Transocean

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1/1/2013 4/1/2013 7/1/2013 10/1/2013 1/1/2014 4/1/2014 7/1/2014 10/1/2014
3/31/2013 6/30/2013 9/30/2013
### 3/31/2014 6/30/2014 9/30/2014
###
Timeline
Year of period end
Days in Period
Quarter of period end
Label
Cumulative Period #

2013
90
1
1Q - 13

2013
91
2
2Q - 13

2013
92
3
3Q - 13

2013
92
4
4Q - 13

2014
90
1
1Q - 14

2014
91
2
2Q - 14

2014
92
3
3Q - 14

2014
92
4
4Q - 14

$thd

2,145

2,321

2,402

2,202

2,292

2,278

2,215

2,167

$thd
$thd
$thd
$thd
$thd
$thd

1,356
67
0
275
(39)
1,659

1,357
77
0
286
(43)
1,677

1,386
67
0
273
(47)
1,679

1,341
75
0
275
(50)
1,641

1,269
57
0
273
(47)
1,552

1,213
63
0
288
(50)
1,514

1,318
52
0
288
(55)
1,603

1,329
62
0
290
(70)
1,611

Units

Income Statement
Revenues
Contract Drilling Revenues
Expenses
Operating & Maintenance
Selling General & Admin
R&D
Depreciation & Amort.
Other Operating Expenses/(Income)
Total Expenses
Operating Income

$thd

486

644

723

561

740

764

Other
Interest Expense
Currency Exchange Gains (Loss)
Other Non-Operating Inc. (Exp.)
Impairment of Goodwill
Gain (Loss) On Sale of Invest.
Gain (Loss) On Sale of Assets
Asset Writedown
Insurance Settlements
Legal Settlements
Other Unusual Items
Income (Loss) Before Income Tax Provision (Benefit)
Income Tax (Expense) Benefit
Earnings of Discontinued Ops.
Net Income (Loss) to Company

$thd
$thd
$thd
$thd
$thd
$thd
$thd
$thd
$thd
$thd
$thd
$thd
$thd
$thd

(140)
0
(1)
0
0
(7)
0
0
0
0
338
(20)
(5)
313

(135)
0
4
0
(10)
(39)
0
0
0
(10)
454
(132)
(11)
311

(131)
0
(4)
(17)
0
32
0
0
0
0
603
(63)
8
548

(126)
(11)
1
54
0
(16)
(81)
0
(120)
2
264
(44)
15
235

(116)
0
(2)
0
0
(68)
0
0
0
0
554
(80)
(8)
466

(97)
0
(2)
(65)
0
66
0
0
7
3
676
(72)
(7)
597

(116)
0
6
(2,768)
0
(12)
0
0
0
0
(2,278)
16
(1)
(2,263)

(115)
18
1
(154)
0
(12)
(1,056)
22
(3)
(9)
(752)
(10)
(4)
(766)

Minority Int. in Earnings

Net Income

$thd

8
321

(4)
307

(2)
546

(2)
233

(10)
456

(10)
587

46
(2,217)

27
(739)

Pref. Dividends and Other Adj

Net Income to Common Incl Extra Items
Net Income to Common Excl Etra Items

$thd
$thd
$thd

3
318
323

3
304
315

5
541
533

2
231
216

4
452
460

(4)
591
598

0
(2,217)
(2,216)

0
(739)
(735)

5.9%

29.1%

10.4%

16.7%

14.4%

10.7%

0.88
0.88

0.84
0.84

1.50
1.50

0.64
0.64

1.25
1.25

360
360

360
360

360
361

361
361

761

930

996

Income Tax Rate

Earnings (Loss) Per Share
Basic
Diluted
Weighted Average Shares Outstanding
Basic
Diluted
EBITDA

612

556

0.7%

(1.3%)

1.63
1.63

(6.12)
(6.12)

(2.04)
(2.04)

361
361

363
363

362
362

362
362

836

1,013

1,052

900

846

Balance Sheet
Current Assets
Cash and cash equivalents
Trading Asset Securities
Accounts Receivable
Inventory
Deferred Tax Assets, Current
Other Current Assets
Total Current Assets

$thd
$thd
$thd
$thd
$thd
$thd
$thd

3,689
0
2,152
648
151
493
7,133

3,357
0
2,111
680
167
551
6,866

3,559
0
2,408
729
173
504
7,373

3,243
0
2,168
737
151
473
6,772

1,987
0
2,309
768
155
414
5,633

2,117
0
2,214
818
162
449
5,760

2,873
0
2,174
835
160
325
6,367

2,635
4
2,120
818
161
263
6,001

Properties and Equipment

Gross Property, Plant and Equipment
Less Accumulated Depreciation
Net Plant, Properties and Equipment

$thd
$thd
$thd

28,475
(7,443)
21,032

28,517
(7,461)
21,056

28,692
(7,596)
21,096

29,518
(7,811)
21,707

30,250
(7,897)
22,353

30,550
(8,169)
22,381

30,107
(8,419)
21,688

28,516
(6,978)
21,538

Long-term Investments
Goodwill
Loans Receivable Long-Term
Other Long-term Assets
Total Assets

$thd
$thd
$thd
$thd
$thd

196
2,987
99
1,228
32,675

0
2,987
97
1,209
32,215

0
2,987
97
1,048
32,601

0
2,987
95
985
32,546

0
2,987
15
909
31,897

6
2,987
15
918
32,067

1
1,014
15
879
29,964

11
0
15
848
28,413

Current Liabilities
Accounts Payable
Accrued Exp.
Curr. Port. Of LT Debt
Curr. Port. Of Cap. Leases

$thd
$thd
$thd
$thd

843
0
243
21

921
0
170
21

962
0
199
21

1,106
684
303
20

931
0
142
20

764
0
138
21

892
0
341
21

784
560
1,012
21

Curr. Income Taxes Payable

Unearned Revenue, Curr.
Other Current Liabilities
Total Current Liabilities

$thd
$thd
$thd
$thd

111
0
2,158
3,376

131
0
2,552
3,795

176
0
2,418
3,776

53
216
1,172
3,554

74
0
1,596
2,763

83
0
2,391
3,397

130
0
2,162
3,546

131
237
1,025
3,770

Non-Current Liabilities
Revolver
Senior Notes
Capital Leases
Unearned Revenue, Non-Current
Pension & Other Post-Retirement Benefits
Def. Tax Liability, Non-Curr.
Other Non-Current Liabilities
Total Liabilities

$thd
$thd
$thd
$thd
$thd
$thd
$thd
$thd

0
10,345
633
0
0
350
1,944
16,648

0
9,982
626
0
0
361
1,787
16,551

0
9,887
621
0
0
341
1,717
16,342

0
9,762
617
159
388
374
1,007
15,861

0
9,696
612
0
0
368
1,281
14,720

0
9,693
605
0
0
357
1,236
15,288

0
9,394
600
0
0
258
1,207
15,005

0
8,465
594
233
515
237
606
14,420

Stockholders Equity
Common Stock
APIC
Retained Earnings
Treasury Stock
Comprehensive Inc. & Other
Total Stockholders Equity

$thd
$thd
$thd
$thd
$thd
$thd

5,142
7,511
4,176
(240)
(540)
16,049

5,142
6,731
4,483
(240)
(434)
15,682

5,145
6,766
5,029
(240)
(426)
16,274

5,147
6,784
5,262
(240)
(262)
16,691

5,164
6,792
5,718
(240)
(263)
17,171

5,167
5,720
6,305
(240)
(188)
16,764

5,168
5,775
4,088
(240)
(185)
14,606

5,169
5,797
3,349
(240)
(404)
13,671

Minority Interest
Total Equity

$thd

(22)
16,027

(18)
15,664

(15)
16,259

(6)
16,685

6
17,177

15
16,779

353
14,959

322
13,993

Total Liabilities and Stockholders Equity

$thd

32,675

32,215

32,601

32,546

31,897

32,067

29,964

28,413

$thd

321

307

546

233

456

587

(2,217)

(739)

