The company has offices in 20 countries, including Switzerland, Canada, United States, Norway, Scotland, India, Brazil, Singapore, Indonesia and Transocean sedco forex oil rigs. In 2010, Transocean was implicated in the Deepwater Horizon oil spill resulting from the explosion of one of its oil rigs in the Gulf of Mexico.
The company owns 61 rigs including 28 ultra-deepwater floaters, 5 deepwater floaters, 7 Harsh-Environment Floaters, 11 Midwater Floaters, and 10 High-Specification jackup rigs. The company provides quarterly updates on the status of its fleet on its website. Transocean was formed as a result of the merger of Southern Natural Gas Company, later Sonat, with many smaller drilling companies. Transocean started in the 1970s as a whaling company and expanded through a series of mergers.
The new company was called Transocean Offshore. 2 billion stock transaction in which Schlumberger shareholders received shares of Transocean. With the acquisition, Transocean gained control of what at the time was the world’s largest offshore operation. B Falcon’s assets was the Deepwater Horizon. B Falcon had acquired Cliffs Drilling Company in 1998. In 2007, the US Department of Justice and the Securities and Exchange Commission filed a case against Transocean, alleging violations of the Foreign Corrupt Practices Act.
The case alleged that Transocean paid bribes through its freight forwarding agents to Nigerian customs officials. 15 billion of cash as well as stock in the new company for their shares. In 2008, the company moved its headquarters to Switzerland, resulting in a significantly lower tax rate. 5,000 feet deeper than its stated design specification. In 2010, Transocean was implicated in the Deepwater Horizon oil spill resulting from the explosion of one of its oil rigs in the Gulf of Mexico that was leased to BP.
In 2011, the company acquired Aker Drilling, which owned 4 harsh environment rigs used for drilling near Norway. In 2012, the company sold 38 shallow water rigs and narrowed its focus on high-specification deepwater rigs. Effective on 30 March 2016, the company delisted its shares from the SIX Swiss Exchange, at which time its shares were removed from the Swiss Market Index. Transocean was rated as a leader in its industry for many years. From 2004 to 2007, Transocean was the leader or near the top among deep-water drillers in “job quality” and “overall satisfaction. On 17 June 2003, one worker was killed, four others were hospitalised and 21 were evacuated after an explosion on a Transocean gas drilling rig in Galveston Bay, Texas. On 12 April 2007, the Bourbon Dolphin supply boat sank off the coast of Scotland while servicing the Transocean Rather drilling rig, killing eight people.
In 2008, two Transocean workers were reportedly killed on the company’s vessels. On 20 April 2010, a fire was reported on a Transocean-owned semisubmersible drilling rig, Deepwater Horizon. Bates Falcon, a firm that was acquired by Transocean in 2001. The fire broke out at 10:00 p. Deepwater Horizon was completely destroyed and subsequently sank.
As the Deepwater Horizon sank, the riser pipe that connected the well-head to the rig was severed. As a result, oil began to spill into the Gulf of Mexico. Louisiana Governor Bobby Jindal declared a state of emergency on 29 April, as the oil slick grew and headed toward the most important and most sensitive wetlands in North America, threatening to destroy wildlife and the livelihood of thousands of fishermen. During Congressional testimony, Transocean and BP blamed each other for the disaster. It emerged that a “heated argument” broke out on the platform 11 hours before the accident, in which Transocean and BP personnel disagreed on an engineering decision related to the closing of the well.
Transocean later claimed that 2010, the year in which the disaster occurred, was “the best year in safety performance in our company’s history”. In a regulatory filing, Transocean said, “Notwithstanding the tragic loss of life in the Gulf of Mexico, we achieved an exemplary statistical safety record as measured by our total recordable incident rate and total potential severity rate. They used this justification to award employees about two-thirds of the maximum possible safety bonuses. The offshore drilling facility “Sedco 706”, operated by Transocean under contract from Chevron, began to leak in November 2011 while working on the “Frade” oil field.
Oil began leaking from the seabed at a depth of approximately 1100 to 1200m. In the early hours of Monday 8 August 2016, the semi-submersible drilling rig Transocean Winner ran aground near Dalmore in the Carloway district of the Isle of Lewis in the Outer Hebrides, Scotland. Polar Pioneer, and camped out in superstructure of the rig. The activists promised to continuing their protests as the rig undergoes final outfitting while it is anchored in the Port Angeles harbor in Washington State and then later in Puget Sound. Archived from the original on 25 December 2013. Transocean’s Ultra-Deepwater Semisubmersible Rig Deepwater Horizon Drills World’s Deepest Oil and Gas Well”.