.S.
Plans
|
Non-U.S.
Plans
|
|||||||||||||||||||
Equity securities
|
65
|
%
|
51
|
%
|
64
|
%
|
47
|
%
|
65
|
%
|
53
|
%
|
||||||||||||
Fixed income securities
|
35
|
%
|
14
|
%
|
36
|
%
|
12
|
%
|
34
|
%
|
10
|
%
|
||||||||||||
Other investments
|
—
|
%
|
35
|
%
|
—
|
%
|
41
|
%
|
1
|
%
|
37
|
%
|
||||||||||||
Total
|
100
|
%
|
100
|
%
|
100
|
%
|
100
|
%
|
100
|
%
|
100
|
%
|
December 31, 2011
|
||||||||||||||||||||||||||||||||||||
Significant observable inputs
|
Significant other observable inputs
|
Total
|
||||||||||||||||||||||||||||||||||
U.S.
Plans
|
Non-U.S.
Plans
|
Transocean
Plans
|
U.S.
Plans
|
Non-U.S.
Plans
|
Transocean
Plans
|
U.S.
Plans
|
Non-U.S.
Plans
|
Transocean
Plans
|
||||||||||||||||||||||||||||
Equity securities:
|
||||||||||||||||||||||||||||||||||||
U.S.
|
$
|
395
|
$
|
—
|
$
|
395
|
$
|
—
|
$
|
29
|
$
|
29
|
$
|
395
|
$
|
29
|
$
|
424
|
||||||||||||||||||
Non-U.S.
|
91
|
—
|
91
|
2
|
137
|
139
|
93
|
137
|
230
|
|||||||||||||||||||||||||||
Total equity securities
|
486
|
—
|
486
|
2
|
166
|
168
|
488
|
166
|
654
|
|||||||||||||||||||||||||||
Fixed income securities:
|
||||||||||||||||||||||||||||||||||||
U.S. government
|
52
|
—
|
52
|
—
|
—
|
—
|
52
|
—
|
52
|
|||||||||||||||||||||||||||
U.S. corporate
|
9
|
—
|
9
|
—
|
—
|
—
|
9
|
—
|
9
|
|||||||||||||||||||||||||||
Non-U.S. government
|
178
|
—
|
178
|
—
|
43
|
43
|
178
|
43
|
221
|
|||||||||||||||||||||||||||
Non-U.S. corporate
|
39
|
—
|
39
|
—
|
—
|
—
|
39
|
—
|
39
|
|||||||||||||||||||||||||||
Total fixed income securities
|
278
|
—
|
278
|
—
|
43
|
43
|
278
|
43
|
321
|
|||||||||||||||||||||||||||
Other investments:
|
||||||||||||||||||||||||||||||||||||
Cash
|
3
|
38
|
41
|
—
|
—
|
—
|
3
|
38
|
41
|
|||||||||||||||||||||||||||
Property
|
—
|
—
|
—
|
—
|
8
|
8
|
—
|
8
|
8
|
|||||||||||||||||||||||||||
Investment contracts
|
—
|
—
|
—
|
—
|
96
|
96
|
—
|
96
|
96
|
|||||||||||||||||||||||||||
Total other investments
|
3
|
38
|
41
|
—
|
104
|
104
|
3
|
142
|
145
|
|||||||||||||||||||||||||||
Total investments
|
$
|
767
|
$
|
38
|
$
|
805
|
$
|
2
|
$
|
313
|
$
|
315
|
$
|
769
|
$
|
351
|
$
|
1,120
|
December 31, 2010
|
||||||||||||||||||||||||||||||||||||
Significant observable inputs
|
Significant other observable inputs
|
Total
|
||||||||||||||||||||||||||||||||||
U.S.
Plans
|
Non-U.S.
Plans
|
Transocean
Plans
|
U.S.
Plans
|
Non-U.S.
Plans
|
Transocean
Plans
|
U.S.
Plans
|
Non-U.S.
Plans
|
Transocean
Plans
|
||||||||||||||||||||||||||||
Equity securities:
|
||||||||||||||||||||||||||||||||||||
U.S.
|
$
|
359
|
$
|
—
|
$
|
359
|
$
|
—
|
$
|
28
|
$
|
28
|
$
|
359
|
$
|
28
|
$
|
387
|
||||||||||||||||||
Non-U.S.
|
91
|
—
|
91
|
2
|
148
|
150
|
93
|
148
|
241
|
|||||||||||||||||||||||||||
Total equity securities
|
450
|
—
|
450
|
2
|
176
|
178
|
452
|
176
|
628
|
|||||||||||||||||||||||||||
Fixed income securities:
|
||||||||||||||||||||||||||||||||||||
U.S. government
|
59
|
—
|
59
|
—
|
—
|
—
|
59
|
—
|
59
|
|||||||||||||||||||||||||||
U.S. corporate
|
175
|
—
|
175
|
—
|
—
|
—
|
175
|
—
|
175
|
|||||||||||||||||||||||||||
Non-U.S. government
|
—
|
—
|
—
|
—
|
34
|
34
|
—
|
34
|
34
|
|||||||||||||||||||||||||||
Non-U.S. corporate
|
7
|
—
|
7
|
—
|
—
|
—
|
7
|
—
|
7
|
|||||||||||||||||||||||||||
Total fixed income securities
|
241
|
—
|
241
|
—
|
34
|
34
|
241
|
34
|
275
|
|||||||||||||||||||||||||||
Other investments:
|
||||||||||||||||||||||||||||||||||||
Cash
|
4
|
31
|
35
|
—
|
—
|
—
|
4
|
31
|
35
|
|||||||||||||||||||||||||||
Property
|
—
|
—
|
—
|
—
|
7
|
7
|
—
|
7
|
7
|
|||||||||||||||||||||||||||
Investment contracts
|
—
|
—
|
—
|
—
|
84
|
84
|
—
|
84
|
84
|
|||||||||||||||||||||||||||
Total other investments
|
4
|
31
|
35
|
—
|
91
|
91
|
4
|
122
|
126
|
|||||||||||||||||||||||||||
Total investments
|
$
|
695
|
$
|
31
|
$
|
726
|
$
|
2
|
$
|
301
|
$
|
303
|
$
|
697
|
$
|
332
|
$
|
1,029
|
Year ended December 31, 2011
|
Year ended December 31, 2010
|
Year ended December 31, 2009
|
||||||||||||||||||||||||||||||||||
U.S.
Plans
|
Non-U.S.
Plans
|
Transocean Plans
|
U.S.
Plans
|
Non-U.S.
Plans
|
Transocean Plans
|
U.S.
Plans
|
Non-U.S.
Plans
|
Transocean Plans
|
||||||||||||||||||||||||||||
Service cost
|
$
|
43
|
$
|
21
|
$
|
64
|
$
|
42
|
$
|
20
|
$
|
62
|
$
|
44
|
$
|
18
|
$
|
62
|
||||||||||||||||||
Interest cost
|
58
|
22
|
80
|
54
|
20
|
74
|
50
|
17
|
67
|
|||||||||||||||||||||||||||
Expected return on plan assets
|
(63
|
)
|
(23
|
)
|
(86
|
)
|
(58
|
)
|
(17
|
)
|
(75
|
)
|
(55
|
)
|
(16
|
)
|
(71
|
)
|
||||||||||||||||||
Settlements and curtailments
|
2
|
1
|
3
|
5
|
3
|
8
|
4
|
2
|
6
|
|||||||||||||||||||||||||||
Special termination benefits
|
—
|
—
|
—
|
3
|
—
|
3
|
—
|
—
|
—
|
|||||||||||||||||||||||||||
Actuarial losses, net
|
23
|
4
|
27
|
13
|
4
|
17
|
18
|
2
|
20
|
|||||||||||||||||||||||||||
Prior service cost (credit), net
|
(1
|
)
|
—
|
(1
|
)
|
(1
|
)
|
—
|
(1
|
)
|
(1
|
)
|
1
|
—
|
||||||||||||||||||||||
Transition obligation, net
|
—
|
—
|
—
|
—
|
1
|
1
|
—
|
—
|
—
|
|||||||||||||||||||||||||||
Net periodic benefit costs
|
$
|
62
|
$
|
25
|
$
|
87
|
$
|
58
|
$
|
31
|
$
|
89
|
$
|
60
|
$
|
24
|
$
|
84
|
December 31, 2011
|
December 31, 2010
|
|||||||||||||||||||||||||||||||
U.S.
Plans
|
Non-U.S.
Plans
|
OPEB
Plans
|
Total
|
U.S.
Plans
|
Non-U.S.
Plans
|
OPEB
Plans
|
Total
|
|||||||||||||||||||||||||
Actuarial loss, net
|
$
|
447
|
$
|
113
|
$
|
4
|
$
|
564
|
$
|
319
|
$
|
52
|
$
|
7
|
$
|
378
|
||||||||||||||||
Prior service cost (credit), net
|
(10
|
)
|
—
|
(2
|
)
|
(12
|
)
|
(11
|
)
|
8
|
(5
|
)
|
(8
|
)
|
||||||||||||||||||
Transition obligation, net
|
—
|
(2
|
)
|
—
|
(2
|
)
|
—
|
1
|
—
|
1
|
||||||||||||||||||||||
Total
|
$
|
437
|
$
|
111
|
$
|
2
|
$
|
550
|
$
|
308
|
$
|
61
|
$
|
2
|
$
|
371
|
Year ending December 31, 2012
|
||||||||||||||||
U.S.
Plans
|
Non-U.S.
Plans
|
OPEB
Plans
|
Total
|
|||||||||||||
Actuarial loss, net
|
$
|
39
|
$
|
4
|
$
|
—
|
$
|
43
|
||||||||
Prior service cost (credit), net
|
(1
|
)
|
—
|
(1
|
)
|
(2
|
)
|
|||||||||
Transition obligation, net
|
—
|
—
|
—
|
—
|
||||||||||||
Total amount expected to be recognized
|
$
|
38
|
$
|
4
|
$
|
(1
|
)
|
$
|
41
|
U.S.
Plans
|
Non-U.S.
Plans
|
OPEB
Plans
|
Total
|
||||||||||||
Years ending December 31,
|
|||||||||||||||
2012
|
$
|
41
|
$
|
10
|
$
|
3
|
$
|
54
|
|||||||
2013
|
44
|
10
|
3
|
57
|
|||||||||||
2014
|
47
|
10
|
3
|
60
|
|||||||||||
2015
|
50
|
9
|
4
|
63
|
|||||||||||
2016
|
54
|
9
|
4
|
67
|
|||||||||||
2017
-
2021
|
319
|
62
|
20
|
401
|
Capital
lease
|
Operating
leases
|
|||||||
Years ending December 31,
|
||||||||
2012
|
$
|
66
|
$
|
39
|
||||
2013
|
72
|
39
|
||||||
2014
|
72
|
27
|
||||||
2015
|
72
|
22
|
||||||
2016
|
73
|
21
|
||||||
Thereafter
|
918
|
91
|
||||||
Total future minimum rental payment
|
$
|
1,273
|
$
|
239
|
||||
Less amount representing imputed interest
|
(597
|
)
|
||||||
Present value of future minimum rental payments under capital leases
|
676
|
|||||||
Less current portion included in debt due within one year
|
(17
|
)
|
||||||
Long
-
term capital lease obligation
|
$
|
659
|
December 31,
|
||||||||
2011
|
2010
|
|||||||
Property and equipment, cost
|
$
|
742
|
$
|
740
|
||||
Accumulated depreciation
|
(44
|
)
|
(24
|
)
|
||||
Property and equipment, net
|
$
|
698
|
$
|
716
|
Purchase
obligations
|
||||
Years ending December 31,
|
||||
2012
|
$
|
311
|
||
2013
|
592
|
|||
2014
|
408
|
|||
2015
|
—
|
|||
2016
|
—
|
|||
Thereafter
|
—
|
|||
Total
|
$
|
1,311
|
§
|
the actual responsibility attributed to us and the other PRPs at the site;
|
§
|
appropriate investigatory or remedial actions; and
|
§
|
allocation of the costs of such activities among the PRPs and other site users.
|
§
|
the volume and nature of material, if any, contributed to the site for which we are responsible;
|
§
|
the number of other PRPs and their financial viability; and
|
§
|
the remediation methods and technology to be used.
|
§
|
It is difficult to quantify with certainty the potential cost of these environmental matters, particularly in respect of remediation obligations. Nevertheless, based upon the information currently available, we believe that our ultimate liability arising from all environmental matters, including the liability for all other related pending legal proceedings, asserted legal claims and known potential legal claims which are likely to be asserted, is adequately accrued and should not have a material effect on our statement of financial position or results of operations. Estimated costs of future expenditures for environmental remediation obligations are not discounted to their present value.
|
Years ended December 31,
|
||||||||||||
2011
|
2010
|
2009
|
||||||||||
Redeemable noncontrolling interest
|
||||||||||||
Balance, beginning of period
|
$
|
25
|
$
|
—
|
$
|
—
|
||||||
Reclassification from noncontrolling interest
|
—
|
26
|
—
|
|||||||||
Net income attributable to noncontrolling interest (a)
|
94
|
13
|
—
|
|||||||||
Other comprehensive loss attributable to noncontrolling interest (a)
|
(3
|
)
|
(14
|
)
|
—
|
|||||||
Balance, end of period
|
$
|
116
|
$
|
25
|
$
|
—
|
(a)
|
The noncontrolling interest associated with TPDI was not redeemable during the year ended December 31, 2009.
