Transocean estimates Q3 non-cash charge of $630M-$645M related to asset sales

In a regulatory filing, Transocean stated: “On September 3, 2024, as part of our ongoing efforts to dispose of non-strategic assets, Transocean Ltd. announced that a subsidiary of the company entered into agreements with a third party to sell the Development Driller III and associated assets for $195M and the Discoverer Inspiration and associated assets for $147M. The company expects the sale of these assets, for an aggregate $342M, will result in an estimated non-cash charge for the third quarter 2024 ranging between $630M and $645M associated with the impairment of such assets. The transactions contemplated by the agreements are subject to customary closing conditions and are expected to close in the third quarter of 2024. The company intends to use substantially all of the proceeds from these transactions to repay existing indebtedness.”