$thd
$thd
$thd
$thd
$thd
$thd
$thd
$thd
$thd
$thd
$thd
$thd
$thd
$thd

275
(9)
0
7
0
21
(15)
(21)
0
0
(6)
0
(467)
106

286
(7)
0
2
37
28
(3)
31
0
0
(29)
0
(236)
416

273
(5)
0
(32)
17
36
(17)
1
0
0
(33)
0
(163)
623

275
6
6
16
27
28
(5)
73
58
(625)
(10)
(151)
842
773

273
(4)
0
3
65
28
10
7
0
0
(26)
0
(676)
136

280
4
0
(1)
0
23
0
(10)
0
0
96
0
(343)
636

288
(4)
0
12
2,768
24
0
(130)
0
0
10
0
131
882

287
0
6
12
1,210
23
0
(16)
63
(874)
26
(29)
597
566

Investing Activities
Capital Expenditure
Sale of Property, Plant and Equipment
Cash Acquisitions
Divestitures
Invest. In marketable & Equity Securt.
Net (Inc.) Dec. in Loans Originated/Sold
Other Investing Activities
Cash Used in Investing Activities

$thd
$thd
$thd
$thd
$thd
$thd
$thd
$thd

(488)
1
0
0
0
0
72
(415)

(352)
3
0
0
185
0
3
(161)

(450)
170
0
0
0
0
70
(210)

(948)
0
0
0
0
0
76
(872)

(1,131)
91
0
0
0
0
2
(1,038)

(351)
10
0
0
0
0
120
(221)

(365)
102
0
0
0
0
(1)
(264)

(318)
12
0
0
0
0
1
(305)

Financing Activities
Long- Term Debt Issued (Repaid)
Borrowings Under Credit Facility
Repayments of Amounts Outstanding Under Credit Facility
Dividends Paid
Special Dividend Paid
Other Financing Activities
Cash Provided by Financing Activities

$thd
$thd
$thd
$thd
$thd
$thd
$thd

0
0
(1,190)
0
0
54
(1,136)

0
0
(406)
(202)
0
21
(587)

0
0
(77)
(202)
0
68
(211)

0
0
(19)
(202)
0
4
(217)

0
0
(237)
(202)
0
85
(354)

0
0
(6)
(272)
0
(7)
(285)

0
0
(75)
(272)
0
485
138

0
0
(221)
(272)
0
(6)
(499)

Changes in Cash and Cash Equivalents

Cash at Beginning of Period
Cash at End of Period

$thd
$thd
$thd

(1,445)
5,134
3,689

(332)
3,689
3,357

(316)
3,559
3,243

(1,256)
3,243
1,987

Check
Statement of Cash Flow
Operating Activities
Net Income
Adjustments to reconcile net income to cash
Depreciation and amortization
Amortization of Goodwill & Amort.
Other Amortization
(Gain) Loss From Sale of Assets
Asset Writedown & Restructuring Costs
Stock-Based Compensation
Net Cash From Discontinued Ops.
Other Operating Activities
Change in Acc. Receivable
Change in Acc. Payable
Change in Unearned Revenue
Change in Inc. Taxes
Change in Other Net Operating Assets & Inventory
Cash Provided by Operating Activities

202
3,357
3,559

130
1,987
2,117

756
2,117
2,873

538,700
371,100
452,000
491,000
363,100
173,400
410,000

527,200
357,700
585,300
500,600
353,000
167,800
409,900

(238)
2,873
2,635

Assumptions
Case Selection / Detail
Case Selectio
Case

1
Underwriting Case

Average Daily Revenue

Ultra-Deepwater Floaters
Deepwater Floaters
Harsh Environment Floaters
Total High-Spec Floaters
Midwater Floaters
High-Spec Jackups
Total Fleet Avg. Daily Revenue

457,800
327,600
454,400
429,900
291,800
163,000
361,200

507,600
351,800
447,500
464,200
301,100
164,900
382,800

525,900
363,400
466,800
475,700
316,400
164,300
392,400

510,200
370,000
438,200
469,400
338,400
165,600
393,100

547,000
392,000
454,700
500,900
334,500
162,000
413,100

544,800
391,100
484,000
498,300
338,500
170,200
406,400

Total High-Spec Floaters

Midwater Floaters
High-Spec Jackups
Total Fleet Avg. Daily Revenue

8%
3%
1%
6%

Operating Days
Rig Calendar Days

5,915
7,394

Rig Utilization
Total High-Spec Floaters
Midwater Floaters
High-Spec Jackups
Total Fleet Avg. Rig Utilization

86%
65%
92%
80%

Fleet
Total High-Spec Floaters
Midwater Floaters
High-Spec Jackups
Total Fleet
Case

2%
5%
0%
3%

6,043
7,554

6,113
7,365

88%
56%
100%
80%

-1%
7%
1%
0%
5,616
7,488

7%
-1%
-2%
5%
5,538
7,100

-2%
9%
7%
-1%
5,548
7,113

2%
-3%
-3%
0%
5,393
7,191

0%
-4%
1%
-1%
5,231
7,166

90%
63%
95%
83%

82%
60%
79%
75%

84%
62%
84%
78%

81%
64%
95%
78%

74%
65%
99%
75%

72%
65%
95%
73%

48
25
10
83

46
23
11
80

46
23
11
80

46
22
11
79

46
21
11
78

46
21
10
77

48
21
10
79

44
17
10
71

457,800
327,600
454,400
429,900
291,800
163,000
361,200

507,600
351,800
447,500
464,200
301,100
164,900
382,800

525,900
363,400
466,800
475,700
316,400
164,300
392,400

510,200
370,000
438,200
469,400
338,400
165,600
393,100

547,000
392,000
454,700
500,900
334,500
162,000
413,100

538,700
371,100
452,000
491,000
363,100
173,400
410,000

527,200
357,700
585,300
500,600
353,000
167,800
409,900

544,800
391,100
484,000
498,300
338,500
170,200
406,400

Stress Case

Average Daily Revenue

Ultra-Deepwater Floaters
Deepwater Floaters
Harsh Environment Floaters
Total High-Spec Floaters
Midwater Floaters
High-Spec Jackups
Total Fleet Avg. Daily Revenue
Total High-Spec Floaters
Midwater Floaters
High-Spec Jackups
Total Fleet Avg. Daily Revenue

8%
3%
1%
6%

Operating Days
Rig Calendar Days

5,915
7,394

Rig Utilization
Total High-Spec Floaters
Midwater Floaters
High-Spec Jackups
Total Fleet Avg. Rig Utilization

86%
65%
92%
80%

Total High-Spec Floaters

Midwater Floaters
High-Spec Jackups
Total Fleet

2%
5%
0%
3%

6,043
7,554

6,113
7,365

88%
56%
100%
80%

-1%
7%
1%
0%
5,616
7,488

7%
-1%
-2%
5%
5,538
7,100

-2%
9%
7%
-1%
5,548
7,113

2%
-3%
-3%
0%
5,393
7,191

0%
-4%
1%
-1%
5,231
7,166

90%
63%
95%
83%

82%
60%
79%
75%

84%
62%
84%
78%

81%
64%
95%
78%

74%
65%
99%
75%

72%
65%
95%
73%

48
25
10
83

46
23
11
80

46
23
11
80

46
22
11
79

46
21
11
78

46
21
10
77

48
21
10
79

44
17
10
71

457,800
327,600
454,400
429,900
291,800
163,000
361,200

507,600
351,800
447,500
464,200
301,100
164,900
382,800

525,900
363,400
466,800
475,700
316,400
164,300
392,400

510,200
370,000
438,200
469,400
338,400
165,600
393,100

547,000
392,000
454,700
500,900
334,500
162,000
413,100

538,700
371,100
452,000
491,000
363,100
173,400
410,000

527,200
357,700
585,300
500,600
353,000
167,800
409,900

544,800
391,100
484,000
498,300
338,500
170,200
406,400

Sales
Underwriting Case
Average Daily Revenue
Ultra-Deepwater Floaters
Deepwater Floaters
Harsh Environment Floaters
Total High-Spec Floaters
Midwater Floaters
High-Spec Jackups
Total Fleet Avg. Daily Revenue
Total High-Spec Floaters
Midwater Floaters
High-Spec Jackups
Total Fleet Avg. Daily Revenue
Operating Days
Rig Calendar Days
Rig Utilization
Total High-Spec Floaters
Midwater Floaters
High-Spec Jackups
Total Fleet Avg. Rig Utilization
Fleet
Total High-Spec Floaters
Midwater Floaters
High-Spec Jackups
Total Fleet
Rigs Under Construction
Deepwater Thalassa
Deepwater Proteus
Deepwater Pontus
Deepwater Poseidon
Deepwater Conqueror
Ultra- Deepwater drillship TBN1