|
Years ended December 31,
|
||||||||||||
2011
|
2010
|
2009
|
||||||||||
Dividend yield
|
4%
|
4%
|
—
|
|||||||||
Expected price volatility
|
40%
|
39%
|
49%
|
|||||||||
Risk
-
free interest rate
|
1.97%
|
2.30%
|
1.80%
|
|||||||||
Expected life of options
|
4.9 years
|
4.7 years
|
4.8 years
|
|||||||||
Weighted
-
average fair value of options granted
|
$
|
19.75
|
$
|
30.03
|
$
|
26.07
|
Number
of shares
under option
|
Weighted-average
exercise price
per share
|
Weighted-average
remaining
contractual term
(years)
|
Aggregate intrinsic value
(in millions)
|
|||||||||||
Outstanding at January 1, 2011
|
1,653,683
|
$
|
66.37
|
5.29
|
$
|
5
|
||||||||
Granted
|
194,342
|
78.76
|
||||||||||||
Exercised
|
(210,997
|
)
|
46.37
|
|||||||||||
Forfeited
|
(47,515
|
)
|
84.77
|
|||||||||||
Expired
|
(10,229
|
)
|
42.79
|
|||||||||||
Outstanding at December 31, 2011
|
1,579,284
|
$
|
70.16
|
2.67
|
$
|
—
|
||||||||
Vested and exercisable at December 31, 2011
|
1,182,287
|
$
|
68.13
|
2.67
|
$
|
—
|
Number
of
shares
|
Weighted-average
grant-date fair value
per share
|
||||||
Unvested at January 1, 2011
|
3,939
|
$
|
132.32
|
||||
Vested
|
(3,939
|
)
|
132.32
|
||||
Unvested at December 31, 2011
|
—
|
$
|
—
|
Number
of
units
|
Weighted-average
grant-date fair value
per share
|
||||||
Unvested at January 1, 2011
|
1,844,784
|
$
|
75.23
|
||||
Granted
|
1,090,747
|
77.55
|
|||||
Vested
|
(832,252
|
)
|
78.97
|
||||
Forfeited
|
(163,439
|
)
|
76.94
|
||||
Unvested at December 31, 2011
|
1,939,840
|
$
|
74.78
|
Number
of
awards
|
Weighted-average
exercise price
per share
|
Weighted-average
remaining
contractual term
(years)
|
Aggregate
intrinsic value
(in millions)
|
|||||||||||
Outstanding at January 1, 2011
|
189,139
|
$
|
93.28
|
5.76
|
$
|
—
|
||||||||
Exercised
|
(1,400
|
)
|
77.73
|
—
|
—
|
|||||||||
Forfeited
|
(7,768
|
)
|
105.57
|
—
|
—
|
|||||||||
Outstanding at December 31, 2011
|
179,971
|
$
|
92.87
|
4.66
|
$
|
—
|
||||||||
Vested and exercisable at December 31, 2011
|
179,971
|
$
|
92.87
|
4.66
|
$
|
—
|
Number
of shares
under option
|
Weighted-average
exercise price
per share
|
Weighted-average
remaining
contractual term
(years)
|
Aggregate
intrinsic value
(in millions)
|
|||||||||||
Outstanding at January 1, 2011
|
179,262
|
$
|
75.30
|
5.22
|
$
|
—
|
||||||||
Outstanding at December 31, 2011
|
179,262
|
$
|
75.30
|
4.23
|
$
|
—
|
||||||||
Vested and exercisable at December 31, 2011
|
179,262
|
$
|
75.30
|
4.23
|
$
|
—
|
Number
of
units
|
Weighted-average
grant-date fair value
per share
|
||||||
Unvested at January 1, 2011
|
422,906
|
$
|
89.14
|
||||
Granted
|
98,797
|
78.69
|
|||||
Forfeited
|
(105,756
|
)
|
121.89
|
||||
Unvested at December 31, 2011
|
415,947
|
$
|
75.98
|
December 31,
|
||||||||
2011
|
2010
|
|||||||
Other current liabilities
|
||||||||
Accrued payroll and employee benefits
|
$
|
340
|
$
|
270
|
||||
Distribution payable
|
278
|
—
|
||||||
Deferred revenue
|
181
|
134
|
||||||
Deferred revenue of consolidated variable interest entities
|
16
|
16
|
||||||
Accrued taxes, other than income
|
127
|
126
|
||||||
Accrued interest
|
132
|
97
|
||||||
Unearned income
|
2
|
15
|
||||||
Contingent liabilities
|
1,229
|
164
|
||||||
Other
|
45
|
61
|
||||||
Total other current liabilities
|
$
|
2,350
|
$
|
883
|
December 31,
|
||||||||
2011
|
2010
|
|||||||
Other long
-
term liabilities
|
||||||||
Long
-
term income taxes payable
|
$
|
729
|
$
|
675
|
||||
Accrued pension liabilities
|
579
|
426
|
||||||
Deferred revenue
|
244
|
302
|
||||||
Deferred revenue of consolidated variable interest entities
|
85
|
91
|
||||||
Drilling contract intangibles
|
103
|
152
|
||||||
Accrued retiree life insurance and medical benefits
|
49
|
52
|
||||||
Other
|
114
|
93
|
||||||
Total other long
-
term liabilities
|
$
|
1,903
|
$
|
1,791
|
Years ended December 31,
|
||||||||||||
2011
|
2010
|
2009
|
||||||||||
Changes in operating assets and liabilities
|
||||||||||||
Decrease (increase) in accounts receivable
|
$
|
(174
|
)
|
$
|
386
|
$
|
504
|
|||||
Increase in other current assets
|
(73
|
)
|
(75
|
)
|
(50
|
)
|
||||||
Increase in other assets
|
(5
|
)
|
(40
|
)
|
(30
|
)
|
||||||
Increase (decrease) in accounts payable and other current liabilities
|
978
|
227
|
(60
|
)
|
||||||||
Decrease in other long
-
term liabilities
|
(34
|
)
|
(52
|
)
|
(7
|
)
|
||||||
Change in income taxes receivable / payable, net
|
53
|
(37
|
)
|
77
|
||||||||
$
|
745
|
$
|
409
|
$
|
434
|
Years ended December 31,
|
||||||||||||
2011
|
2010
|
2009
|
||||||||||
Certain cash operating activities
|
||||||||||||
Cash payments for interest
|
$
|
626
|
$
|
641
|
$
|
683
|
||||||
Cash payments for income taxes
|
338
|
493
|
663
|
|||||||||
Non
-
cash investing and financing activities
|
||||||||||||
Capital expenditures, accrued at end of period (a)
|
$
|
68
|
$
|
69
|
$
|
139
|
||||||
Asset capitalized under capital leases (b)
|
—
|
—
|
716
|
|||||||||
Non
-
cash proceeds received for the sale of assets (c)
|
—
|
134
|
—
|
(a)
|
These amounts represent additions to property and equipment for which we had accrued a corresponding liability in accounts payable.
|
(b)
|
On August 4, 2009, we accepted delivery of
Petrobras 10000
and recorded non-cash additions of $716 million to property and equipment, net along with a corresponding increase to long-term debt. See Note 12—Debt and Note 15—Commitments and Contingencies.
|
(c)
|
During the year ended December 31, 2010, we completed the sale of two Midwater Floaters,
GSF Arctic II
and
GSF Arctic IV.
In connection with the sale, we received net cash proceeds of $38 million and non-cash proceeds in the form of two notes receivable in the aggregate face value amount of $165 million. We recognized the notes receivable at their estimated fair value, in the aggregate amount of $134 million, measured at the time of the sale. See Note 23—Variable Interest Entities and Note 10—Drilling Fleet.
|
December 31, 2011
|
December 31, 2010
|
||||||||||||||
Carrying
amount
|
Fair
value
|
Carrying
amount
|
Fair
value
|
||||||||||||
Cash and cash equivalents
|
$
|
4,017
|
$
|
4,017
|
$
|
3,394
|
$
|
3,394
|
|||||||
Accounts receivable
|
2,049
|
2,049
|
1,653
|
1,653
|
|||||||||||
Notes receivable and working capital loan receivable
|
139
|
139
|
115
|
115
|
|||||||||||
Restricted cash investments
|
928
|
975
|
47
|
47
|
|||||||||||
Long
-
term debt, including current maturities
|
12,698
|
13,074
|
10,271
|
10,562
|
|||||||||||
Long
-
term debt of consolidated variable interest entities, including current maturities
|
838
|
838
|
950
|
964
|
|||||||||||
Derivative instruments, assets
|
36
|
36
|
21
|
21
|
|||||||||||
Derivative instruments, liabilities
|
38
|
38
|
13
|
13
|
December 31, 2011
|
December 31, 2010
|
||||||||||||||||||||||
Assets
|
Liabilities
|
Net carrying amount
|
Assets
|
Liabilities
|
Net carrying amount
|
||||||||||||||||||
Variable interest entity
|
|||||||||||||||||||||||
TPDI
|
$
|
1,562
|
$
|
673
|
$
|
889
|
$
|
1,598
|
$
|
763
|
$
|
835
|
|||||||||||
ADDCL
|
930
|
334
|
596
|
864
|
345
|
519
|
|||||||||||||||||
Total
|
$
|
2,492
|
$
|
1,007
|
$
|
1,485
|
$
|
2,462
|
$
|
1,108
|
$
|
1,354
|
Years ended December 31,
|
||||||||||||
2011
|
2010
|
2009
|
||||||||||
Operating revenues
|
||||||||||||
U.S.
|
$
|
1,975
|
$
|
2,087
|
$
|
2,209
|
||||||
U.K.
|
1,211
|
1,183
|
1,563
|
|||||||||
Brazil
|
1,019
|
1,288
|
1,108
|
|||||||||
Other countries (a)
|
4,937
|
4,908
|
6,561
|
|||||||||
Total operating revenues
|
$
|
9,142
|
$
|
9,466
|
$
|
11,441
|
(a)
|
Other countries represents countries in which we operate that individually had operating revenues representing less than 10 percent of total operating revenues earned.
|
December 31,
|
||||||||
2011
|
2010
|
|||||||
Long
-
lived assets
|
||||||||
U.S.
|
$
|
6,549
|
$
|
5,519
|
||||
Brazil
|
2,185
|
2,472
|
||||||
India
|
1,593
|
2,632
|
||||||
Other countries (a)
|
12,202
|
10,696
|
||||||
Total long
-
lived assets
|
$
|
22,529
|
$
|
21,319
|
(a)
|
Other countries represents countries in which we operate that individually had long-lived assets representing less than 10 percent of total long-lived assets.
