Brief: Transocean cuts 2016 O&M expense forecast to $2.1 bln-$2.3 bln - CONF CALL

Transocean

05/05/2016 15:11

May 5 (Reuters) - Transocean Ltd  RIGN.BN : 
 * Transocean ltd  rign.bn   rig.n  -"we are now seeing more six generation 
   deepwater rigs marketed for sale" - conf call 
 * High cost previously associated with much of the deepwater activity are 
   beginning to abate" - conf call 
 * Cuts full-year operating & maintenance expense forecast to $2.1 billion -$2.3 
   billion - conf call 
 * Sees Q2 operating and maintenance expense between $550 million and $570 
   million - conf call 
 * Expects second half of 2016 to benefit from reduced spending expenses and 
   beneficial cost impacts - conf call 
 * Transocean "capital expenditures for the remainder of 2016 are expected to be 
   approximately $1.1 billion " - conf call 
 * In 2017 we expect total capex of approximately $625 million" - conf call 
 * Expects challenging conditions to continue into 2017 impacting both 
   utilization and dayrates - conf call 
 * We have a debt maturity profile that allows US to avoid the equity market" - 
   conf call 
 * We'll be opportunistic with regard to adding and refinancing our maturities 
   with secured debt - conf call 
 
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