8%
3%
1%
6%
5,915
7,394

86%
65%
92%
80%

48
25
10
83

6,043
7,554

88%
56%
100%
80%

46
23
11
80

Expected Completion
1Q16
3Q16
1Q17
2Q17
4Q16
2Q17

2%
5%
0%
3%
6,113
7,365

-1%
7%
1%
0%
5,616
7,488

7%
-1%
-2%
5%
5,538
7,100

-2%
9%
7%
-1%
5,548
7,113

2%
-3%
-3%
0%
5,393
7,191

0%
-4%
1%
-1%
5,231
7,166

90%
63%
95%
83%

82%
60%
79%
75%

84%
62%
84%
78%

81%
64%
95%
78%

74%
65%
99%
75%

72%
65%
95%
73%

46
23
11
80

46
22
11
79

46
21
11
78

46
21
10
77

48
21
10
79

44
17
10
71

Ultra- Deepwater drillship TBN2

Transocean Cassiopeia
Transocean Centaurus
Transocean Cepheus
Transocean Cetus
Transocean Circinus

Contract Drilling Revenues

1Q18
3Q16
1Q17
3Q17
1Q18
3Q18

2,145

2,321

2,402

2,202

2,292

2,278

2,215

2,167

63.22%
12.82%
3.12%

58.47%
12.32%
3.32%

57.70%
11.37%
2.79%

60.90%
12.49%
3.41%

55.37%
11.91%
2.49%

53.25%
12.64%
2.77%

59.50%
13.00%
2.35%

61.33%
13.38%
2.86%

1,972

1,972

1,972

1,972

2,710

2,710

2,710

74
71
5
8
8
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
79
26
2
2
213
488
(32)
(236)
(248)
1,944

0
11
8
17
16
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
5
56
2
1
236
352
3
(242)
(254)
1,831

0
0
72
17
32
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
60
6
58
4
201
450
15
(236)
(409)
1,792

0
0
5
23
253
293
274
108
141
142
0
0
0
0
0
0
0
44
44
44
44
44
0
0
0
0
0
1,459

0
0
0
442
230
32
6
80
79
24
27
1
27
1
1
1
1
0
0
0
0
0
0
0
0
0
179
1,131
(48)
0
(178)
3,615

0
0
0
35
42
26
15
29
4
56
1
0
0
0
0
0
0
3
2
2
2
2
0
0
0
0
137
356
(28)
0
(172)
2,866

0
0
0
15
19
11
35
4
65
4
2
3
0
2
2
2
2
0
0
0
0
0
0
0
0
0
205
371
(293)
(1,522)
(258)
1,008

Expenses
Expenses
O&M / Total Op. Revenue
Depr. / Total Op. Revenue
G&A / Total Op. Revenue
CAPEX / PPE

Construction Work in Progress, at beginning of period

Newbuild Construction Program
Transocean Siam Driller
Transocean Andaman
Transocean Ao Thai
Deepwater Invictus
Deepwater Asgard
Deepwater Thalassa
Deepwater Proteus
Deepwater Conqueror
Deepwater Pontus
Deepwater Poseidon
Ultra- Deepwater drillship TBN1
Transocean Cassiopeia
Ultra- Deepwater drillship TBM2
Transocean Centaurus
Transocean Cepheus
Transocean Cetus
Transocean Circinus
High- Specfication Jackup TBN1
High- Specification Jackup TBN2
High- Specifiaction Jackup TBN3
High- Sepcification Jackup TBN4
High- Specification Jackup TBN5
Ultra- Deepwater Floater TBN1
Ultra- Deepwater Floater TBN2
Ultra- Deepwater Floater TBN3
Ultra- Deepwater Floater TBN4
Other construction projects and capital additions
Total Capital Expenditures
Changes in accrued captial expenditures
Property and Equipment placed into service
Other property and equipment
Construction work in progress, at end of period
Check

3,431

0
0
0
477
272
71
29
114
104
136
30
46
27
46
46
46
46
0
0
0
0
0
0
0
0
0
0
1,490

1,490

511

1,172

Accounts Receivable
Sales
Days Receivable
Accounts Receivable Balance

2,145
90
2,152

2,321
83
2,111

2,402
92
2,408

2,202
91
2,168

2,292
91
2,309

2,278
88
2,214

2,215
90
2,174

2,167
90
2,120

Inventory
Sales
Days Receivable
Inventory Balance

2,145
27
648

2,321
27
680

2,402
28
729

2,202
31
737

2,292
30
768

2,278
33
818

2,215
35
835

2,167
35
818

Other Net Operating Income

Sales
Days Receivable
Other Net Operating Income Balance

2,145
21
493

2,321
22
551

2,402
19
504

2,202
20
473

2,292
16
414

2,278
18
449

2,215
13
325

2,167
11
263

Accounts Payable
COGS
Days Payable
Accounts Payable Balance

1,356
56
843

1,357
62
921

1,386
64
962

1,341
76
1,106

1,269
66
931

1,213
57
764

1,318
62
892

1,329
54
784

Unearned Revenue
COGS
Days Payable
Unearned Revenue Balance

1,356
0
0

1,357
0
0

1,386
0
0

1,341
15
216

1,269
0
0

1,213
0
0

1,318
0
0

1,329
16
237

Income Taxes
COGS
Days Payable
Income Taxes Balance

1,356
7
111

1,357
9
131

1,386
12
176

1,341
4
53

1,269
5
74

1,213
6
83

1,318
9
130

1,329
9
131

Working Capital Accounts

Other Current Liabilities

COGS
Days Payable
Other Current Liabilities Balance

1,356
129
1,944

1,357
120
1,787

1,386
114
1,717

1,341
69
1,007

1,269
91
1,281

1,213
93
1,236

1,318
84
1,207

1,329
42
606

4,176

4,176
307
0
4,483

4,483
546
0
5,029

5,029
233
0
5,262

5,262
456
0
5,718

5,718
587
0
6,305

6,305
(2,217)
0
4,088

4,088
(739)
0
3,349

4.95%

1,113
0
1,113
1,113
14

1,113
(54)
1,059
1,086
13

1,059
(54)
1,006
1,032
12

1,006
(54)
952
979
12

952
(54)
898
925
11

5.05%

999
0
999
999
13

999
0
999
999
13

999
0
999
999
13

999
0
999
999
13

999
0
999
999
13

2.50%

748
0
748
748
5

748
0
748
748
5

748
0
748
748
5

748
0
748
748
5

748
0
748
748
5

5.05%

626
(35)
591
609
7

591
(56)
536
563
7

536
(56)
480
508
6

480
(56)
425
452
5

425
(56)
369
397
5

6.00%

998
0
998
998
15

1,001
0
1,001
1,001
15

1,001
0
1,001
1,001
15

1,001
0
1,001
1,001
15

1,001
0
1,001
1,001
15

7.38%

247
0
247
247
5

247
0
247
247
5

247
0
247
247
5

247
0
247
247
5

247
0
247
247
5

6.50%

900
0
900
900
15

911
0
911
911
15

911
0
911
911
15

911
0
911
911
15

911
0
911
911
15

6.38%

1,199
0
1,199
1,199
19

1,199
0
1,199
1,199
19

1,199
0
1,199
1,199
19

1,199
0
1,199
1,199
19

1,199
0
1,199
1,199
19

3.80%

745
0
745
745
7

745
0
745
745
7

745
0
745
745
7

745
0
745
745
7

745
0
745
745
7

7.45%

97
0
97
97
2

97
0
97
97
2

97
0
97
97
2

97
0
97
97
2

97
0
97
97
2

57
0
57
57

57
0
57
57

57
0
57
57

57
0
57
57

57
0
57
57

Retained Earnings
Retained Earnings Beginning Balance
Net Income
Distributions
Retained Earnings Ending Balance
Debt Schedule
4.95% Senior Notes due December 2016
Beginning Balance
Repayment
Ending Balance
Average
Interest Expense
5.05% Senior Notes due December 2016 (assumed to be refinanced)
Beginning Balance
Repayment
Ending Balance
Average
Interest Expense
2.50% Senior Notes due December 2016 (assumed to be refinanced)
Beginning Balance
Repayment
Ending Balance
Average
Interest Expense
Eksportfinans Loans due January 2018
Beginning Balance
Repayment
Ending Balance
Average
Interest Expense
6.00% Senior Notes due March 2018
Beginning Balance
Repayment
Ending Balance
Average
Interest Expense
7.375% Senior Notes due April 2018
Beginning Balance
Repayment
Ending Balance
Average
Interest Expense
6.50% Senior Notes due November 2020
Beginning Balance
Repayment
Ending Balance
Average
Interest Expense
6.375% Senior Notes due December 2021
Beginning Balance
Repayment
Ending Balance
Average
Interest Expense
3.8% Senior Notes due October 2022
Beginning Balance
Repayment
Ending Balance
Average
Interest Expense
7.45% Notes due April 2027
Beginning Balance
Repayment
Ending Balance
Average
Interest Expense
8.00% Debentures due April 2027
Beginning Balance
Repayment
Ending Balance
Average