|
Year ended December 31, 2011
|
||||||||||||||||||||
Parent
Guarantor
|
Subsidiary
Issuer
|
Other
Subsidiaries
|
Consolidating
adjustments
|
Consolidated
|
||||||||||||||||
Operating revenues
|
$
|
—
|
$
|
—
|
$
|
9,160
|
$
|
(18
|
)
|
$
|
9,142
|
|||||||||
Cost and expenses
|
44
|
4
|
8,663
|
(18
|
)
|
8,693
|
||||||||||||||
Loss on impairment
|
—
|
—
|
(5,229
|
)
|
—
|
(5,229
|
)
|
|||||||||||||
Gain on disposal of assets, net
|
—
|
—
|
4
|
—
|
4
|
|||||||||||||||
Operating loss
|
(44
|
)
|
(4
|
)
|
(4,728
|
)
|
—
|
(4,776
|
)
|
|||||||||||
Other income (expense), net
|
||||||||||||||||||||
Interest expense, net
|
(11)
|
(510
|
)
|
(56
|
)
|
—
|
(577
|
)
|
||||||||||||
Equity in earnings
|
(5,670
|
)
|
(5,145
|
)
|
18
|
10,815
|
18
|
|||||||||||||
Other, net
|
—
|
9
|
(108
|
)
|
—
|
(99
|
)
|
|||||||||||||
(5,681
|
)
|
(5,646
|
)
|
(146
|
)
|
10,815
|
(658
|
)
|
||||||||||||
Loss from continuing operations before income tax expense
|
(5,725
|
)
|
(5,650
|
)
|
(4,874
|
)
|
10,815
|
(5,434
|
)
|
|||||||||||
Income tax expense
|
—
|
—
|
395
|
—
|
395
|
|||||||||||||||
Loss from continuing operations
|
(5,725
|
)
|
(5,650
|
)
|
(5,269
|
)
|
10,815
|
(5,829
|
)
|
|||||||||||
Income from discontinued operations, net of tax
|
—
|
—
|
197
|
—
|
197
|
|||||||||||||||
Net loss
|
(5,725
|
)
|
(5,650
|
)
|
(5,072
|
)
|
10,815
|
(5,632
|
)
|
|||||||||||
Net income attributable to noncontrolling interest
|
—
|
—
|
93
|
—
|
93
|
|||||||||||||||
Net loss attributable to controlling interest
|
$
|
(5,725
|
)
|
$
|
(5,650
|
)
|
$
|
(5,165
|
)
|
$
|
10,815
|
$
|
(5,725
|
)
|
Year ended December 31, 2010
|
||||||||||||||||||||
Parent
Guarantor
|
Subsidiary
Issuer
|
Other
Subsidiaries
|
Consolidating
adjustments
|
Consolidated
|
||||||||||||||||
Operating revenues
|
$
|
—
|
$
|
—
|
$
|
9,481
|
$
|
(15
|
)
|
$
|
9,466
|
|||||||||
Cost and expenses
|
45
|
3
|
6,823
|
(15
|
)
|
6,856
|
||||||||||||||
Loss on impairment
|
—
|
—
|
(1,010
|
)
|
—
|
(1,010
|
)
|
|||||||||||||
Gain on disposal of assets, net
|
—
|
—
|
257
|
—
|
257
|
|||||||||||||||
Operating income (loss)
|
(45
|
)
|
(3
|
)
|
1,905
|
—
|
1,857
|
|||||||||||||
Other income (expense), net
|
||||||||||||||||||||
Interest income (expense), net
|
1
|
(494
|
)
|
(51
|
)
|
—
|
(544
|
)
|
||||||||||||
Equity in earnings
|
1,005
|
1,519
|
8
|
(2,524
|
)
|
8
|
||||||||||||||
Other, net
|
—
|
(7
|
)
|
(24
|
)
|
—
|
(31
|
)
|
||||||||||||
1,006
|
1,018
|
(67
|
)
|
(2,524
|
)
|
(567
|
)
|
|||||||||||||
Income from continuing operations before income tax expense
|
961
|
1,015
|
1,838
|
(2,524
|
)
|
1,290
|
||||||||||||||
Income tax expense
|
—
|
—
|
336
|
—
|
336
|
|||||||||||||||
Income from continuing operations
|
961
|
1,015
|
1,502
|
(2,524
|
)
|
954
|
||||||||||||||
Income from discontinued operations, net of tax
|
—
|
—
|
34
|
—
|
34
|
|||||||||||||||
Net income
|
961
|
1,015
|
1,536
|
(2,524
|
)
|
988
|
||||||||||||||
Net income attributable to noncontrolling interest
|
—
|
—
|
27
|
—
|
27
|
|||||||||||||||
Net income attributable to controlling interest
|
$
|
961
|
$
|
1,015
|
$
|
1,509
|
$
|
(2,524
|
)
|
$
|
961
|
Year ended December 31, 2009
|
||||||||||||||||||||
Parent
Guarantor
|
Subsidiary
Issuer
|
Other
Subsidiaries
|
Consolidating
adjustments
|
Consolidated
|
||||||||||||||||
Operating revenues
|
$
|
—
|
$
|
—
|
$
|
11,455
|
$
|
(14
|
)
|
$
|
11,441
|
|||||||||
Cost and expenses
|
26
|
4
|
6,692
|
(14
|
)
|
6,708
|
||||||||||||||
Loss on impairment
|
—
|
—
|
(334
|
)
|
—
|
(334
|
)
|
|||||||||||||
Loss on disposal of assets, net
|
—
|
—
|
(9
|
)
|
—
|
(9
|
)
|
|||||||||||||
Operating income (loss)
|
(26
|
)
|
(4
|
)
|
4,420
|
—
|
4,390
|
|||||||||||||
Other income (expense), net
|
||||||||||||||||||||
Interest income (expense), net
|
1
|
(521)
|
41
|
—
|
(479
|
)
|
||||||||||||||
Equity in earnings
|
3,206
|
3,773
|
6
|
(6,979
|
)
|
|
6
|
|||||||||||||
Other, net
|
—
|
(43
|
)
|
45
|
—
|
2
|
||||||||||||||
3,207
|
3,209
|
92
|
(6,979
|
)
|
(471
|
)
|
||||||||||||||
Income from continuing operations before income tax expense
|
3,181
|
3,205
|
4,512
|
(6,979
|
)
|
3,919
|
||||||||||||||
Income tax expense
|
—
|
—
|
723
|
—
|
723
|
|||||||||||||||
Income from continuing operations
|
3,181
|
3,205
|
3,789
|
(6,979
|
)
|
3,196
|
||||||||||||||
Loss from discontinued operations, net of tax
|
—
|
—
|
(26
|
)
|
—
|
(26
|
)
|
|||||||||||||
Net income
|
3,181
|
3,205
|
3,763
|
(6,979
|
)
|
3,170
|
||||||||||||||
Net loss attributable to noncontrolling interest
|
—
|
—
|
(11
|
)
|
—
|
(11
|
)
|
|||||||||||||
Net income attributable to controlling interest
|
$
|
3,181
|
$
|
3,205
|
$
|
3,774
|
$
|
(6,979
|
)
|
$
|
3,181
|
December 31, 2011
|
||||||||||||||||||||
Parent
Guarantor
|
Subsidiary
Issuer
|
Other
Subsidiaries
|
Consolidating
adjustments
|
Consolidated
|
||||||||||||||||
Assets
|
||||||||||||||||||||
Cash and cash equivalents
|
$
|
3
|
$
|
2,793
|
$
|
1,221
|
$
|
—
|
$
|
4,017
|
||||||||||
Other current assets
|
8
|
784
|
4,493
|
(1,693
|
)
|
3,592
|
||||||||||||||
Total current assets
|
11
|
3,577
|
5,714
|
(1,693
|
)
|
7,609
|
||||||||||||||
Property and equipment, net
|
1
|
—
|
22,528
|
—
|
22,529
|
|||||||||||||||
Goodwill
|
—
|
—
|
3,205
|
—
|
3,205
|
|||||||||||||||
Investment in affiliates
|
16,503
|
27,582
|
—
|
(44,085
|
)
|
—
|
||||||||||||||
Other assets
|
—
|
1,368
|
17,908
|
(17,531
|
)
|
1,745
|
||||||||||||||
Total assets
|
16,515
|
32,527
|
49,355
|
(63,309
|
)
|
35,088
|
||||||||||||||
Liabilities and equity
|
||||||||||||||||||||
Debt due within one year
|
—
|
1,693
|
346
|
—
|
2,039
|
|||||||||||||||
Other current liabilities
|
294
|
367
|
4,351
|
(1,693
|
)
|
3,319
|
||||||||||||||
Total current liabilities
|
294
|
2,060
|
4,697
|
(1,693
|
)
|
5,358
|
||||||||||||||
Long-term debt
|
495
|
14,308
|
14,225
|
(17,531
|
)
|
11,497
|
||||||||||||||
Other long-term liabilities
|
25
|
439
|
1,962
|
—
|
2,426
|
|||||||||||||||
Total long-term liabilities
|
520
|
14,747
|
16,187
|
(17,531
|
)
|
13,923
|
||||||||||||||
Commitments and contingencies
|
||||||||||||||||||||
Redeemable noncontrolling interest
|
—
|
—
|
116
|
—
|
116
|
|||||||||||||||
Total equity
|
15,701
|
15,720
|
28,355
|
(44,085
|
)
|
15,691
|
||||||||||||||
Total liabilities and equity
|
$
|
16,515
|
$
|
32,527
|
$
|
49,355
|
$
|
(63,309
|
)
|
$
|
35,088
|
December 31, 2010
|
||||||||||||||||||||
Parent
Guarantor
|
Subsidiary
Issuer
|
Other
Subsidiaries
|
Consolidating
adjustments
|
Consolidated
|
||||||||||||||||
Assets
|
||||||||||||||||||||
Cash and cash equivalents
|
$
|
38
|
$
|
2,041
|
$
|
1,315
|
$
|
—
|
$
|
3,394
|
||||||||||
Other current assets
|
12
|
788
|
3,189
|
(1,188
|
)
|
2,801
|
||||||||||||||
Total current assets
|
50
|
2,829
|
4,504
|
(1,188
|
)
|
6,195
|
||||||||||||||
Property and equipment, net
|
1
|
—
|
21,318
|
—
|
21,319
|
|||||||||||||||
Goodwill
|
—
|
—
|
8,132
|
—
|
8,132
|
|||||||||||||||
Investment in affiliates
|
21,373
|
33,473
|
19
|
(54,846
|
)
|
19
|
||||||||||||||
Other assets
|
—
|
1,017
|
14,001
|
(13,872
|
)
|
1,146
|
||||||||||||||
Total assets
|
21,424
|
37,319
|
47,974
|
(69,906
|
)
|
36,811
|
||||||||||||||
Liabilities and equity
|
||||||||||||||||||||
Debt due within one year
|
—
|
1,891
|
121
|
—
|
2,012
|
|||||||||||||||
Other current liabilities
|
21
|
444
|
2,547
|
(1,188
|
)
|
1,824
|
||||||||||||||
Total current liabilities
|
21
|
2,335
|
2,668
|
(1,188
|
)
|
3,836
|
||||||||||||||
Long-term debt
|
—
|
13,354
|
9,727
|
(13,872
|
)
|
9,209
|
||||||||||||||
Other long-term liabilities
|
20
|
292
|
2,054
|
—
|
2,366
|
|||||||||||||||
Total long-term liabilities
|
20
|
13,646
|
11,781
|
(13,872
|
)
|
11,575
|
||||||||||||||
Commitments and contingencies
|
||||||||||||||||||||
Redeemable noncontrolling interest
|
—
|
—
|
25
|
—
|
25
|
|||||||||||||||
Total equity
|
21,383
|
21,338
|
33,500
|
(54,846
|
)
|
21,375
|
||||||||||||||
Total liabilities and equity
|
$
|
21,424
|
$
|
37,319
|
$
|
47,974
|
$
|
(69,906
|
)
|
$
|
36,811
|
Year ended December 31, 2011
|
||||||||||||||||||||
Parent
Guarantor
|
Subsidiary
Issuer
|
Other
Subsidiaries
|
Consolidating
adjustments
|
Consolidated
|
||||||||||||||||
Cash flows from operating activities
|
$
|
(52
|
)
|
$
|
503
|
$
|
1,334
|
$
|
—
|
$
|
1,785
|
|||||||||
Cash flows from investing activities
|
||||||||||||||||||||
Capital expenditures
|
—
|
—
|
(1,020
|
)
|
—
|
(1,020
|
)
|
|||||||||||||
Investment in business combination, net of cash acquired
|
—
|
—
|
(1,246
|
)
|
—
|
(1,246
|
)
|
|||||||||||||
Proceeds from disposal of assets, net
|
—
|
—
|
177
|
—
|
177
|
|||||||||||||||
Proceeds from disposal of discontinued operations, net
|
—
|
—
|
284
|
—
|
284
|
|||||||||||||||
Investing activities with affiliates, net
|
(875
|
)
|
(325
|
)
|
(693
|
)
|
1,893
|
—
|
||||||||||||
Other, net
|
—
|
(23
|
)
|
(68
|
)
|
—
|
(91
|
)
|
||||||||||||
Net cash provided by (used in) investing activities
|
(875
|
)
|
(348
|
)
|
(2,566
|
)
|
1,893
|
(1,896
|
)
|
|||||||||||
Cash flows from financing activities
|
||||||||||||||||||||
Changes in short-term borrowings, net
|
—
|
(88
|
)
|
—
|
—
|
(88
|
)
|
|||||||||||||
Proceeds from debt
|
435
|
2,504
|
—
|
—
|
2,939
|
|||||||||||||||
Repayments of debt
|
(429
|
)
|
(1,827
|
)
|
(153
|
)
|
—
|
(2,409
|
)
|
|||||||||||
Proceeds from share issuance, net
|
1,211
|
—
|
—
|
—
|
1,211
|
|||||||||||||||
Distribution of qualifying additional paid-in capital
|
(763
|
)
|
—
|
—
|
—
|
(763
|
)
|
|||||||||||||
Financing activities with affiliates, net
|
495
|
43
|
1,355
|
(1,893
|
)
|
—
|
||||||||||||||
Other, net
|
(57
|
)
|
(35
|
)
|
(64
|
)
|
—
|
(156
|
)
|
|||||||||||
Net cash provided by (used in) financing activities
|
892
|
597
|
1,138
|
(1,893
|
)
|
734
|
||||||||||||||
Net increase (decrease) in cash and cash equivalents
|
(35
|
)
|
752
|
(94
|
)
|
—
|
623
|
|||||||||||||
Cash and cash equivalents at beginning of period
|
38
|
2,041
|
1,315
|
—
|
3,394
|
|||||||||||||||
Cash and cash equivalents at end of period
|
$
|
3
|
$
|
2,793
|
$
|
1,221
|
$
|
—
|
$
|
4,017
|
Year ended December 31, 2010
|
||||||||||||||||||||
Parent
Guarantor
|
Subsidiary
Issuer
|
Other
Subsidiaries
|
Consolidating
adjustments
|
Consolidated
|
||||||||||||||||
Cash flows from operating activities
|
$
|
(33
|
)
|
$
|
(358
|
)
|
$
|
4,337
|
$
|
—
|
$
|
3,946
|
||||||||
Cash flows from investing activities
|
||||||||||||||||||||
Capital expenditures
|
(4
|
)
|
—
|
(1,387
|
)
|
—
|
(1,391
|
)
|
||||||||||||
Proceeds from insurance recoveries for loss of drilling unit
|
—
|
—
|
560
|
—
|
560
|
|||||||||||||||
Proceeds from disposal of assets, net
|
—
|
—
|
60
|
—
|
60
|
|||||||||||||||
Investing activities with affiliates, net
|
310
|
1,357
|
(1,694
|
)
|
27
|
—
|
||||||||||||||
Other, net
|
—
|
(6
|
)
|
56
|
—
|
50
|
||||||||||||||
Net cash provided by (used in) investing activities
|
306
|
1,351
|
(2,405
|
)
|
27
|
(721
|
)
|
|||||||||||||
Cash flows from financing activities
|
||||||||||||||||||||
Changes in short-term borrowings, net
|
—
|
(193
|
)
|
—
|
—
|
(193
|
)
|
|||||||||||||
Proceeds from debt
|
—
|
1,999
|
55
|
—
|
2,054
|
|||||||||||||||
Repayments of debt
|
—
|
(2,245
|
)
|
(320
|
)
|
—
|
(2,565
|
)
|
||||||||||||
Purchases of shares held in treasury
|
(240
|
)
|
—
|
—
|
—
|
(240
|
)
|
|||||||||||||
Financing activities with affiliates, net
|
—
|
1,384
|
(1,357
|
)
|
(27
|
)
|
—
|
|||||||||||||
Other, net
|
—
|
(14
|
)
|
(3
|
)
|
—
|
(17
|
)
|
||||||||||||
Net cash provided by (used in) financing activities
|
(240
|
)
|
931
|
(1,625
|
)
|
(27
|
)
|
(961
|
)
|
|||||||||||
Net increase in cash and cash equivalents
|
33
|
1,924
|
307
|
—
|
2,264
|
|||||||||||||||
Cash and cash equivalents at beginning of period
|
5
|
117
|
1,008
|
—
|
1,130
|
|||||||||||||||
Cash and cash equivalents at end of period
|
$
|
38
|
$
|
2,041
|
$
|
1,315
|
$
|
—
|
$
|
3,394
|
Year ended December 31, 2009
|
||||||||||||||||||||
Parent
Guarantor
|
Subsidiary
Issuer
|
Other
Subsidiaries
|
Consolidating
adjustments
|
Consolidated
|
||||||||||||||||
Cash flows from operating activities
|
$
|
(24)
|
$
|
(429)
|
$
|
6,051
|
$
|
—
|
$
|
5,598
|
||||||||||
Cash flows from investing activities
|
||||||||||||||||||||
Capital expenditures
|
(1)
|
—
|
(3,040)
|
—
|
(3,041)
|
|||||||||||||||
Investing activities with affiliates, net
|
29
|
1,667
|
(2,068
|
)
|
372
|
—
|
||||||||||||||
Other, net
|
—
|
—
|
347
|
—
|
347
|
|||||||||||||||
Net cash provided by (used in) investing activities
|
28
|
1,667
|
(4,761)
|
372
|
(2,694)
|
|||||||||||||||
Cash flows from financing activities
|
||||||||||||||||||||
Changes in short-term borrowings, net
|
—
|
(382)
|
—
|
—
|
(382)
|
|||||||||||||||
Proceeds from debt
|
—
|
—
|
514
|
—
|
514
|
|||||||||||||||
Repayments of debt
|
—
|
(2,865)
|
(6)
|
—
|
(2,871)
|
|||||||||||||||
Financing activities with affiliates, net
|
—
|
2,008
|
(1,636
|
)
|
(372
|
)
|
—
|
|||||||||||||
Other, net
|
1
|
4
|
(3)
|
—
|
2
|
|||||||||||||||
Net cash provided by (used in) financing activities
|
1
|
(1,235)
|
(1,131)
|
(372
|
)
|
(2,737)
|
||||||||||||||
Net increase in cash and cash equivalents
|
5
|
3
|
159
|
—
|
167
|
|||||||||||||||
Cash and cash equivalents at beginning of period
|
—
|
114
|
849
|
—
|
963
|
|||||||||||||||
Cash and cash equivalents at end of period
|
$
|
5
|
$
|
117
|
$
|
1,008
|
$
|
—
|
$
|
1,130
|
Three months ended
|
||||||||||||||||
March 31,
|
June 30,
|
September 30,
|
December 31,
|
|||||||||||||
(In millions, except per share data)
|
||||||||||||||||
2011
|
||||||||||||||||
Operating revenues
|
$
|
2,144
|
$
|
2,334
|
$
|
2,242
|
$
|
2,422
|
||||||||
Operating income (loss) (a)
|
372
|
391
|
268
|
(5,807
|
)
|
|||||||||||
Income (loss) from continuing operations
|
164
|
162
|
(53
|
)
|
(6,102
|
)
|
||||||||||
Net income (loss) attributable to controlling interest (a) (b)
|
310
|
155
|
(71
|
)
|
(6,119
|
)
|
||||||||||
Per share earnings (loss) from continuing operations
|
||||||||||||||||
Basic
|
$
|
0.42
|
$
|
0.47
|
$
|
(0.20
|
)
|
$
|
(18.70
|
)
|
||||||
Diluted
|
$
|
0.42
|
$
|
0.47
|
$
|
(0.20
|
)
|
$
|
(18.70
|
)
|
||||||
Weighted
-
average shares outstanding
|
||||||||||||||||
Basic
|
319
|
320
|
320
|
329
|
||||||||||||
Diluted
|
320
|
320
|
320
|
329
|
||||||||||||
2010
|
||||||||||||||||
Operating revenues
|
$
|
2,579
|
$
|
2,479
|
$
|
2,281
|
$
|
2,127
|
||||||||
Operating income (loss) (c)
|
942
|
949
|
634
|
(668
|
)
|
|||||||||||
Income (loss) from continuing operations
|
683
|
712
|
363
|
(804
|
)
|
|||||||||||
Net income (loss) attributable to controlling interest (c)
|
677
|
715
|
368
|
(799
|
)
|
|||||||||||
Per share earnings (loss) from continuing operations
|
||||||||||||||||
Basic
|
$
|
2.09
|
$
|
2.20
|
$
|
1.10
|
$
|
(2.53
|
)
|
|||||||
Diluted
|
$
|
2.08
|
$
|
2.20
|
$
|
1.10
|
$
|
(2.53
|
)
|
|||||||
Weighted
-
average shares outstanding
|
||||||||||||||||
Basic
|
321
|
319
|
319
|
319
|
||||||||||||
Diluted
|
322
|
320
|
319
|
319
|
(a)
|
Third quarter included a loss of $78 million on forward exchange contract. Fourth quarter included an estimated loss of $5.2 billion on impairment of goodwill and an estimated loss of $1.0 billion in connection with loss contingencies associated with the Macondo well incident. See Note 5—Impairments, Note 10—Drilling Fleet and Note 15—Commitments and Contingencies.
