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Transocean looking to repay series B convertibles in 2011, CFO says
By Jennifer Lanning Drey
Savannah, Ga., May 24 - Transocean Ltd. is targeting the repayment of its series B convertible senior notes over the course of 2011 after already repaying its series A convertibles, chief financial officer Ricardo Rosa said Tuesday during a presentation at the UBS Global Oil and Gas Conference in Austin, Texas.
"We are focused on maintaining a strong investment-grade balance sheet, and this requires us to continue to pay down our debt," Rosa said.
"Our debt profile continues to be optimized," he added.
Transocean is also taking a disciplined approach to capital investment while at the time constantly seeking opportunities to reinvest in the business, he said.
That philosophy is reflected in the recent completion of a $7 billion ultra deepwater construction program, the CFO said. In addition, since completion of that program, Transocean has committed to the construction of three high-specification jackups and will continue to look for additional opportunities, he said.
Rosa also provided a brief update to the April 2010 Macondo incident in which Transocean's Deepwater Horizon oil-drilling rig exploded and caused the BP/Anadarko rig it was leased to to develop a massive oil spill.
Rosa said none of the reports published so far in any way suggested that Transocean is guilty of gross negligence or negligence. The company has a high level of confidence in the indemnity clause that is part of its contract with BP for the Deepwater Horizon and expects BP will respect the indemnity, he said.
Transocean is a Vernier, Switzerland-based oil and gas offshore drilling services company.
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