Interest Expense

7.00% Notes due June 2028

Beginning Balance
Repayment
Ending Balance
Average
Interest Expense
Capital Lease Contract due August 2029
Beginning Balance
Repayment
Ending Balance
Average
Interest Expense
7.50% Notes due June 2031
Beginning Balance
Repayment
Ending Balance
Average
Interest Expense
6.80% Senior Notes due March 2038
Beginning Balance
Repayment
Ending Balance
Average
Interest Expense
7.35% Senior Notes due December 2041
Beginning Balance
Repayment
Ending Balance
Average
Interest Expense
7.50% New Notes
Beginning Balance
Issuance
Ending Balance
Average
Interest Expense
Revolver
Total Revolver Size
Aggregate Commitments

8.00%

7.00%

311
0
311
311
5

309
0
309
309
5

309
0
309
309
5

309
0
309
309
5

309
0
309
309
5

7.80%

642
(5)
637
640
12

637
(5)
632
634
12

632
(5)
627
629
12

627
(5)
621
624
12

621
(5)
616
619
12

7.50%

598
0
598
598
11

598
0
598
598
11

598
0
598
598
11

598
0
598
598
11

598
0
598
598
11

6.80%

999
0
999
999
17

999
0
999
999
17

999
0
999
999
17

999
0
999
999
17

999
0
999
999
17

7.35%

300
0
300
300
6

300
0
300
300
6

300
0
300
300
6

300
0
300
300
6

300
0
300
300
6

7.50%

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0
3,000
3,000

Revolver Beginning Balance

Borrowed
Repaid
Revolver Ending Balance
Average Balance for Period
Commitment Fee Rate
Interest Rate on Used Balance
Commitment Fee Rate
Interest Expense on Used Balance

Debt Summary
Ending Balance of 4.95% Senior Notes due November 2015
Ending Balance of 5.05% Senior Notes due December 2016
Ending Balance of 2.50% Senior Notes due December 2016
Ending Balance of Eksportfinans Loans due January 2018
Ending Balance of 6.00% Senior Notes due March 2018
Ending Balance of 7.375% Senior Notes due April 2018
Ending Balance of 6.50% Senior Notes due November 2020
Ending Balance of 6.375% Senior Notes due December 2021
Ending Balance of 3.8% Senior Notes due October 2022
Ending Balance of 7.45% Notes due April 2027
Ending Balance of 8.00% Debentures due April 2027
Ending Balance of 7.00% Notes due June 2028
Ending Balance of Capital Lease Contract due August 2029
Ending Balance of 7.50% Notes due June 2031
Ending Balance of 6.80% Senior Notes due March 2038
Ending Balance of 7.35% Senior Notes due December 2041
Ending Balance of 7.50% New Notes
Total Notes
Current Portion of LT Debt
Current Portion of Capital Leases
Total LT Debt
Total Repayments
Total Issuance
Interest
Interest
Interest
Interest
Interest

Expense
Expense
Expense
Expense
Expense

of
of
of
of
of

5.05% Senior Notes due December 2016

2.50% Senior Notes due December 2016
Eksportfinans Loans due January 2018
6.00% Senior Notes due March 2018
7.375% Senior Notes due April 2018

221
0
(221)
0

0.23%
1.50%

111
0.056%
0.375%
2
0

898
999
748
369
1,001
247
911
1,199
745
97
57
309
616
598
999
300
0
10,093
1,033
9,060
(115)
0
13
5
5
15
5

Interest Expense
Interest Expense
Interest Expense
Interest Expense
Interest Expense
Interest Expense
Interest Expense
Interest Expense
Interest Expense
Interest Expense
Interest Expense
Total Interest

of
of
of
of
of
of
of
of
of
of
of

6.50% Senior Notes due November 2020

6.375% Senior Notes due December 2021
3.8% Senior Notes due October 2022
7.45% Notes due April 2027
8.00% Debentures due April 2027
7.00% Notes due June 2028
Capital Lease Contract due August 2029
7.50% Notes due June 2031
6.80% Senior Notes due March 2038
7.35% Senior Notes due December 2041
7.50% New Notes

Summary
Revolver Ending Balance
Total Borrowings
Total Repayments
Total Interest Expense / Commitment Fee

Cash Flow Waterfall

Required Cash Balance
Maximum Revolver Balance
Minimum Revolver Balance
Beginning Cash Balance
Less: Required Balance
Cash Available after Required Balance
Add: Cash from Operating Activities
Amount Available for Capex
Budgeted Capex
Cash Available before Financing Activities
Add: Long-Term Debt Issuance
Less: Repayment of Long-Term Debt
Less: Dividends
Cash Available for Revolver Consideration
Add: Draw on Revolver
Less: Revolver Repayment
Cash Ending Balance before Required Balance
Add: Required Balance
Cash Ending Balance

15
19
7
2
1
5
12
11
17
6
0
137

0
221
(221)
139

A
1/1/2015
3/31/2015

E
4/1/2015
6/30/2015

E
E
E
E
E
E
E
E
E
E
E
E
E
E
7/1/2015 10/1/2015 1/1/2016 4/1/2016 7/1/2016 10/1/2016 1/1/2017 4/1/2017 7/1/2017 10/1/2017 1/1/2018 4/1/2018 7/1/2018 10/1/2018
9/30/2015 12/31/2015 3/31/2016 6/30/2016 9/30/2016
### 3/31/2017 6/30/2017 9/30/2017
### 3/31/2018 6/30/2018 9/30/2018
###

2015
90
1
1Q - 15

2015
91
2
2Q - 15
1

2015
92
3
3Q - 15
2

2015
92
4
4Q - 15
3

2016
91
1
1Q - 16
4

2016
91
2
2Q - 16
5

2016
92
3
3Q - 16
6

2016
92
4
4Q - 16
7

2017
90
1
1Q - 17
8

2017
91
2
2Q - 17
9

2017
92
3
3Q - 17
10

2017
92
4
4Q - 17
11

2018
90
1
1Q - 18
12

2018
91
2
2Q - 18
13

2018
92
3
3Q - 18
14

2018
92
4
4Q - 18
15

2,000

1,685

1,655

1,455

1,440

1,450

1,534

1,593

1,608

1,628

1,603

1,553

1,610

1,660

1,725

1,758

1,084
46
0
291
(43)
1,378

981
48
0
214
0
1,243

964
47
0
211
0
1,221

847
41
0
185
0
1,073

1,008
41
0
183
0
1,232

1,015
41
0
184
0
1,240

1,074
43
0
195
0
1,312

1,115
45
0
203
0
1,363

1,126
45
0
205
0
1,376

1,139
46
0
207
0
1,392

1,122
45
0
204
0
1,371

1,087
44
0
198
0
1,328

1,078
45
0
205
0
1,329

1,112
47
0
211
0
1,370

1,156
49
0
219
0
1,424

1,055
50
0
224
0
1,328

622

442

434

382

208

210

222

230

233

235

232

224

281

290

301

430

(110)
13
34
0
0
(436)
(507)
0
0
0
(384)
(83)
(2)
(469)

(137)
0
0
0
0
0
0
0
0
0
305
(22)
22
283

(136)
0
0
0
0
0
0
0
0
0
298
(22)
22
276

(136)
0
0
0
0
0
0
0
0
0
246
(18)
18
228

(136)
0
0
0
0
0
0
0
0
0
73
(5)
5
67

(135)
0
0
0
0
0
0
0
0
0
75
(5)
5
69

(135)
0
0
0
0
0
0
0
0
0
87
(6)
6
81

(138)
0
0
0
0
0
0
0
0
0
92
(7)
7
86

(144)
0
0
0
0
0
0
0
0
0
89
(6)
6
82

(144)
0
0
0
0
0
0
0
0
0
92
(7)
7
85

(141)
0
0
0
0
0
0
0
0
0
91
(7)
7
84

(128)
0
0
0
0
0
0
0
0
0
96
(7)
7
89

(129)
0
0
0
0
0
0
0
0
0
152
(11)
11
141

(133)
0
0
0
0
0
0
0
0
0
156
(11)
11
145

(135)
0
0
0
0
0
0
0
0
0
166
(12)
12
154

(126)
0
0
0
0
0
0
0
0
0
304
(22)
22
282

(14)
(483)