|
(b)
|
First, third and fourth quarters included gains (losses) on disposal of discontinued operations in the amount of $173 million, $(4) million and $12 million, respectively.
|
(c)
|
Second quarter included gain of $267 million on the loss of
Deepwater Horizon
. Fourth quarter included loss of $1.0 billion on impairment of long-lived assets. See Note 5—Impairments and Note 10—Drilling Fleet.
|
Controls and Procedures
|
Other Information
|
Directors, Executive Officers and Corporate Governance
|
Executive Compensation
|
Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters
|
Certain Relationships, Related Transactions, and Director Independence
|
Principal Accountant Fees and Services
|
Exhibits and Financial Statement Schedules
|
Included in Part II of this report:
|
Page
|
||
Additions
|
|||||||||||||||||||||||
Balance at beginning of period
|
Charge to cost and expenses
|
Charge to
other
accounts
-describe
|
Deductions
-describe
|
Balance at end of
period
|
|||||||||||||||||||
Year ended December 31, 2009
|
|||||||||||||||||||||||
Reserves and allowances deducted from asset accounts:
|
|||||||||||||||||||||||
Allowance for doubtful accounts receivable
|
$
|
114
|
$
|
27
|
$
|
—
|
$
|
76
|
(a)
|
$
|
65
|
||||||||||||
Allowance for obsolete materials and supplies
|
49
|
17
|
—
|
—
|
66
|
||||||||||||||||||
Valuation allowance on deferred tax assets
|
111
|
49
|
—
|
—
|
160
|
||||||||||||||||||
Year ended December 31, 2010
|
|||||||||||||||||||||||
Reserves and allowances deducted from asset accounts:
|
|||||||||||||||||||||||
Allowance for doubtful accounts receivable
|
$
|
65
|
$
|
5
|
$
|
—
|
$
|
32
|
(a)
|
$
|
38
|
||||||||||||
Allowance for obsolete materials and supplies
|
66
|
6
|
—
|
2
|
(b)
|
70
|
|||||||||||||||||
Valuation allowance on deferred tax assets
|
160
|
8
|
—
|
4
|
(c)
|
164
|
|||||||||||||||||
Year ended December 31, 2011
|
|||||||||||||||||||||||
Reserves and allowances deducted from asset accounts:
|
|||||||||||||||||||||||
Allowance for doubtful accounts receivable
|
$
|
38
|
$
|
—
|
$
|
—
|
$
|
10
|
(a)
|
$
|
28
|
||||||||||||
Allowance for obsolete materials and supplies
|
70
|
5
|
—
|
2
|
(d)
|
73
|
|||||||||||||||||
Valuation allowance on deferred tax assets
|
164
|
19
|
—
|
—
|
183
|
(a)
|
Uncollectible accounts receivable written off, net of recoveries.
|
(b)
|
Amount represents $1 million related to sale of rigs and inventory and $1 million related to the loss of
Deepwater Horizon
.
|
(c)
|
Primarily due to reassessments of valuation allowances against future operations.
|
(d)
|
Amount related to sale of rigs and related equipment.
|
Number
|
Description
|
|
3.1
|
Articles of Association of Transocean Ltd. (incorporated by reference to Exhibit 3.2 to Transocean Ltd.’s Current Report on Form 8-K (Commission File No. 000-53533) filed on December 5, 2011)
|
|
3.2
|
Organizational Regulations of Transocean Ltd. (incorporated by reference to Exhibit 3.1 to Transocean Ltd.’s Current Report on Form 8-K (Commission File No. 000-53533) filed on February 23, 2012)
|
|
4.1
|
Indenture dated as of April 15, 1997 between Transocean Offshore Inc. and Texas Commerce Bank National Association, as trustee (incorporated by reference to Exhibit 4.1 to Transocean Offshore Inc.’s Current Report on Form 8-K (Commission File No. 001-07746) filed on April 30, 1997)
|
|
4.2
|
First
Supplemental Indenture dated as of April 15, 1997 between Transocean Offshore Inc. and Texas Commerce Bank National Association, as trustee, supplementing the Indenture dated as of April 15, 1997 (incorporated by reference to Exhibit 4.2 to Transocean Offshore Inc.’s Current Report on Form 8-K (Commission File No. 001-07746) filed on April 30, 1997)
|
|
4.3
|
Second
Supplemental Indenture dated as of May 14, 1999 between Transocean Offshore (Texas) Inc., Transocean Offshore Inc. and Chase Bank of Texas, National Association, as trustee (incorporated by reference to Exhibit 4.5 to Transocean Offshore Inc.’s Post
-
Effective Amendment No. 1 to Registration Statement on Form S-3 (Registration No. 333-59001
-
99))
|
|
4.4
|
Third
Supplemental Indenture dated as of May 24, 2000 between Transocean Sedco Forex Inc. and Chase Bank of Texas, National Association, as trustee (incorporated by reference to Exhibit 4.1 to Transocean Sedco Forex Inc.’s Current Report on Form 8-K (Commission File No. 333-75899) filed on May 24, 2000)
|
|
4.5
|
Fourth
Supplemental Indenture dated as of May 11, 2001 between Transocean Sedco Forex Inc. and The Chase Manhattan Bank (incorporated by reference to Exhibit 4.3 to Transocean Sedco Forex Inc.’s Quarterly Report on Form 10-Q (Commission File No. 333-75899) for the quarter ended March 31, 2001)
|
|
4.6
|
Fifth
Supplemental Indenture, dated as of December 18, 2008, among Transocean
Ltd., Transocean Inc. and The Bank of New York Mellon Trust
Company, N.A., as trustee (incorporated by reference to Exhibit 4.4 to Transocean Ltd.’s Current Report on Form 8-K filed on December 19, 2008)
|
|
4.7
|
Form of 7.45% Notes due April 15, 2027 (incorporated by reference to Exhibit 4.3 to Transocean Offshore Inc.’s Current Report on Form 8-K (Commission File No. 001-07746) filed on April 30, 1997)
|
|
4.8
|
Form of 8.00% Debentures due April 15, 2027 (incorporated by reference to Exhibit 4.4 to Transocean Offshore Inc.’s Current Report on Form 8
-
K (Commission File No. 001-07746) filed on April 30, 1997)
|
|
4.9
|
Form of 6.625% Note due April 15, 2011 (incorporated by reference to Exhibit 4.3 to Transocean Sedco Forex Inc.’s Current Report on Form 8
-
K (Commission File No. 333-75899) filed on April 9, 2001)
|
|
4.1
0
|
Form of 7.5% Note due April 15, 2031 (incorporated by reference to Exhibit 4.3 to Transocean Sedco Forex Inc.’s Current Report on Form 8
-
K (Commission File No. 333-75899) filed on April 9, 2001)
|
|
4.11
|
Officers’ Certificate establishing the terms of the 6.50% Notes due 2003, 6.75% Notes due 2005, 6.95% Notes due 2008, 7.375% Notes due 2018, 9.125% Notes due 2003 and 9.50% Notes due 2008 (incorporated by reference to Exhibit 4.13 to Transocean Sedco Forex Inc.’s Annual Report on Form 10-K (Commission File No. 333-75899) for the fiscal year ended December 31, 2001)
|
|
4.12
|
Officers’ Certificate establishing the terms of the 7.375% Notes due 2018 (incorporated by reference to Exhibit 4.14 to Transocean Sedco Forex Inc.’s Annual Report on Form 10-K (Commission File No. 333-75899) for the fiscal year ended December 31, 2001)
|
|
4.13
|
Indenture dated as of February
1, 2003, between GlobalSantaFe
Corporation and Wilmington Trust
Company, as trustee, relating to debt securities of GlobalSantaFe
Corporation (incorporated by reference to Exhibit 4.9 to GlobalSantaFe
Corporation’s Annual Report on Form 10-K (Commission File No. 001-14634) for the year ended December 31, 2002)
|
|
4.14
|
Supplemental Indenture dated November 27, 2007 among Transocean
Worldwide
Inc., GlobalSantaFe
Corporation and Wilmington Trust
Company, as trustee, to the Indenture dated as of February
1, 2003 between GlobalSantaFe
Corporation and Wilmington Trust
Company (incorporated by reference to Exhibit 4.4 to Transocean Inc.’s Current Report on Form 8-K (Commission File No. 333-75899) filed on December 3, 2007)
|
|
4.15
|
Form of 7% Note Due 2028 (incorporated by reference to Exhibit 4.2 of Global Marine
Inc.’s Current Report on Form 8-K (Commission File No. 1-5471) filed on May 22, 1998)
|
|
4.16
|
Terms of 7% Note Due 2028 (incorporated by reference to Exhibit 4.1 of Global Marine
Inc.’s Current Report on Form 8-K (Commission File No. 1-5471) filed on May 22, 1998)
|
|
4.17
|
Indenture dated as of September 1, 1997, between Global Marine
Inc. and Wilmington Trust
Company, as Trustee, relating to Debt Securities of Global Marine
Inc. (incorporated by reference to Exhibit 4.1 of Global Marine
Inc.’s Registration Statement on Form S-4 (No. 333-39033) filed with the Commission on October 30, 1997); First
Supplemental Indenture dated as of June 23, 2000 (incorporated by reference to Exhibit 4.2 of Global Marine
Inc.’s Quarterly Report on Form 10-Q (Commission File No. 1-5471) for the quarter ended June
30, 2000); Second
Supplemental Indenture dated as of November 20, 2001 (incorporated by reference to Exhibit 4.2 to GlobalSantaFe
Corporation’s Annual Report on Form 10-K (Commission File No. 001-14634) for the year ended December 31, 2004)
|
|
4.18
|
Form of 5% Note due 2013 (incorporated by reference to Exhibit 4.10 to GlobalSantaFe
Corporation’s Annual Report on Form 10-K (Commission File No. 001-14634) for the year ended December 31, 2002)
|
|
4.19
|
Terms of 5% Note due 2013 (incorporated by reference to Exhibit 4.11 to GlobalSantaFe
Corporation’s Annual Report on Form 10-K (Commission File No. 001-14634) for the year ended December 31, 2002)
|
|
4.20
|
Senior Indenture, dated as of December 11, 2007, between Transocean Inc. and Wells Fargo Bank, National Association (incorporated by reference to Exhibit 4.36 to Transocean Inc.’s Annual Report on Form 10-K (Commission File No. 333-75899) for the year ended December 31, 2007)
|
|
4.21
|
First
Supplemental Indenture, dated as of December 11, 2007, between Transocean Inc. and Wells Fargo Bank, National Association (incorporated by reference to Exhibit 4.37 to Transocean Inc.’s Annual Report on Form 10-K (Commission File No. 333-75899) for the year ended December 31, 2007)
|
|
4.22
|
Second
Supplemental Indenture, dated as of December 11, 2007, between Transocean Inc. and Wells Fargo Bank, National Association (incorporated by reference to Exhibit 4.38 to Transocean Inc.’s Annual Report on Form 10-K (Commission File No. 333-75899) for the year ended December 31, 2007)
|
|
4.23
|
Third Supplemental Indenture, dated as of December 18, 2008, among Transocean Ltd., Transocean Inc. and Wells Fargo Bank, National Association, as trustee (incorporated by reference to Exhibit 4.3 to Transocean Ltd.’s Current Report on Form 8-K (Commission File No. 333-75899) filed on December 19, 2008)
|
|
4.24
|
Fourth Supplemental Indenture, dated as of September 21, 2010, among Transocean Ltd., Transocean Inc. and Wells Fargo Bank, National Association, as trustee (incorporated by reference to Exhibit 4.1 to Transocean Ltd.’s Quarterly Report on Form 10-Q (Commission File No. 000-53533) for the quarter ended September 30, 2010)
|
|
4.25
|
Fifth
Supplemental Indenture, dated as of December
5, 2011, among Transocean Ltd., Transocean Inc. and Wells Fargo Bank, National Association, as trustee (incorporated by reference to Exhibit
4.3 to Transocean Ltd.’s Current Report on Form
8
-
K (Commission File No.
