Deepwater Horizon: normalized activity in 2011
Transocean's "customer relationships have not suffered" because of the company's involvement in the Deepwater Horizon disaster, Chief Executive
Steven L. Newman said. Geneva-based Transocean owned the Deepwater Horizon, which was leased to BP PLC to drill its Macondo well in the Gulf of Mexico.
The uncertainty surrounding U.S. offshore drilling, particularly in deepwater, will have a "limited near-term financial impact" on Transocean, which has 12 rigs in the Gulf of Mexico, Newman said. The company expects the slowdown in Gulf drilling permits to reduce fourth quarter revenue by about $200 million.
Transocean expects "normalized" activity in the Gulf by mid 2011
The story that has unfolded so far indicated the need for "top to bottom" reform of the companies according to William K. Reilly, co-chairman of the presidential commission.