0
283

0
276

0
228

0
67

0
69

0
81

0
86

0
82

0
85

0
84

0
89

0
141

0
145

0
154

0
282

0
(483)
(481)

0
283
283

0
276
276

0
228
228

0
67
67

0
69
69

0
81
81

0
86
86

0
82
82

0
85
85

0
84
84

0
89
89

0
141
141

0
145
145

0
154
154

0
282
282

(21.6%)

7.2%

7.2%

7.2%

7.2%

7.2%

7.2%

7.2%

7.2%

7.2%

7.2%

7.2%

7.2%

7.2%

7.2%

7.2%

(1.33)
(1.33)

0.78
0.78

0.76
0.76

0.63
0.63

0.19
0.19

0.19
0.19

0.22
0.22

0.24
0.24

0.23
0.23

0.23
0.23

0.23
0.23

0.25
0.25

0.39
0.39

0.40
0.40

0.42
0.42

0.78
0.78

363
363

363
363

363
363

363
363

363
363

363
363

363
363

363
363

363
363

363
363

363
363

363
363

363
363

363
363

363
363

363
363

913

657

645

567

391

394

417

433

437

442

436

422

486

501

521

654

2,682
6
1,964
807
157
227
5,843

2,905
6
1,637
672
157
191
5,569

2,722
6
1,608
661
157
186
5,339

1,752
6
1,414
581
157
162
4,071

1,409
6
1,399
575
157
160
3,706

975
6
1,408
579
157
165
3,290

500
6
1,489
612
157
172
2,937

500
6
1,547
636
157
177
3,023

500
6
1,562
642
157
179
3,046

500
6
1,581
650
157
185
3,078

500
6
1,557
640
157
180
3,039

500
6
1,508
620
157
172
2,963

500
6
1,563
642
157
179
3,047

500
6
1,612
662
157
186
3,124

500
6
1,676
689
157
194
3,221

500
6
1,707
701
157
195
3,267

26,740
(6,174)
20,566

27,125
(6,388)
20,736

27,512
(6,599)
20,913

27,900
(6,784)
21,116

28,332
(6,967)
21,364

28,718
(7,152)
21,566

29,103
(7,347)
21,756

29,489
(7,549)
21,940

29,869
(7,754)
22,115

30,249
(7,961)
22,288

30,311
(8,165)
22,146

30,372
(8,362)
22,010

30,562
(8,567)
21,995

30,752
(8,778)
21,973

30,941
(8,998)
21,943

31,131
(9,221)
21,910

27
0
15
654
27,105

27
0
15
654
27,001

27
0
15
654
26,948

27
0
15
654
25,883

27
0
15
654
25,766

27
0
15
654
25,552

27
0
15
654
25,389

27
0
15
654
25,658

27
0
15
654
25,856

27
0
15
654
26,062

27
0
15
654
25,881

27
0
15
654
25,668

27
0
15
654
25,738

27
0
15
654
25,793

27
0
15
654
25,860

27
0
15
654
25,872

619
0
1,002
22

560
0
1,010
21

544
0
1,008
21

473
0
1,006
21

563
0
114
21

580
0
114
21

634
0
533
21

607
0
504
21

602
0
(1,253)
21

628
0
(1,500)
21

653
0
(1,500)
21

589
0
(1,500)
21

606
0
(636)
21

623
0
(636)
21

629
0
(408)
21

651
0
(189)
21

217
0
1,313
3,173

196
0
1,313
3,101

191
0
1,313
3,077

166
0
1,313
2,979

197
0
1,313
2,209

203
0
1,313
2,231

213
0
1,313
1,517

218
0
1,313
1,539

220
0
1,313
1,776

228
0
1,313
2,024

222
0
1,313
2,722

213
0
1,313
2,658

211
0
1,313
895

220
0
1,313
682

229
0
1,313
716

207
0
1,313
630

0
8,409
587
0
0
152
1,263
13,584

0
8,371
583
0
0
152
1,263
13,469

0
8,342
577
0
0
152
1,263
13,411

0
7,424
572
0
0
152
1,263
12,390

0
8,287
567
0
0
152
1,263
12,477

0
8,259
562
0
0
152
1,263
12,466

26
8,980
556
0
0
152
1,263
12,494

493
8,952
551
0
0
152
1,263
12,950

907
8,695
546
0
0
152
1,263
13,338

553
9,198
541
0
0
152
1,263
13,730

617
8,448
535
0
0
152
1,263
13,737

886
8,219
530
0
0
152
1,263
13,708

1,345
9,729
525
0
0
152
1,263
13,908

1,497
9,976
520
0
0
152
1,263
14,090

1,654
9,976
514
0
0
152
1,263
14,275

248
11,476
509
0
0
152
1,263
14,278

5,183
5,806
2,866
(240)
(414)
13,201

5,183
5,806
2,877
(240)
(414)
13,212

5,183
5,806
2,882
(240)
(414)
13,217

5,183
5,806
2,838
(240)
(414)
13,173

5,183
5,806
2,633
(240)
(414)
12,968

5,183
5,806
2,431
(240)
(414)
12,766

5,183
5,806
2,239
(240)
(414)
12,574

5,183
5,806
2,053
(240)
(414)
12,388

5,183
5,806
1,863
(240)
(414)
12,198

5,183
5,806
1,676
(240)
(414)
12,011

5,183
5,806
1,488
(240)
(414)
11,823

5,183
5,806
1,306
(240)
(414)
11,641

5,183
5,806
1,175
(240)
(414)
11,510

5,183
5,806
1,048
(240)
(414)
11,383

5,183
5,806
930
(240)
(414)
11,265

5,183
5,806
939
(240)
(414)
11,274

320
13,521

320
13,532

320
13,537

320
13,493

320
13,288

320
13,086

320
12,894

320
12,708

320
12,518

320
12,331

320
12,143

320
11,961

320
11,830

320
11,703

320
11,585

320
11,594

27,105

27,001

26,948

25,883

25,766

25,552

25,389

25,658

25,856

26,062

25,880

25,668

25,737

25,793

25,860

25,872

(483)

283

276

228

69

81

86

82

85

84

89

141

145

154

282

291
(4)
0
7
936
19
0
(72)
0
0
(39)
0
(129)
526

214
0
0
0
0
0
0
0
327
(59)
0
(21)
170
916

211
0
0
0
0
0
0
0
29
(16)
0
(6)
17
512

185
0
0
0
0
0
0
0
194
(71)
0
(25)
104
616

183
0
0
0
0
0
0
0
15
90
0
32
8
394

184
0
0
0
0
0
0
0
(9)
16
0
6
(9)
258

195
0
0
0
0
0
0
0
(81)
27
0
9
(41)
190

203
0
0
0
0
0
0
0
(58)
17
0
6
(28)
225

205
0
0
0
0
0
0
0
(15)
6
0
2
(8)
272

207
0
0
0
0
0
0
0
(19)
22
0
8
(14)
289

204
0
0
0
0
0
0
0
24
(17)
0
(6)
15
304

198
0
0
0
0
0
0
0
49
(26)
0
(9)
28
327

205
0
0
0
0
0
0
0
(55)
(5)
0
(2)
(29)
255

211
0
0
0
0
0
0
0
(49)
26
0
9
(28)
314

219
0
0
0
0
0
0
0
(63)
25
0
9
(33)
310

224
0
0
0
0
0
0
0
(32)
(64)
0
(22)
(14)
373

(201)
7
0
0
0
0
2
(192)

(385)
0
0
0
0
0
0
(385)

(388)
0
0
0
0
0
0
(388)

(388)
0
0
0
0
0
0
(388)

(432)
0
0
0
0
0
0
(432)

(386)
0
0
0
0
0
0
(386)

(386)
0
0
0
0
0
0
(386)

(386)
0
0
0
0
0
0
(386)

(380)
0
0
0
0
0
0
(380)

(380)
0
0
0
0
0
0
(380)

(62)
0
0
0
0
0
0
(62)