000-
53533) filed on December
5, 2011)
|
|
4.26
|
Credit Agreement dated November
1, 2011 among Transocean Inc., the lenders parties thereto and JPMorgan Chase Bank, N.A., as administrative agent, Crédit Agricole Corporate and Investment Bank and Citibank, N.A., as co
-
syndication agents, and The Bank of Tokyo
-
Mitsubishi UFJ, Ltd. and Wells Fargo Bank, National Association, as co
-
documentation agents, and J.P. Morgan Securities LLC, Crédit Agricole Corporate and Investment Bank, The Bank of Tokyo
-
Mitsubishi UFJ, Ltd., Citigroup Global Markets Inc., and Wells Fargo Securities LLC, as joint lead arrangers and joint bookrunners (incorporated by reference to Exhibit
4.1 to Transocean Ltd.’s Quarterly Report on Form
10
-
Q (Commission File No.
000-
53533) for the quarter
ended September
30, 2011)
|
|
4.27
|
Guarantee Agreement dated November
1, 2011 among Transocean Ltd. and JPMorgan Chase Bank, N.A., as administrative agent under the Credit Agreement (incorporated by reference to Exhibit
4.2 to Transocean Ltd.’s Quarterly
Report on Form
10
-
Q (Commission File No.
000-
53533) for the quarter
ended September
30, 2011)
|
|
10.1
|
Tax Sharing Agreement between Sonat
Inc. and Sonat Offshore Drilling
Inc. dated June 3, 1993 (incorporated by reference to Exhibit 10
-
(3)
to Sonat Offshore Drilling Inc.’s Form 10-Q (Commission File No. 001-07746) for the quarter ended June 30, 1993)
|
|
*
|
10.2
|
Long-Term Incentive Plan of Transocean Ltd. (as amended and restated as of February 12, 2009) (incorporated by reference to Exhibit 10.5 to Transocean Ltd.’s Annual Report on Form 10-K (Commission File No. 000-53533) for the year ended December 31, 2008)
|
|
*
|
10.3
|
Deferred Compensation Plan of Transocean Offshore
Inc., as amended and restated effective January 1, 2000 (incorporated by reference to Exhibit 10.10 to Transocean Sedco Forex Inc.’s Annual Report on Form 10-K (Commission File No. 333-75899) for the year ended December 31, 1999)
|
|
*
|
10.4
|
GlobalSantaFe Corporation Key Employee Deferred Compensation Plan effective January 1, 2001; and Amendment to GlobalSantaFe Corporation Key Employee Deferred Compensation Plan effective November 20, 2001 (incorporated by reference to Exhibit 10.33 to the GlobalSantaFe Corporation Annual Report on Form 10-K for the year ended December 31, 2004)
|
|
*
|
10.5
|
Amendment to Transocean Inc. Deferred Compensation Plan (incorporate by reference to Exhibit 10.1 to Transocean Inc.’s Current Report on Form 8-K (Commission File No. 333-75899) filed on December 29, 2005)
|
|
*
|
10.6
|
Sedco Forex Employees Option Plan of Transocean Sedco Forex
Inc. effective December 31, 1999 (incorporated by reference to Exhibit 4.5 to Transocean Sedco Forex Inc.’s Registration Statement on Form S-8 (Registration No. 333-94569) filed January 12, 2000)
|
|
*
|
10.7
|
1997 Long
-
Term Incentive Plan of Reading & Bates
Corporation (incorporated by reference to Exhibit 99.A to Reading & Bates’ Proxy Statement (Commission File No. 001-05587) dated March 28, 1997)
|
|
*
|
10.8
|
1998 Employee Long
-
Term Incentive Plan of R&B Falcon Corporation (incorporated by reference to Exhibit 99.A to R&B Falcon Corporation’s Proxy Statement (Commission File No. 001-13729) dated April 23, 1998)
|
|
*
|
10.9
|
1998 Director Long
-
Term Incentive Plan of R&B Falcon Corporation (incorporated by reference to Exhibit 99.B to R&B Falcon Corporation’s Proxy Statement (Commission File No. 001-13729) dated April 23, 1998)
|
|
*
|
10.10
|
1999 Employee Long
-
Term Incentive Plan of R&B Falcon Corporation (incorporated by reference to Exhibit 99.A to R&B Falcon Corporation’s Proxy Statement (Commission File No. 001-13729) dated April 13, 1999)
|
|
*
|
10.11
|
1999 Director Long
-
Term Incentive Plan of R&B Falcon Corporation (incorporated by reference to Exhibit 99.B to R&B Falcon Corporation’s Proxy Statement (Commission File No. 001-13729) dated April 13, 1999)
|
|
10.12
|
Master Separation Agreement dated February 4, 2004 by and among Transocean Inc., Transocean Holdings
Inc. and TODCO (incorporated by reference to Exhibit 99.2 to Transocean Inc.’s Current Report on Form 8-K (Commission File No. 333-75899) filed on March 3, 2004)
|
|
10.13
|
Tax Sharing Agreement dated February
4, 2004 between Transocean Holdings
Inc. and TODCO (incorporated by reference to Exhibit 99.3 to Transocean Inc.’s Current Report on Form 8-K (Commission File No. 333-75899) filed on March 3, 2004)
|
|
10.14
|
Amended and Restated Tax Sharing Agreement effective as of February
4, 2004 between Transocean Holdings
Inc. and TODCO (incorporated by reference to Exhibit 4.1 to Transocean Inc.’s Current Report on Form 8-K (Commission File No. 333-75899) filed on November 30, 2006)
|
|
*
|
10.15
|
Form of 2004 Performance
-
Based Nonqualified Share Option Award Letter (incorporated by reference to Exhibit 10.2 to Transocean Inc.’s Current Report on Form 8-K (Commission File No. 333-75899) filed on February 15, 2005)
|
|
*
|
10.16
|
Form of 2004 Director Deferred Unit Award (incorporated by reference to Exhibit 10.5 to Transocean Inc.’s Current Report on Form 8-K (Commission File No. 333-75899) filed on February 15, 2005)
|
|
*
|
10.17
|
Form of 2008 Director Deferred Unit Award (incorporated by reference to Exhibit 10.20 to Transocean Ltd.’s Annual Report on Form 10-K (Commission File No. 000-53533) for the year ended December 31, 2008)
|
|
*
|
10.18
|
Form of 2009 Director Deferred Unit Award (incorporated by reference to Exhibit 10.19 to Transocean Ltd.’s Annual Report on Form 10-K (Commission File No. 000-53533) for the year ended December 31, 2009)
|
|
*
|
10.19
|
Performance Award and Cash Bonus Plan of Transocean Ltd. (incorporated by reference to Exhibit 10.21 to Transocean Ltd.’s Annual Report on Form 10-K (Commission File No. 000-53533) for the year ended December 31, 2008)
|
|
*
|
10.2
0
|
Executive Change of Control Severance Benefit (incorporated by reference to Exhibit 10.1 to Transocean Inc.’s Current Report on Form 8-K (Commission File No. 333-75899) filed on July 19, 2005)
|
|
*
|
10.21
|
Terms of July 2007 Employee Restricted Stock Awards (incorporated by reference to Exhibit 10.2 to Transocean Inc.’s Form 10-Q (Commission File No. 333-75899) for the quarter ended June
30, 2007)
|
|
*
|
10.22
|
Terms of July 2007 Employee Deferred Unit Awards (incorporated by reference to Exhibit 10.3 to Transocean Inc.’s Form 10-Q (Commission File No. 333-75899) for the quarter ended June
30, 2007)
|
|
*
|
10.23
|
Terms and Conditions of the July 2008 Employee Contingent Deferred Unit Award (incorporated by reference to Exhibit 10.2 to Transocean Inc.’s Form 10-Q (Commission File No. 333-75899) for the quarter ended June 30, 2008)
|
|
*
|
10.24
|
Terms and Conditions of the July 2008 Nonqualified Share Option Award (incorporated by reference to Exhibit 10.2 to Transocean Inc.’s Form 10-Q (Commission File No. 333-75899) for the quarter ended June 30, 2008)
|
|
*
|
10.25
|
Terms and Conditions of the February 2009 Employee Deferred Unit Award (incorporated by reference to Exhibit 10.28 to Transocean Ltd.’s Annual Report on Form 10-K (Commission File No. 000-53533) for the year ended December 31, 2008)
|
|
*
|
10.26
|
Terms and Conditions of the February 2009 Employee Contingent Deferred Unit Award (incorporated by reference to Exhibit 10.29 to Transocean Ltd.’s Annual Report on Form 10-K (Commission File No. 000-53533) for the year ended December 31, 2008)
|
|
*
|
10.27
|
Terms and Conditions of the February 2009 Nonqualified Share Option Award (incorporated by reference to Exhibit 10.30 to Transocean Ltd.’s Annual Report on Form 10-K (Commission File No. 000-53533) for the year ended December 31, 2008)
|
|
† *
|
10.28
|
Terms and Conditions of the February 2012 Long Term Incentive Plan Award
|
|
10.29
|
Put Option and Registration Rights Agreement, dated as of October 18, 2007, among Pacific Drilling Limited, Transocean Pacific Drilling
Inc., Transocean Inc. and Transocean Offshore International Ventures Limited (incorporated by reference to Exhibit 10.1 to Transocean Inc.’s Current Report on Form 8-K (Commission File No. 333-75899) filed on October 24, 2007)
|
|
10.3
0
|
Form of Novation Agreement dated as of November 27, 2007 by and among GlobalSantaFe
Corporation, Transocean Offshore Deepwater Drilling
Inc. and certain executives (incorporated by reference to Exhibit 10.1 to Transocean Inc.’s Current Report on Form 8-K (Commission File No. 333-75899) filed on December 3, 2007)
|
|
*
|
10.31
|
Form of Severance Agreement with GlobalSantaFe
Corporation Executive Officers (incorporated by reference to Exhibit 10.1 to GlobalSantaFe
Corporation’s Current Report on Form 8-K/A (Commission File No. 001-14634) filed on July 26, 2005)
|
|
*
|
10.32
|
Transocean Special Transition Severance Plan for Shore
-
Based Employees (incorporated by reference to Exhibit 10.3 to Transocean Inc.’s Current Report on Form 8-K (Commission File No. 333-75899) filed on December 3, 2007)
|
|
*
|
10.33
|
Global Marine
Inc. 1990 Non
-
Employee Director Stock Option Plan (incorporated by reference to Exhibit 10.18 of Global Marine
Inc.’s Annual Report on Form 10-K (Commission File No. 1
-
5471) for the year ended December 31, 1991); First
Amendment (incorporated by reference to Exhibit 10.1 of Global Marine
Inc.’s Quarterly Report on Form 10-Q (Commission File No. 1
-
5471) for the quarter ended June
30, 1995); Second
Amendment (incorporated by reference to Exhibit 10.37 of Global Marine
Inc.’s Annual Report on Form 10-K (Commission File No. 1
-
5471) for the year ended December 31, 1996)
|
|
*
|
10.34
|
1997 Long
-
Term Incentive Plan (incorporated by reference to GlobalSantaFe
Corporation’s Registration Statement on Form S-8 (No. 333-7070) filed June
13, 1997); Amendment to 1997 Long Term Incentive Plan (incorporated by reference to GlobalSantaFe
Corporation’s Annual Report on Form 20
-
F (Commission File No. 001-14634) for the calendar year ended December 31, 1998); Amendment to 1997 Long Term Incentive Plan dated December 1, 1999 (incorporated by reference to GlobalSantaFe
Corporation’s Annual Report on Form 20
-
F (Commission File No. 001-14634) for the calendar year ended December 31, 1999)
|
|
*
|
10.35
|
GlobalSantaFe
Corporation 1998 Stock Option and Incentive Plan (incorporated by reference to Exhibit 10.1 of Global Marine
Inc.’s Quarterly Report on Form 10-Q (Commission File No. 1
-
5471) for the quarter ended March 31, 1998); First
Amendment (incorporated by reference to Exhibit 10.2 of Global Marine
Inc.’s Quarterly Report on Form 10-Q (Commission File No. 1
-
5471) for the quarter ended June
30, 2000)
|
|
*
|
10.36
|
GlobalSantaFe
Corporation 2001 Non
-
Employee Director Stock Option and Incentive Plan (incorporated by reference to GlobalSantaFe
Corporation’s Registration Statement on Form S-8 (No. 333-73878) filed November 21, 2001)
|
|
*
|
10.37
|
GlobalSantaFe
Corporation 2001 Long
-
Term Incentive Plan (incorporated by reference to Exhibit 10.1 to GlobalSantaFe
Corporation’s Quarterly Report on Form 10-Q (Commission File No. 001-14634) for the quarter ended June
30, 2001)
|
|
*
|
10.38
|
GlobalSantaFe 2003 Long
-
Term Incentive Plan (as Amended and Restated Effective June
7, 2005) (incorporated by reference to Exhibit 10.4 to GlobalSantaFe
Corporation’s Quarterly Report on Form 10-Q (Commission File No. 001-14634) for the quarter ended June 30, 2005)
|
|
*
|
10.39
|
Transocean Ltd. Pension Equalization Plan, as amended and restated, effective January 1, 2009 (incorporated by reference to Exhibit 10.41 to Transocean Ltd.’s Annual Report on Form 10-K (Commission File No. 000-53533) for the year ended December 31, 2008)
|
|
*
|
10.4
0
|
Transocean U.S. Supplemental Retirement Benefit Plan, as amended and restated, effective as of November 27, 2007 (incorporated by reference to Exhibit 10.11 to Transocean Inc.’s Current Report on Form 8-K (Commission File No. 333-75899) filed on December 3, 2007)
