Shelf Drilling is a private company committed to becoming the best-in-class provider of shallow water drilling services worldwide. At the close of the transaction estimated to be late Q4 2012, the new company will be formed and start operations.

Shelf Drilling will purchase 38 rigs from Transocean. Shelf Drilling's management team has been formed largely from Transocean's senior leadership team and will be led by David Mullen, who has extensive experience in our industry.

In addition to its proven rig asset base currently drilling in 11 countries, Shelf Drilling will have approximately 3,500 employees and many of the world's leading oil companies as customers.

These include Chevron, ExxonMobil, ONGC, Perenco, Petrofac, Saudi Aramco and Total.

Shelf Drilling will be headquartered in Dubai with locations in Southeast Asia, India, West Africa, Egypt, Saudi Arabia and Italy. For an interim period, Transocean and Shelf Drilling will work closely together under a transition services agreement to ensure a safe and seamless transition.

With a sole focus on shallow water drilling, Shelf Drilling will become a significant player in the market from day 1.