(62)
0
0
0
0
0
0
(62)

(190)
0
0
0
0
0
0
(190)

(190)
0
0
0
0
0
0
(190)

(190)
0
0
0
0
0
0
(190)

(190)
0
0
0
0
0
0
(190)

0
0
(63)
(272)
0
48
(287)

(36)
0
0
(272)
0
0
(308)

(36)
0
0
(272)
0
0
(308)

(926)
0
0
(272)
0
0
(1,198)

(34)
0
0
(272)
0
0
(306)

(34)
0
0
(272)
0
0
(306)

(34)
26
0
(272)
0
0
(279)

(34)
467
0
(272)
0
0
161

(34)
413
0
(272)
0
0
108

716
0
(353)
(272)
0
0
91

(34)
63
0
(272)
0
0
(242)

(262)
269
0
(272)
0
0
(266)

(252)
459
0
(272)
0
0
(65)

(5)
153
0
(272)
0
0
(125)

(5)
157
0
(272)
0
0
(120)

1,495
0
(1,406)
(272)
0
0
(184)

47
2,635
2,682

223
2,682
2,905

(184)
2,905
2,722

(970)
2,722
1,752

(343)
1,752
1,409

(434)
1,409
975

(475)
975
500

0
500
500

0
500
500

0
500
500

0
500
500

0
500
500

0
500
500

0
500
500

0
500
500

0
500
500

535,100
342,100
531,300
491,500
343,300
174,400
398,300

508,345
324,995
504,735
466,925
326,135
165,680
390,256

496,600
317,486
493,073
456,137
318,600
161,852
382,083

476,736
304,787
473,350
437,891
305,856
165,089
365,383

457,666
292,595
454,416
420,376
293,621
171,693
355,082

439,360
280,891
436,240
403,561
281,877
178,560
340,915

421,785
269,656
418,790
387,418
270,602
187,488
330,263

430,221
275,049
427,166
395,167
276,014
191,238
335,655

438,825
280,550
435,709
403,070
281,534
195,063
342,368

447,602
286,161
444,423
411,131
287,165
198,964
347,157

456,554
291,884
453,312
419,354
292,908
200,954
353,691

482,928
308,745
479,498
443,579
309,828
157,396
370,743

458,781
293,308
455,523
421,400
294,337
149,526
352,026

67

467,957
299,174
464,634
429,828
300,224
152,517
360,172

477,316
305,158
473,926
438,424
306,228
155,567
368,346

486,862
311,261
483,405
447,193
312,353
158,678
373,474

-1%
1%
2%
-2%
4,927
6,237

73%
85%
99%
79%

41
14
10
65

535,100
342,100
531,300
491,500
343,300
174,400
398,300
-1%
1%
2%
-2%
4,927
6,237

73%
85%
99%
79%
41
14
10
65

535,100
342,100
531,300
491,500
343,300
174,400
398,300
-1%
1%
2%
-2%
4,927
6,237

73%
85%
99%
79%

41
14
10
65

-5%
-5%
-5%
-5%
4,318
5,915

-5%
-5%
-5%
-5%
4,465
5,980

-5%
-5%
-5%
-5%
4,134
5,796

2%
2%
2%
-5%
3,999
5,824

2%
2%
2%
-5%
3,937
5,733

2%
2%
2%
-5%

2%
2%
2%
-2%

4,106
5,980

4,169
6,072

-4%
-4%
2%
2%
4,402
6,030

-4%
-4%
4%
2%
4,584
6,279

-4%
-4%
4%
2%

-4%
-4%
5%
3%

4,701
6,440

4,701
6,440

2%
2%
2%
-4%
4,795
6,480

2%
2%
2%
-4%

2%
2%
2%
-4%

4,848
6,552

4,970
6,716

2%
2%
1%
-4%
4,970
6,716

71%
70%
78%
73%

72%
72%
80%
75%

69%
70%
75%
71%

66%
68%
72%
69%

66%
68%
72%
69%

66%
68%
72%
69%

66%
68%
72%
69%

67%
72%
80%
73%

67%
72%
80%
73%

67%
72%
80%
73%

67%
72%
80%
73%

70%
72%
80%
74%

70%
72%
80%
74%

70%
72%
80%
74%

70%
72%
80%
74%

41
14
10
65

41
14
10
65

40
13
10
63

41
13
10
64

41
12
10
63

42
12
11
65

43
12
11
66

43
12
12
67

45
12
12
69

45
12
13
70

45
12
13
70

46
12
14
72

46
12
14
72

46
12
15
73

46
12
15
73

508,345
324,995
504,735
466,925
326,135
165,680
390,256
-5%
-5%
-5%
-5%
4,318
5,915

482,928
308,745
479,498
443,579
309,828
157,396
370,743
-5%
-5%
-5%
-5%
4,465
5,980

458,781
293,308
455,523
421,400
294,337
149,526
352,026
-5%
-5%
-5%
-5%
4,134
5,796

71%
70%
78%
73%

72%
72%
80%
75%

69%
70%
75%
71%

41
14
10
65

41
14
10
65

40
13
10
63

508,345
324,995
504,735
466,925
326,135
165,680
390,256
-5%
-5%
-5%
-5%
4,318
5,915

482,928
308,745
479,498
443,579
309,828
157,396
370,743
-5%
-5%
-5%
-5%
4,465
5,980

458,781
293,308
455,523
421,400
294,337
149,526
352,026
-5%
-5%
-5%
-5%
4,134
5,796

426,667
278,643
464,634
391,902
279,620
152,517
331,691
-7%
-5%
2%
-5%
3,999
5,824

396,800
264,710
473,926
364,469
265,639
155,567
313,241
-7%
-5%
2%
-5%
3,874
5,642

369,024
251,475
483,405
338,956
252,357
158,678
293,087

343,192
238,901
493,073
315,229
239,739
161,852
276,498

-7%
-5%
2%
-5%

-7%
-5%
2%
-2%

4,043
5,888

66%
68%
72%
69%

4,106
5,980

66%
66%
68%
68%
72%
72%
69%
69%
(Scrapped one midwater)
41
41
42
13
11
11
10
10
11
64
62
64

467,957
299,174
464,634
429,828
300,224
152,517
360,172
2%
2%
2%
-5%
3,999
5,824

477,316
305,158
473,926
438,424
306,228
155,567
368,346
2%
2%
2%
-5%
3,937
5,733

486,862
311,261
483,405
447,193
312,353
158,678
373,474
2%
2%
2%
-5%
4,106
5,980

66%
68%
72%
69%
43
11
11
65

496,600
317,486
493,073
456,137
318,600
161,852
382,083
2%
2%
2%
-2%
4,169
6,072

346,624
241,290
502,935
318,381
242,137
165,089
277,802
1%
1%
2%
2%
4,336
5,940

350,090
243,703
523,052
321,565
244,558
171,693
282,079
1%
1%
4%
2%
4,451
6,097

353,591
246,140
543,974
324,781
247,004
178,560
284,245

360,663
251,063
571,173
331,276
251,944
187,488
290,954

1%
1%
4%
2%

2%
2%
5%
3%

4,567
6,256

67%
72%
80%
73%

4,567
6,256

67%
67%
72%
72%
80%
80%
73%
73%
(scrapped one high spec)
43
44
44
11
11
11
12
12
13
66
67
68

476,736
304,787
473,350
437,891
305,856
165,089
365,383
-4%
-4%
2%
2%
4,402
6,030

457,666
292,595
454,416
420,376
293,621
171,693
355,082
-4%
-4%
4%
2%
4,584
6,279

439,360
280,891
436,240
403,561
281,877
178,560
340,915
-4%
-4%
4%
2%
4,701
6,440

367,876
256,084
582,596
337,902
256,982
191,238
295,244
2%
2%
2%
-4%
4,595
6,210

375,234
261,206
594,248
344,660
262,122
195,063
301,149

382,739
266,430
606,133
351,553
267,365
198,964
305,626

2%
2%
2%
-4%

2%
2%
2%
-4%

4,646
6,279

67%
72%
80%
73%

4,766
6,440

70%
70%
72%
72%
80%
80%
74%
74%
(scrapped one high spec)
44
44
44
11
11
11
13
14
14
68
69
69

421,785
269,656
418,790
387,418
270,602
187,488
330,263
-4%
-4%
5%
3%
4,701
6,440