|
|
*
|
10.41
|
GlobalSantaFe Corporation Supplemental Executive Retirement Plan (incorporated by reference to Exhibit 10.1 to the GlobalSantaFe Corporation Quarterly Report on Form 10-Q for the quarter ended September 30, 2002)
|
|
*
|
10.42
|
Transocean U.S. Supplemental Savings Plan (incorporated by reference to Exhibit 10.44 to Transocean Ltd.’s Annual Report on Form 10-K (Commission File No. 000-53533) for the year ended December 31, 2008)
|
|
10.43
|
Commercial Paper Dealer Agreement between Transocean Inc. and Lehman Brothers
Inc., dated as of December 20, 2007 (incorporated by reference to Exhibit 10.1 to Transocean Inc.’s Current Report on Form 8-K (Commission File No. 333-75899) filed on December 21, 2007)
|
|
10.44
|
Amended and Restated Commercial Paper Dealer Agreement between Transocean Inc. and Barclays Capital
Inc., dated as of December 3, 2008 (including form of Accession Agreement) (incorporated by reference to Exhibit 10.1 to Transocean Inc.’s Current Report on Form 8-K (Commission File No. 333-75899) filed on December 9, 2008)
|
|
10.45
|
Commercial Paper Dealer Agreement between Transocean Inc. and Morgan Stanley & Co. Incorporated, dated as of December 20, 2007 (incorporated by reference to Exhibit 10.2 to Transocean Inc.’s Current Report on Form 8-K (Commission File No. 333-75899) filed on December 21, 2007)
|
|
10.46
|
Amended and Restated Commercial Paper Dealer Agreement between Transocean Inc. and Morgan Stanley & Co. Incorporated, dated as of December 3, 2008 (including form of Accession Agreement) (incorporated by reference to Exhibit 10.3 to Transocean Inc.’s Current Report on Form 8-K (Commission File No. 333-75899) filed on December 9, 2008)
|
|
10.47
|
Commercial Paper Dealer Agreement between Transocean Inc. and J.P. Morgan Securities
Inc., dated as of December 20, 2007 (incorporated by reference to Exhibit 10.3 to Transocean Inc.’s Current Report on Form 8-K (Commission File No. 333-75899) filed on December 21, 2007)
|
|
10.48
|
Amended and Restated Commercial Paper Dealer Agreement between Transocean Inc. and J.P. Morgan Securities Inc., dated as of December 3, 2008 (including form of Accession Agreement) (incorporated by reference to Exhibit 10.2 to Transocean Inc.’s Current Report on Form 8-K (Commission File No. 333-75899) filed on December 9, 2008)
|
|
10.49
|
Amended and Restated Commercial Paper Dealer Agreement between Transocean Inc. and Goldman, Sachs & Co., dated as of December 3, 2008 (including form of Accession Agreement) (incorporated by reference to Exhibit 10.4 to Transocean Inc.’s Current Report on Form 8-K (Commission File No. 333-75899) filed on December 9, 2008)
|
|
10.50
|
Guarantee, dated as of December 19, 2008, of Transocean Ltd. pursuant to the Issuing and Paying Agent Agreement, dated as of December 20, 2007 (incorporated by reference to Exhibit 10.5 to Transocean Ltd.’s Current Report on Form 8-K filed on December 19, 2008)
|
|
10.51
|
Form of Indemnification Agreement entered into between Transocean Ltd. and each of its Directors and Executive Officers (incorporated by reference to Exhibit 10.1 to Transocean Inc.’s Current Report on Form 8-K (Commission File No. 333-75899) filed on October 10, 2008)
|
|
*
|
10.52
|
Form of Assignment Memorandum for Executive Officers (incorporated by reference to Exhibit 10.5 to Transocean Ltd.’s Current Report on Form 8-K filed on December 19, 2008)
|
|
10.53
|
Drilling Contract between Vastar Resources, Inc. and R&B Falcon Drilling Co. dated December 9, 1998 with respect to
Deepwater Horizon
, as amended (incorporated by reference to Exhibit 10.1 to Transocean Ltd.’s Quarterly Report on Form 10-Q (Commission File No. 000-53533) for the quarter ended June 30, 2010)
|
|
*
|
10.54
|
Executive Severance Benefit (incorporated by reference to Exhibit 10.1 to Transocean Ltd.’s Current Report on Form 8-K (Commission File No. 000-53533) filed on February 23, 2012)
|
|
10.55
|
Aker
Drilling Pre
-
Acceptance Agreement (incorporated by reference to Exhibit
10.1 to Transocean Ltd.’s Current Report on Form
8
-
K (Commission File No.
000-
53533) filed on August
15, 2011)
|
|
10.56
|
Form of Pre
-
Acceptance Commitment Letter (incorporated by reference to Exhibit
10.2 to Transocean
Ltd.’s Current Report on Form
8
-
K (Commission File No.
000-
53533) filed on August
15, 2011)
|
|
*
|
10.57
|
Consulting Arrangement with Eric B. Brown (incorporated by reference to Exhibit
10.1 to Transocean
Ltd.’s Current Report on Form
8
-
K (Commission File No.
000-
53533) filed on February
14, 2011)
|
|
*
|
10.58
|
Agreement with Gregory L. Cauthen (incorporated by reference to Exhibit
10.1 to Transocean
Ltd.’s Current Report on Form
8
-
K (Commission File No.
000-
53533) filed on January
10, 2012)
|
|
†
|
21
|
Subsidiaries of Transocean Ltd.
|
|
†
|
23.1
|
Consent of Ernst & Young LLP
|
|
†
|
24
|
Powers of Attorney
|
|
†
|
31.1
|
CEO Certification Pursuant to Section 302 of the Sarbanes
-
Oxley Act of 2002
|
|
†
|
31.2
|
CFO Certification Pursuant to Section 302 of the Sarbanes
-
Oxley Act of 2002
|
|
†
|
32.1
|
CEO Certification Pursuant to Section 906 of the Sarbanes
-
Oxley Act of 2002
|
|
†
|
32.2
|
CFO Certification Pursuant to Section 906 of the Sarbanes
-
Oxley Act of 2002
|
|
*
|
99.1
|
Deferred Prosecution Agreement by and between The United States Department of Justice, Transocean
Inc. and Transocean
Ltd (incorporated by reference to Exhibit 99.1 to Transocean Ltd.’s Current Report on Form 8-K (Commission File No. 000-53533) filed on November 5, 2010)
|
|
†
|
101.
ins
|
XBRL Instance Document
|
|
†
|
101.
sch
|
XBRL Taxonomy Extension Schema
|
|
†
|
101.
cal
|
XBRL Taxonomy Extension Calculation Linkbase
|
|
†
|
101.
def
|
XBRL Taxonomy Extension Definition Linkbase
|
|
†
|
101.
lab
|
XBRL Taxonomy Extension Label Linkbase
|
|
†
|
101.
pre
|
XBRL Taxonomy Extension Presentation Linkbase
|
Signature
|
Title
|
||
*
|
Chairman of the Board of Directors
|
||
J. Michael Talbert
|
|||
/s/ Steven L. Newman
|
President and Chief Executive Officer
|
||
Steven L. Newman
|
(Principal Executive Officer)
|
||
/s/ Gregory L. Cauthen
|
Executive Vice President and Chief Financial Officer
|
||
Gregory L. Cauthen
|
(Principal Financial and Accounting Officer)
|
||
Jagjeet S. Bindra
|
Director
|
||
*
|
Director
|
||
Thomas W. Cason
|
|||
*
|
Director
|
||
Tan Ek Kia
|
|||
*
|
Director
|
||
Steve Lucas
|
|||
*
|
Director
|
||
Martin B. McNamara
|
|||
*
|
Director
|
||
Edward R. Muller
|
|||
*
|
Director
|
||
Robert M. Sprague
|
|||
*
|
Director
|
||
Ian C. Strachan
|
|||
(Attorney
-
in
-
Fact)
|
Section I.
|
OPTION AWARD
|
1.
|
Option Price
|
2.
|
Term of Option
|
3.
|
Earn-out of Option
|
(a)
|
Unless it becomes exercisable on an earlier date as provided in Sections I.6 and I.7 below, your Option will become exercisable in installments as set forth in the Vesting Schedule in your Award Letter.
|
(b)
|
The Shares covered by each installment will be in addition to the Shares which previously became exercisable.
|
(c)
|
To the extent your Option has become exercisable, you may exercise the Option as to all or any part of the Shares covered by the Option, at any time on or before the date the Option expires or terminates, subject to the restrictions imposed by the Company’s policy on insider trading and the provisions of the U.S. Securities Act of 1933 (the “Securities Act”) and the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”).
|
4.
|
Exercise of Option
|
5.
|
Satisfaction of Option Price
|
(a)
|
Payment of Cash or Shares
|
(b)
|
Payment of Shares
|
6.
|
Termination of Employment
|
(a)
|
Death or Disability
. If your employment is terminated by reason of death or disability (as determined by the Committee), your Option will become fully vested, and will remain exercisable until the earlier of (1) the Expiration Date or (2) the expiration of the one-year period beginning on the date of such death or disability.
|
(b)
|
Convenience of the Company
. If your employment is terminated for the Convenience of the Company, any vested portion of the Option will remain exercisable until the earlier of (1) the Expiration Date or (2) the expiration of the one-year period beginning on the date of such termination of employment. Following the termination of your employment for the Convenience of the Company, no additional portions of your Option will become exercisable, and your Option will be limited to the number of Shares which were vested and which you were entitled to purchase under the Option on the date of the termination of your employment. The portion of the Option that is not vested as of the date of your termination for the Convenience of the Company shall be terminated as of the date of your termination.
|
(c)
|
Retirement
. If your employment is terminated by reason of you becoming a Retiree on or after the date following the one-year anniversary of the Grant Date, your Option will continue to vest as set forth in the Vesting Schedule in your Award Letter. If your employment is terminated by reason of you becoming a Retiree on or before the one-year anniversary of the Grant Date, your Option shall be terminated as of the date of your separation from service. Provided you remain a Retiree, any vested portion of the Option will remain exercisable until the Expiration Date. If you fail to remain a Retiree after your separation from service, all unvested Options and all vested but unexercised Options will be forfeited; provided, however, that the period to exercise vested Options shall be determined under Section I.6(d).
|
(d)
|
Other Termination of Employment
. If your employment is terminated for any reason other than death, disability, termination for the Convenience of the Company or due to you becoming a Retiree (as those terms are used herein), any vested Option will terminate on the earlier of (1) sixty (60) days after termination of your employment or (2) the Expiration Date. Following the termination of your employment, no additional portions of your Option will become exercisable, and your Option will be limited to the number of Shares which were vested and to which you were entitled to purchase under the Option on the date of the termination of your employment. The portion of the Option which is not vested as of the date of the termination shall be terminated as of the date of your termination.
|
(e)
|
Adjustments by the Committee
. The Committee may, in its sole discretion, exercised before or after your termination of employment, declare all or any portion of your Option immediately exercisable and/or permit all or any portion of your Option to remain exercisable for such period designated by it after the time when the Option would have otherwise terminated as provided in the applicable portion of this Section I.6, but not beyond the Expiration Date of your Option.
|
7.
|
Change of Control; Acceleration of Vesting
|
8.
|
Not an Incentive Stock Option
|
Section II.
|
CONTINGENT DEFERRED UNITS
|
1.
|
Determination of Earned Deferred Units
|
(a)
|
Earned Deferred Units
|
(b)
|
Committee Determinations
|
2.
|
Vesting
|
(a)
|
Unless vested on an earlier date as provided in this Appendix A, the Earned Deferred Units will be vested on December 31, 2014, subject to your continued employment.
|
(b)
|
In certain circumstances more particularly described in Sections II.5 and II.6 below, your Earned Deferred Units may vest before this date. In addition, the Committee may accelerate the vesting of all or a portion of your Earned Deferred Units at any time in its discretion.
|
(c)
|
You do not need to pay any purchase price for the Earned Deferred Units unless otherwise required in accordance with applicable law.
|
3.
|
Restrictions
|
4.