430,221
275,049
427,166
395,167
276,014
191,238
335,655
2%
2%
2%
-4%
4,795
6,480

438,825
280,550
435,709
403,070
281,534
195,063
342,368
2%
2%
2%
-4%
4,848
6,552

390,393
271,759
612,194
358,584
272,712
200,954
311,312
2%
2%
1%
-4%
4,766
6,440

70%
72%
80%
74%

70%
72%
80%
74%

44
11
15
70

44
11
15
70

447,602
286,161
444,423
411,131
287,165
198,964
347,157
2%
2%
2%
-4%
4,970
6,716

456,554
291,884
453,312
419,354
292,908
200,954
353,691
2%
2%
1%
-4%
4,970
6,716

71%
70%
78%
73%

72%
72%
80%
75%

69%
70%
75%
71%

66%
68%
72%
69%

66%
68%
72%
69%

66%
68%
72%
69%

66%
68%
72%
69%

67%
72%
80%
73%

67%
72%
80%
73%

67%
72%
80%
73%

67%
72%
80%
73%

70%
72%
80%
74%

70%
72%
80%
74%

70%
72%
80%
74%

70%
72%
80%
74%

41
14
10
65

41
14
10
65

40
13
10
63

41
13
10
64

41
12
10
63

42
12
11
65

43
12
11
66

43
12
12
67

45
12
12
69

45
12
13
70

45
12
13
70

46
12
14
72

46
12
14
72

46
12
15
73

46
12
15
73

Scrapped 1 High Spec

Scrapped 1 Mid Water Scrapped 1 Mid Water

Scrapped 1 High Spec

(Scrapped 4 because of Transocean's 4 Cold Stacked Floaters and the assuption that the older rigs will need to be scrapped)

2,000

1,685

1,655

1,455

1,440

1,450

1,534

1,593

1,608

1,628

1,603

1,553

1,610

1,660

1,725

1,758

54.20%
14.55%
2.30%

58.21%
12.72%
2.82%

58.21%
12.72%
2.82%

58.21%
12.72%
2.82%

70.00%
12.72%
2.82%

70.00%
12.72%
2.82%

70.00%
12.72%
2.82%

70.00%
12.72%
2.82%

70.00%
12.72%
2.82%

70.00%
12.72%
2.82%

70.00%
12.72%
2.82%

70.00%
12.72%
2.82%

67.00%
12.72%
2.82%

67.00%
12.72%
2.82%

67.00%
12.72%
2.82%

60.00%
12.72%
2.82%

0
0
0
0
0
150
142
27
15
18
3
1
24
1
1
1
1
0
0
0
0
0
0
0
0
0
0
385

0
0
0
0
0
150
145
27
15
18
3
1
24
1
1
1
1
0
0
0
0
0
0
0
0
0
0
388

0
0
0
0
0
150
145
27
15
18
3
1
24
1
1
1
1
0
0
0
0
0
0
0
0
0
0
388

0
0
0
0
0
46
19
123
107
110
10
3
10
2
1
1
1
0
0
0
0
0
0
0
0
0
0
432

0
0
0
0
0
0
19
123
107
110
10
3
10
2
1
1
1
0
0
0
0
0
0
0
0
0
0
386

0
0
0
0
0
0
19
123
107
110
10
3
10
2
1
1
1
0
0
0
0
0
0
0
0
0
0
386

0
0
0
0
0
0
19
123
107
110
10
3
10
2
1
1
1
0
0
0
0
0
0
0
0
0
0
386

0
0
0
0
0
0
0
0
0
11
308
47
6
2
2
2
2
0
0
0
0
0
0
0
0
0
0
380

0
0
0
0
0
0
0
0
0
11
308
47
6
2
2
2
2
0
0
0
0
0
0
0
0
0
0
380

0
0
0
0
0
0
0
0
0
0
0
47
6
2
2
2
2
0
0
0
0
0
0
0
0
0
0
62

0
0
0
0
0
0
0
0
0
0
0
47
6
2
2
2
2
0
0
0
0
0
0
0
0
0
0
62

0
0
0
0
0
0
0
0
0
0
0
0
134
49
3
2
2
0
0
0
0
0
0
0
0
0
0
190

0
0
0
0
0
0
0
0
0
0
0
0
134
49
3
2
2
0
0
0
0
0
0
0
0
0
0
190

0
0
0
0
0
0
0
0
0
0
0
0
134
49
3
2
2
0
0
0
0
0
0
0
0
0
0
190

0
0
0
0
0
0
0
0
0
0
0
0
134
49
3
2
2
0
0
0
0
0
0
0
0
0
0
190

2,451
0
0
0
0
0
25
9
18
18
6
2
1
0
1
1
1
1
0
0
0
0
0
0
0
0
0
118
201
(22)
0
(91)
2,539