|
Dividend Equivalents, Dividends and Voting
|
(a)
|
Vested Earned Deferred Units
. In the event that dividends are paid with respect to Shares at any time during the period beginning on the Grant Date and ending on the date you receive a distribution of Shares in satisfaction of your vested Earned Deferred Units, you will be entitled to receive a cash payment equal to the amount of the dividend paid per Share multiplied by the number of vested Earned Deferred Units (the “Accrued Dividend Equivalent”). All Accrued Dividend Equivalents (if any) will be paid to you at the same time as the date of distribution of Shares with respect to your vested Earned Deferred Units, and you will have no right to receive any payment of dividend equivalents with respect to deferred units that do not become Earned Deferred Units. All Accrued Dividend Equivalents (if any) payable with respect to your vested Earned Deferred Units shall be subject to all applicable withholding taxes. For any non-cash dividends, the Committee may determine in its sole discretion the cash value to be so paid to you in respect of such vested Earned Deferred Units.
|
(b)
|
Voting Shares
. You will have the right to vote your Shares that have been distributed in respect of any vested Earned Deferred Units. There are no voting rights associated with Deferred Units (including Earned Deferred Units).
|
(c)
|
No Other Rights
. You shall have no other dividend equivalent, dividend or voting rights with respect to any Deferred Unit.
|
5.
|
Termination of Employment
|
(a)
|
Termination prior to the end of the Performance Cycle
|
(i)
|
Death or Disability
. If your employment is terminated by reason of death or disability (as determined by the Committee), you will be entitled to earn a Pro-Rata Earned Award. Distribution under Section II.3 in satisfaction of all such Earned Deferred Units shall be made on March 15, 2015.
|
(ii)
|
Convenience of the Company
. If your employment is terminated for the Convenience of the Company, you will be entitled to earn a Pro-Rata
|
(iii)
|
Retirement
. If your employment is terminated by reason of you becoming a Retiree, you will be entitled to earn a Pro-Rata Earned Award. Distribution under Section II.3 in satisfaction of all such Earned Deferred Units shall be made to you on March 15, 2015, provided, however, that if you fail to remain a Retiree through such date, any Pro-Rata Earned Award shall be forfeited.
|
(iv)
|
Other Termination of Employment
. If your employment is terminated prior to the end of the Performance Cycle for any reason other than death, disability, termination for the Convenience of the Company or due to you becoming a Retiree (as those terms are used herein), you will not be entitled to any Earned Deferred Units.
|
(b)
|
Adjustments by the Committee
|
(c)
|
Forfeiture of Deferred Units
|
6.
|
Change of Control
|
(a)
|
Change of Control Prior to Determination Date
|
(b)
|
Acceleration of Vesting
|
Section III.
|
DEFERRED UNITS
|
1.
|
Vesting and Deferred Units
|
(a)
|
Unless vested on an earlier date as provided in this Appendix A, the Deferred Units granted pursuant to your Award Letter will fully vest in installments in accordance with the dates stated in the Vesting Schedule (the “Vesting Dates”) specified in your Award Letter.
|
(b)
|
In certain circumstances described in Section III.4 below, your Deferred Units may vest before the final scheduled Vesting Date. In addition, the Committee may accelerate the vesting of all or a portion of your Deferred Units at any time in its discretion, subject to the provisions of Section III.4(e). The date of any accelerated vesting under Section III.4 below for any reason other than due to you becoming a Retiree will be a Vesting Date for purposes of this Appendix A.
|
(c)
|
You do not need to pay any purchase price for the Deferred Units unless otherwise required in accordance with applicable law.
|
2.
|
Restrictions on the Deferred Units
|
3.
|
Dividends, Cash Consideration and Voting
|
(a)
|
Dividends
|
(b)
|
Cash Consideration
|
(c)
|
Voting Shares
|
(d)
|
No Other Rights
|
4.
|
Termination of Employment
|
(a)
|
Death or Disability
. If your employment is terminated by reason of death or disability (as determined by the Committee), all of your Deferred Units will vest on your date of termination. If you are Retirement Eligible and are subject to U.S. taxation, payment on account of disability shall be made to you only in the event you experience a disability that satisfies the requirements of U.S. Treasury Regulation Section 1.409A-3(i)(4).
|
(b)
|
Convenience of the Company
. If the Company terminates your employment for the Convenience of the Company, all of your Deferred Units will vest on your date of termination.
|
(c)
|
Retirement
. If your employment is terminated by reason of you becoming a Retiree on or after the date following the one-year anniversary of the Grant Date, you will continue to receive delivery of the Deferred Units in accordance with the Vesting Dates specified in your Award Letter and the provisions of Section III.2 as if your employment had continued. If you fail to remain a Retiree or if your employment is terminated by reason of you becoming a Retiree on or before the one-year anniversary of the Grant Date, then any of your Deferred Units which have not vested prior to the date of your separation from service or the date you cease to be a Retiree, as applicable, will be forfeited.
|
(d)
|
Other Termination of Employment
. If your employment terminates for any reason other than death, disability, termination for the Convenience of the Company or due to you becoming a Retiree (as those terms are used above), any of your Deferred Units which have not vested prior to your termination of employment will be forfeited.
|
(e)
|
Adjustments by the Committee
. The Committee may, in its sole discretion exercised before or after your termination of employment, accelerate the vesting of all or any portion of your Deferred Units; provided, however, that no acceleration of delivery of Shares shall be made in a manner that is not in compliance with, or exempt from, any applicable requirements of Code Section 409A.
|
Section IV.
|
Miscellaneous
|
1.
|
Definitions
|
(a)
|
“Cause”
means (1) your willful and continued failure to substantially perform your duties with the Company (other than any such failure resulting from your incapacity due to physical or mental illness), (2) your willful engagement in conduct which is demonstrably and materially injurious to the Company or its Subsidiaries, monetarily or otherwise, or (3) your indictment of a felony or a misdemeanor involving moral turpitude. For purposes of clauses (1) and (2) of this definition, no act, or failure to act, on your part shall be deemed “willful” unless done, or omitted to be done, by you not in good faith and without reasonable belief that your act, or failure to act, was in the best interest of the Company.
|
(b)
|
“Change of Control Termination”
means and occurs on the date of your termination of employment by the Company or any subsidiary for any reason other than Cause within two years after the date of a Change of Control.
|
(c)
|
“Competitor”
means, as of any given date, any entity or organization the business activities of which compete with the business activities of the Company or its subsidiaries
|
(d)
|
“Convenience of the Company”
means (i) an involuntary separation from service that is not for Cause and that is determined by the Executive Compensation Committee to be for the convenience of the Company, and (ii) a voluntary separation from service for Good Reason.
|
(e)
|
“Good Reason”
means the (1) a diminution of your duties or responsibilities, or a demotion of your position, to such an extent or in such a manner as to relegate you to a position not substantially similar to that which you held prior to such reduction or change or (2) a material reduction in your base salary or annual incentive plan opportunities, other than in connection with such reductions that are applicable to the Company’s executives as a group. The Executive Compensation Committee of the Company shall have the sole discretion to determine whether your termination is for Good Reason, provided that you shall not be considered to have terminated for Good Reason unless you notify the Company in writing within 30 days of the date the event giving rise to Good Reason occurs, the Company does not cure such condition within 30 days of such notice and you terminate your employment no later than 90 days after the date the event giving rise to Good Reason occurred.
|
(f)
|
With respect to an award of Contingent Deferred Units,
“Pro-Rata Earned Award”
is determined by multiplying the number of Earned Deferred Units which would have otherwise been earned had your employment not been terminated by a
|
(g)
|
You are a
“Retiree”
if (1) your separation from service occurs for any reason other than Cause, Convenience of the Company, death or disability after (a) attainment of age 62 and (b) completion of at least five years of service with the Company or its subsidiaries, (2) you refrain from performing services for a Competitor and (3) as requested by the Company from time to time, you timely execute and return to the Company an acknowledgement or certification, in the form prescribed by the Company, that you are not performing services for a Competitor.
|
(h)
|
With respect to an award of Deferred Units,
“Retirement Eligible”
means, and will apply if, your final Vesting Date is scheduled to occur after the calendar year in which you will complete at least five years of service with the Company or its subsidiaries and will attain at least age 62.
|
2.
|
Committee Determinations
|
3.
|
Section 280G Limitation
|
4.
|
Tax Consequences and Withholding
|
(a)
|
You should consult the Plan Prospectus for a general summary of the U.S. federal income tax consequences to you and, if applicable, the Swiss tax consequences to you, upon the grant, vesting or distribution to you of the Awards based on currently
|
(b)
|
You must make arrangements satisfactory to the Company to satisfy any applicable U.S. federal, state or local withholding tax liability arising from the grant or exercise of your Option. You can either make a cash payment to Schwab of the required amount or you can elect to satisfy your withholding obligation by having Schwab retain Shares having a value equal to the amount of your withholding obligation from the Shares otherwise deliverable to you upon the exercise of your Option. You may not elect to have Schwab withhold Shares having a value in excess of the minimum statutory withholding tax liability or, if you are serving as an expatriate employee, the “standard deduction” withheld in accordance with the Company’s policies and procedures. If you fail to satisfy your withholding obligation in a time and manner satisfactory to the Company, the Company shall have the right to withhold the required amount from your salary or other amounts payable to you.
|
(c)
|
In addition, you must make arrangements satisfactory to the Company to satisfy any applicable withholding tax liability imposed under the laws of any other jurisdiction arising from the grant or exercise of your Option. You may not elect to have Schwab withhold Shares having a value in excess of the minimum statutory withholding tax liability or, if you are serving as an expatriate employee, the “standard deduction” withheld in accordance with the Company’s policies and procedures. If you fail to satisfy such withholding obligation in a time and manner satisfactory to the Company, the Company shall have the right to withhold the required amount from your salary or other amounts payable to you.
|
(d)
|
With respect to Awards of Contingent Deferred Units under Section II, the Company shall make such provisions as it may deem appropriate for the withholding of any taxes which it determines is required in connection with the Earned Deferred Units and, unless otherwise approved by the Company, the Company shall reduce the number of Shares otherwise deliverable to you with respect to your Earned Deferred Units by a number of Shares having a value approximately equal to the amount required to be withheld under the Company’s policies and procedures or applicable law. The Company may, in its discretion, permit you to make other arrangements satisfactory to the Company to satisfy any applicable withholding tax liability arising from the Earned Deferred Units. Further, any dividend equivalents paid to you in respect of Earned Deferred Units pursuant to Section II.4 will be subject to tax withholding, as appropriate, as additional compensation.
|
(e)
|
With respect to Awards of Deferred Units under Section III, the Company shall make such provisions as it may deem appropriate for the withholding of any taxes which it determines is required in connection with the Deferred Units and, unless otherwise approved by the Company, the Company shall reduce the number of Shares otherwise deliverable to you with respect to your Deferred Units by a number of Shares having a value approximately equal to the amount required to be withheld under the Company’s policies and procedures or applicable law. The Company may, in its discretion, permit you to make other arrangements satisfactory to the Company to satisfy any applicable withholding tax liability arising from the vesting of the Deferred Units. Further, any Dividend Equivalents paid to you in respect of
|
(f)
|
In addition to the previous withholding requirements, any award under the Plan is also subject to all applicable withholding policies of the Company as may be in effect from time to time, at the sole discretion of the Company. Without limiting the generality of the foregoing, the Company expressly has the right to withhold or cause to be withheld (whether upon award determination, grant, vesting, exercise of rights or otherwise) any portion of an award (including without limitation any portion of the proceeds of an exercise of any award rights such as, if applicable, a stock option, or any portion of any securities issuable in connection with any award such as, if applicable, the issuance of Shares for deferred units) pursuant to any tax equalization or other plan or policy, as any such policies or plans may be in effect from time to time, irrespective of whether such withholding correlates to the applicable tax withholding requirement with respect to your award. Awards are further subject to any tax and other reporting requirement that may be applicable in any pertinent jurisdiction including any obligation to report awards (whether related to the granting or vesting thereof or exercise of rights thereunder) to any taxing authority or other pertinent third party.
|
5.
|
Restrictions on Resale
|
6.
|
Beneficiary
|
7.
|
Effect on Other Benefits
|
8.
|
Code Section 409A Compliance
|
(a)
|
The award of Contingent Deferred Units under Section II is intended to be exempt from or to comply with the provisions of Section 409A and, wherever possible, shall be consistent therewith. No action taken to comply with Section 409A shall be deemed to impair a benefit under the Award Letter or this Appendix A.
|
(b)
|
The award of Deferred Units under Section III is intended to be exempt from or to comply with the provisions of Section 409A and, wherever possible, shall be interpreted consistent therewith. Specifically, (1) if you are not Retirement Eligible, the time of payment specified in Sections III.2 and III.4 is exempt from Code Section 409A as a short term deferral in compliance with U.S. Treasury Regulation Section 1.409A-1(b)(4), and (2) if you are Retirement Eligible the time of payment specified with respect to Section III.4(e) is compliant with U.S. Treasury Regulation Section 1.409A-3(c)(2) and is compliant with Code Section 409A as being paid pursuant to a specified time or fixed schedule under U.S. Treasury Regulation Section 1.409A-3(i). If you are Retirement Eligible, you will not be considered to have a termination from employment unless such termination meets the requirements for a “separation from service” within the meaning of U.S. Treasury Regulation Section 1.409A-1(h), if applicable. No action taken to comply with Code Section 409A shall be deemed to impair a benefit under the Award Letter or this Appendix A.
|
National-Oilwell Varco
|
Ensco
|
Noble
|
Diamond
|
Seadrill Limited
|
Rowan
|
Nabors
|
Baker Hughes
|
Halliburton
|
Schlumberger
|
Weatherford
|
Total Potential Deferred Unit Grant:
|
1050 deferred units (Maximum Award at Maximum Performance)
|
Target Award:
|
600 deferred units (Target Performance)
|
Performance Cycle:
|
01/01/11 – 12/31/13
|
Determination Date:
|
02/15/14
|
TSR Ranking:
|
8th of 12
|
Earned Percentage:
|
75% of Target Award
|
Earned Deferred Units:
|
450
|
Rank
|
Quartiles
|
Performance Level
|
% of Target Payout
|
1
st
|
175%
|
||
2
nd
|
175%
|
||
3
rd
|
75
th
Percentile
|
Maximum
|
175%
|
4
th
|
150%
|
||
5
th
|
125%
|
||
6
th
|
50
th
Percentile
|
Target
|
100%
|
7
th
|
75%
|
||
8
th
|
25
th
Percentile
|
50%
|
|
9
th
|
Threshold
|
25%
|
|
10
th
|
0%
|
||
11
th
|
0%
|
In the event any of the companies in the Peer Group become no longer publicly-traded during the Performance Period due to delisting, acquisition, etc., the Threshold, Target and Maximum performance levels in the above Payout Grid will be adjusted as follows:
·
Maximum
performance will be considered TSR performance that is equal to or above the 75
th
percentile (the top quartile) of the remaining peer group
·
Target
performance will be considered TSR performance that is equal to or above the 50
th
percentile (median) of the remaining peer group
·
Threshold
performance will be considered TSR performance that is equal to or above the 25
th
percentile (the first quartile) of the remaining peer group.
|
GlobalSantaFe Operations (BVI) Inc.
|
Cayman Islands
|
GlobalSantaFe Operations (Mexico) LLC
|
Delaware
|
GlobalSantaFe Operations Inc.
|
Cayman Islands
|
GlobalSantaFe Overseas Limited
|
Bahamas
|
GlobalSantaFe Saudi Arabia Ltd.
|
British Virgin Islands
|
GlobalSantaFe Services (BVI) Inc.
|
Cayman Islands
|
GlobalSantaFe Services (Egypt) LLC
|
Egypt
|
GlobalSantaFe Services Netherlands B.V.
|
Netherlands
|
GlobalSantaFe Servicios de Venezuela, C.A.
|
Venezuela
|
GlobalSantaFe South America LLC
|
Delaware
|
GlobalSantaFe Southeast Asia Drilling Pte. Ltd.
|
Singapore
|
GlobalSantaFe Tampico, S. de R.L. de C.V.
|
Mexico
|
GlobalSantaFe Technical Services Egypt LLC
|
Egypt
|
GlobalSantaFe Techserv (North Sea) Limited
|
England
|
GlobalSantaFe U.S. Drilling Inc.
|
Delaware
|
GlobalSantaFe U.S. Holdings Inc.
|
Delaware
|
GlobalSantaFe West Africa Drilling Limited
|
Bahamas
|
GSF Caymans Holdings Inc.
|
Cayman Islands
|
GSF Leasing Services GmbH
|
Switzerland
|
Hellerup Finance International
|
Ireland
|
Indigo Drilling Limited
|
Nigeria
|
Intermarine Services (International) Limited
|
Bahamas
|
Intermarine Services Inc.
|
Texas
|
Intermarine Servicos Petroliferos Ltda.
|
Brazil
|
International Chandlers, Inc.
|
Texas
|
Key Perfuracoes Maritimas Limitada
|
Brazil
|
Laterite Mining Inc.
|
Philippines
|
Minerales Submarinos Mexicanos S.A.
|
Mexico
|
Nickel Development Inc.
|
Philippines
|
NRB Drilling Services Limited
|
Nigeria
|
Offshore Holdings Limited
|
Cayman Islands
|
Oilfield Services, Inc
|
Cayman Islands
|
P.T. Santa Fe Supraco Indonesia
|
Indonesia
|
Platform Capital N.V.
|
Netherlands Antilles
|
Platform Financial N.V.
|
Netherlands Antilles
|
PT. Hitek Nusantara Offshore Drilling
|
Indonesia
|
PT. Transocean Indonesia
|
Indonesia
|
R&B Falcon (A) Pty Ltd
|
Western Australia
|
R&B Falcon (Caledonia) Limited
|
England
|
R&B Falcon (Ireland) Limited
|
Ireland
|
R&B Falcon (M) Sdn. Bhd.
|
Malaysia
|
R&B Falcon (U.K.) Limited
|
England
|
R&B Falcon B.V.
|
Netherlands
|
R&B Falcon Deepwater (UK) Limited
|
England
|
R&B Falcon Drilling (International & Deepwater) Inc. LLC
|
Delaware
|
R&B Falcon Drilling Co. LLC
|
Oklahoma
|
R&B Falcon Drilling Limited LLC
|
Oklahoma
|
R&B Falcon Exploration Co., LLC
|
Oklahoma
|
R&B Falcon International Energy Services B.V.
|
Netherlands
|
R&B Falcon Offshore Limited, LLC
|
Oklahoma
|
R&B Falcon, Inc. LLC
|
Oklahoma
|
Ranger Insurance Limited
|
Cayman Islands
|
RB Mediterranean Ltd.
|
Cayman Islands
|
RBF Drilling Co. LLC
|
Oklahoma
|
RBF Drilling Services, Inc. LLC
|
Oklahoma
|
RBF Exploration LLC
|
Delaware
|
RBF Finance Co.
|
Delaware
|
RBF Rig Corporation, LLC
|
Oklahoma
|
Reading & Bates Coal Co., LLC
|
Nevada
|
Reading & Bates Demaga Perfuraçoes Ltda.
|
Brazil
|
Resource Rig Supply Inc.
|
Delaware
|
Safemal Drilling Sdn. Bhd.
|
Malaysia
|
Santa Fe Braun Inc.
|
Delaware
|
Santa Fe Construction Company
|
Delaware
|
Santa Fe Drilling Company (U.K.) Limited
|
England
|
Santa Fe Drilling Company of Venezuela, C.A.
|
California
|
Santa Fe Servicos de Perfuracao Limitada
|
Brazil
|
Saudi Drilling Company Limited
|
Saudi Arabia
|
SDS Offshore Limited
|
England
|
Sedco Forex Holdings Limited
|
Cayman Islands
|
Sedco Forex International Drilling, Inc.
|
Panama
|
Sedco Forex International Services, S.A.
|
Panama
|
Sedco Forex International, Inc.
|
Panama
|
Sedco Forex of Nigeria Limited
|
Nigeria
|
Sedco Forex Technology, Inc.
|
Panama
|
Sedneth Panama, S.A.
|
Panama
|
Sefora Maritime Limited
|
Cayman Islands
|
Services Petroliers Transocean
|
France
|
Servicios Petroleros Santa Fe, S.A.
|
Venezuela
|
Shore Services, LLC
|
Texas
|
Transocean Drilling U.K. Limited
|
Scotland
|
Transocean Eastern Pte. Ltd.
|
Singapore
|
Transocean Enterprise Inc.
|
Delaware
|
Transocean Europe Ventures Holdings Limited
|
Cayman Islands
|
Transocean Finance Limited
|
Cayman Islands
|
Transocean Financing GmbH
|
Switzerland
|
Transocean Galloway Limited
|
Cayman Islands
|
Transocean GSF Monitor Limited
|
Cayman Islands
|
Transocean Holdings LLC
|
Delaware
|
Transocean Hungary Holdings LLC
|
Hungary
|
Transocean Inc.
|
Cayman Islands
|
Transocean Inc. Luxembourg Asset Management S.C.S.
|
Luxembourg
|
Transocean India Limited
|
Cayman Islands
|
Transocean International Drilling Inc.
|
Delaware
|
Transocean International Drilling Limited
|
Cayman Islands
|
Transocean International Drilling Services Limited
|
Cayman Islands
|
Transocean International Holdings Limited
|
Cayman Islands
|
Transocean International Resources, Limited
|
British Virgin Islands
|
Transocean Investimentos Ltda.
|
Brazil
|
Transocean Investments S.a.r.l.
|
Luxembourg
|
Transocean Jupiter LLC
|
Delaware
|
Transocean Key Hawaii Limited
|
Cayman Islands
|
Transocean Key Singapore Limited
|
Cayman Islands
|
Transocean Labrador Limited
|
Cayman Islands
|
Transocean LR34 LLC
|
Delaware
|
Transocean Magellan Limited
|
Cayman Islands
|
Transocean Management Inc.
|
Delaware
|
Transocean Management Ltd.
|
Switzerland
|
Transocean Marine Limited
|
Cayman Islands
|
Transocean Mediterranean LLC
|
Delaware
|
Transocean Nautilus Limited
|
Cayman Islands
|
Transocean North Sea Limited
|
Bahamas
|
Transocean Norway Drilling AS
|
Norway
|
Transocean Norway Operations AS
|
Norway
|
Transocean Norway Operations Support AS
|
Norway
|
Transocean Offshore (Cayman) Inc.
|
Cayman Islands
|
Transocean Offshore (North Sea) Ltd.
|
Cayman Islands
|
Transocean Offshore (U.K.) Inc.
|
Delaware
|
Transocean Offshore Canada Services Ltd.
|
Nova Scotia
|
Transocean Offshore Caribbean Sea, L.L.C.
|
Delaware
|
Transocean Offshore D.V. Inc.
|
Delaware
|
Transocean Offshore Deepwater Drilling Inc.
|
Delaware
|
Transocean Offshore Deepwater Holdings Limited
|
Cayman Islands
|
Transocean Offshore Drilling Holdings Limited
|
Cayman Islands
|
Transocean Offshore Drilling Limited
|
England
|
Transocean Offshore Drilling Services LLC
|
Delaware
|
Transocean Offshore Europe Limited
|
Cayman Islands
|
Transocean Offshore Gulf of Guinea II Limited
|
British Virgin Islands
|
Transocean Offshore Gulf of Guinea III Limited
|
British Virgin Islands
|
Transocean Offshore Gulf of Guinea IV Limited
|
British Virgin Islands
|
Transocean Offshore Gulf of Guinea Limited
|
British Virgin Islands
|
Transocean Offshore Holdings Limited
|
Cayman Islands
|
Transocean Offshore International Limited
|
Cayman Islands
|
Transocean Offshore International Ventures Limited
|
Cayman Islands
|
Transocean Offshore Limited
|
Cayman Islands
|
Transocean Offshore Management Services Limited
|
Cayman Islands
|
Transocean Offshore Nigeria Limited
|
Nigeria
|
Transocean Offshore Norway Inc.
|
Delaware
|
Transocean Offshore Norway Services AS
|
Norway
|
Transocean Offshore PR Limited
|
Cayman Islands
|
Transocean Offshore Resources Limited
|
Cayman Islands
|
Transocean Offshore Resources Limited II
|
Cayman Islands
|
Transocean Offshore Services Ltd.
|
Cayman Islands
|
Transocean Offshore USA Inc.
|
Delaware
|
Transocean Offshore Ventures Inc.
|
Delaware
|
Transocean Onshore Support Services Limited
|
Scotland
|
Transocean Pacific Drilling Holdings Limited
|
Cayman Islands
|
Transocean Pacific Drilling Inc.
|
British Virgin Islands
|
Transocean Payroll Services SRL
|
Barbados
|
Transocean Perfuracoes Ltda.
|
Brazil
|
Transocean Rig 140 Limited
|
Cayman Islands
|
Transocean Rig Management Limited
|
Cayman Islands
|
Transocean Rig Services Offshore LLC
|
Delaware
|
Transocean Sedco Forex Ventures Limited
|
Cayman Islands
|
Transocean Services AS
|
Norway
|
Transocean Services Offshore LLC
|
Delaware
|
Transocean Services UK Limited
|
England
|
Transocean Seven Seas LLC
|
Delaware
|
Transocean Spitsbergen ASA
|
Norway
|
Transocean Support Services Limited
|
Cayman Islands
|
Transocean Support Services Nigeria Limited
|
Nigeria
|
Transocean Support Services Private Limited
|
India
|
Transocean Technical Services Inc.
|
Panama
|
Transocean Treasury Services SRL
|
Barbados
|
Transocean Trident IX Limited
|
Cayman Islands
|
Transocean Trident VIII Limited
|
Cayman Islands
|
Transocean Trident XIV Limited
|
Cayman Islands
|
Transocean UK Limited
|
England
|
Transocean Ventures Holdings GmbH
|
Switzerland
|
Transocean West Africa Holdings Limited
|
Cayman Islands
|
Transocean Worldwide Inc.
|
Cayman Islands
|
Triton Asset Leasing GmbH
|
Switzerland
|
Triton Drilling Limited
|
Cayman Islands
|
Triton Drilling Mexico LLC
|
Delaware
|
Triton Financing LLC
|
Hungary
|
Triton Holdings Limited
|
British Virgin Islands
|
Triton Hungary Asset Management LLC
|
Hungary
|
Triton Hungary Investments 1 Limited Liability Company
|
Hungary
|
Triton Industries, Inc.
|
Panama
|
Triton Management Services LLC
|
Hungary
|
Triton Nautilus Asset Leasing GmbH
|
Switzerland
|
Triton Nautilus Asset Management LLC
|
Hungary
|
Triton Offshore Leasing Services Limited
|
Malaysia
|
Triton Pacific Limited
|
England
|
TSSA - Servicos de Apoio, Lda.
|
Angola
|
Turnkey Ventures de Mexico Inc.
|
Delaware
|
Wilrig Offshore (UK) Limited
|
England
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and we have:
|
|
a)
|
designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
|
b)
|
designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; and
|
|
c)
|
evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
|
d)
|
disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent function):
|
|
a)
|
all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
|
b)
|
any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Dated: February 27, 2012
|
/s/ Steven L. Newman
Steven L. Newman
President and Chief Executive Officer
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and we have:
|
|
a)
|
designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
|
b)
|
designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; and
|
|
c)
|
evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
|
d)
|
disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent function):
|
|
a)
|
all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
|
b)
|
any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Dated: February 27, 2012
|
/s/ Gregory L. Cauthen
Gregory L. Cauthen
Executive Vice President and Chief Financial Officer
|
|
(1)
|
the Company’s Annual Report on Form 10-K for the year ended December 31, 2011 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
|
(2)
|
information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
Dated: February 27, 2012
|
/s/ Steven L. Newman
Steven L. Newman
President and Chief Executive Officer
|
|
(1)
|
the Company’s Annual Report on Form 10-K for the year ended December 31, 2011 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
|
(2)
|
information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
Dated: February 27, 2012
|
/s/ Gregory L. Cauthen
Gregory L. Cauthen
Executive Vice President and Chief Financial Officer
|