(Capex numbers were obtained from the Transocean website "Forecas

2,000
88
1,964

1,685
88
1,637

1,655
88
1,608

1,455
88
1,414

1,440
88
1,399

1,450
88
1,408

1,534
88
1,489

1,593
88
1,547

1,608
88
1,562

1,628
88
1,581

1,603
88
1,557

1,553
88
1,508

1,610
88
1,563

1,660
88
1,612

1,725
88
1,676

1,758
88
1,707

2,000
36
807

1,685
36
672

1,655
36
661

1,455
36
581

1,440
36
575

1,450
36
579

1,534
36
612

1,593
36
636

1,608
36
642

1,628
36
650

1,603
36
640

1,553
36
620

1,610
36
642

1,660
36
662

1,725
36
689

1,758
36
701

2,000
10
227

1,685
10
191

1,655
10
186

1,455
10
162

1,440
10
160

1,450
10
165

1,534
10
172

1,593
10
177

1,608
10
179

1,628
10
185

1,603
10
180

1,553
10
172

1,610
10
179

1,660
10
186

1,725
10
194

1,758
10
195

1,084
51
619

981
51
560

964
51
544

847
51
473

1,008
51
563

1,015
51
580

1,074
51
606

1,115
51
623

1,126
51
629

1,139
51
651

1,122
51
634

1,087
51
607

1,078
51
602

1,112
51
628

1,156
51
653

1,055
51
589

1,084
0
0

981
0
0

964
0
0

847
0
0

1,008
0
0

1,015
0
0

1,074
0
0

1,115
0
0

1,126
0
0

1,139
0
0

1,122
0
0

1,087
0
0

1,078
0
0

1,112
0
0

1,156
0
0

1,055
0
0

1,084
18
217

981
18
196

964
18
191

847
18
166

1,008
18
197

1,015
18
203

1,074
18
213

1,115
18
218

1,126
18
220

1,139
18
228

1,122
18
222

1,087
18
213

1,078
18
211

1,112
18
220

1,156
18
229

1,055
18
207

1,084
105
1,263

981
105
1,143

964
105
1,110

847
105
966

3,349
(483)
0
2,866

2,866
283
(272)
2,877

2,877
276
(272)
2,882

2,882
228
(272)
2,838

898
(2)
896
897
11

896
(2)
894
895
11

894
(2)
892
893
11

892
(892)
0
446
0

1,008
105
1,149

1,015
105
1,183

1,074
105
1,237

1,115
105
1,271

1,126
105
1,283

1,139
105
1,327

1,122
105
1,293

1,087
105
1,239

1,078
105
1,229

1,112
105
1,282

1,156
105
1,332

2,838
67
(272)
2,633

2,633
69
(272)
2,431

2,431
81
(272)
2,239

2,239
86
(272)
2,053

2,053
82
(272)
1,863

1,863
85
(272)
1,676

1,676
84
(272)
1,488

1,488
89
(272)
1,306

1,306
141
(272)
1,175

1,175
145
(272)
1,048

1,048
154
(272)
930

1,055
105
1,202

930
282
(272)
939

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

999
0
1,000
1,000
13

1,000
0
1,000
1,000
13

1,000
0
1,000
1,000
13

1,000
0
1,000
1,000
13

1,000
0
1,000
1,000
13

1,000
0
1,000
1,000
13

1,000
0
1,000
1,000
13

1,000
0
1,000
1,000
13

1,000
0
1,000
1,000
13

1,000
0
1,000
1,000
13

1,000
0
1,000
1,000
13

1,000
0
1,000
1,000
13

1,000
0
1,000
1,000
13

1,000
0
1,000
1,000
13

1,000
0
1,000
1,000
13

1,000
0
1,000
1,000
13

748
0
749
749
5

749
0
749
749
5

749
0
749
749
5

749
0
749
749
5

749
0
749
749
5

749
0
749
749
5

749
0
749
749
5

749
0
749
749
5

749
0
749
749
5

749
0
749
749
5

749
0
749
749
5

749
0
749
749
5

749
0
749
749
5

749
0
749
749
5

749
0
749
749
5

749
0
749
749
5

369
(81)
288
329
4

288
(29)
260
274
3

260
(29)
231
245
3

231
(29)
203
217
3

203
(29)
174
188
2

174
(29)
146
160
2

146
(29)
117
131
1

117
(29)
89
103
1

89
(29)
60
74
1

60
(29)
32
46
0

32
(29)
3
17
0

3
(3)
0
2
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

1,001
0
1,004
1,003
15

1,004
0
1,004
1,004
15

1,004
0
1,004
1,004
15

1,004
0
1,004
1,004
15

1,004
0
1,004
1,004
15

1,004
0
1,004
1,004
15

1,004
0
1,004
1,004
15

1,004
0
1,004
1,004
15

1,004
0
1,004
1,004
15

1,004
0
1,004
1,004
15

1,004
0
1,004
1,004
15

1,004
(1,004)
0
502
0

247
0
247
247
5

247
0
247
247
5

247
0
247
247
5

247
0
247
247
5

247
0
247
247
5

247
0
247
247
5

247
0
247
247
5

247
0
247
247
5

247
0
247
247
5

247
0
247
247
5

247
0
247
247
5

247
0
247
247
5

247
(247)
0
124
0

911
0
921
916
15

921
0
921
921
15

921
0
921
921
15

921
0
921
921
15

921
0
921
921
15

921
0
921
921
15

921
0
921
921
15

921
0
921
921
15

921
0
921
921
15

921
0
921
921
15

921
0
921
921
15

921
0
921
921
15

921
0
921
921
15

921
0
921
921
15

921
0
921
921
15

921
0
921
921
15

1,199
0
1,199
1,199
19

1,199
0
1,199
1,199
19

1,199
0
1,199
1,199
19

1,199
0
1,199
1,199
19

1,199
0
1,199
1,199
19

1,199
0
1,199
1,199
19

1,199
0
1,199
1,199
19

1,199
0
1,199
1,199
19

1,199
0
1,199
1,199
19

1,199
0
1,199
1,199
19

1,199
0
1,199
1,199
19

1,199
0
1,199
1,199
19

1,199
0
1,199
1,199
19

1,199
0
1,199
1,199
19

1,199
0
1,199
1,199
19

1,199
0
1,199
1,199
19

745
0
746
746
7

746
0
746
746
7

746
0
746
746
7

746
0
746
746
7

746
0
746
746
7

746
0
746
746
7

746
0
746
746
7

746
0
746
746
7

746
0
746
746
7

746
0
746
746
7

746
0
746
746
7

746
0
746
746
7

746
0
746
746
7

746
0
746
746
7

746
0
746
746
7

746
0
746
746
7

97
0
97
97
2

97
0
97
97
2

97
0
97
97
2

97
0
97
97
2

97
0
97
97
2

97
0
97
97
2

97
0
97
97
2

97
0
97
97
2

97
0
97
97
2

97
0
97
97
2

97
0
97
97
2

97
0
97
97
2

97
0
97
97
2

97
0
97
97
2

97
0
97
97
2

97
0
97
97
2

57
0
57
57

57
0
57
57

57
0
57
57

57
0
57
57

57
0
57
57

57
0
57
57

57
0
57
57

57
0
57
57

57
0
57
57

57
0
57
57

57
0
57
57

57
0
57
57

57
0
57
57

57
0
57
57

57
0
57
57

57
0
57
57

309
0
309
309
5

309
0
309
309
5

309
0
309
309
5

309
0
309
309
5

309
0
309
309
5

309
0
309
309
5

309
0
309
309
5

309
0
309
309
5

309
0
309
309
5

309
0
309
309
5

309
0
309
309
5

309
0
309
309
5

309
0
309
309
5

309
0
309
309
5

309
0
309
309
5

309
0
309
309
5

616
(5)
609
612
12

609
(5)
604
606
12

604
(5)
598
601
12

598
(5)
593
596
12

593
(5)
588
590
11

588
(5)
583
585
11

583
(5)
577
580
11

577
(5)
572
575
11

572
(5)
567
569
11

567
(5)
562
564
11

562
(5)
556
559
11

556
(5)
551
554
11

551
(5)
546
548
11

546
(5)
541
543
11

541
(5)
535
538
10

535
(5)
530
533
10

598
0
599
599
11

599
0
599
599
11

599
0
599
599
11

599
0
599
599
11

599
0
599
599
11

599
0
599
599
11

599
0
599
599
11

599
0
599
599
11

599
0
599
599
11

599
0
599
599
11

599
0
599
599
11

599
0
599
599
11

599
0
599
599
11

599
0
599
599
11

599
0
599
599
11

599
0
599
599
11

999
0
999
999
17

999
0
999
999
17

999
0
999
999
17

999
0
999
999
17

999
0
999
999
17

999
0
999
999
17

999
0
999
999
17

999
0
999
999
17

999
0
999
999
17

999
0
999
999
17

999
0
999
999
17

999
0
999
999
17

999
0
999
999
17

999
0
999
999
17

999
0
999
999
17

999
0
999
999
17

300
0
300
300
6

300
0
300
300
6

300
0
300
300
6

300
0
300
300
6

300
0
300
300
6

300
0
300
300
6

300
0
300
300
6

300
0
300
300
6

300
0
300
300
6

300
0
300
300
6

300
0
300
300
6

300
0
300
300
6

300
0
300
300
6

300
0
300
300
6

300
0
300
300
6

300
0
300
300
6

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
750
750
375
14

750
0
750
750
14

750
750
1,500
1,125
28

1,500
0
1,500
1,500
28

1,500
0
1,500
1,500
28

1,500
0
1,500
1,500
28

1,500
1,500
3,000
2,250
56

3,000
3,000

3,000
3,000

3,000
3,000

3,000
3,000

3,000
3,000

3,000
3,000

3,000
3,000

3,000
3,000

3,000
3,000

3,000
3,000

3,000
3,000

3,000
3,000

3,000
3,000

3,000
3,000

3,000
3,000

3,000
3,000

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
26
0
26

26
467
0
493

493
413
0
907

553
63
0
617

617
269
0
886

886
459
0
1,345

1,345
153
0
1,497

1,497
157
0
1,654

1,654
0
(1,406)
248

907
0
(353)
553

0
0.056%
1.5%
2
0

0
0.056%
1.5%
2
0

0
0.056%
1.5%
2
0

0
0.056%
1.5%
2
0

0
0.056%
1.5%
2
0

0
0.056%
1.5%
2
0

13
0.056%
1.5%
2
0

260
0.056%
1.5%
2
4

700
0.056%
1.5%
1
10

730
0.056%
1.5%
1
11

585
0.056%
1.5%
1
9

751
0.056%
1.5%
1
11

1,115
0.056%
1.5%
1
17

1,421
0.056%
1.5%
1
21

1,576
0.056%
1.5%
1
24

951
0.056%
1.5%
1
14

896
1,000
749
288
1,004
247
921
1,199
746
97
57
309
609
599
999
300
0
10,020
1,002
21
8,997
(88)
0

894
1,000
749
260
1,004
247
921
1,199
746
97
57
309
604
599
999
300
0
9,984
1,010
21
8,953
(36)
0

892
1,000
749
231
1,004
247
921
1,199
746
97
57
309
598
599
999
300
0
9,948
1,008
21
8,919
(36)
0

0
1,000
749
203
1,004
247
921
1,199
746
97
57
309
593
599
999
300
0
9,023
1,006
21
7,996
(926)
0

0
1,000
749
174
1,004
247
921
1,199
746
97
57
309
588
599
999
300
0
8,989
114
21
8,854
(34)
0

0
1,000
749
146
1,004
247
921
1,199
746
97
57
309
583
599
999
300
0
8,955
114
21
8,820
(34)
0

0
1,000
749
117
1,004
247
921
1,199
746
97
57
309
577
599
999
300
0
8,921
(636)
21
9,536
(34)
0

0
1,000
749
89
1,004
247
921
1,199
746
97
57
309
572
599
999
300
0
8,888
(636)
21
9,503
(34)
0

0
1,000
749
60
1,004
247
921
1,199
746
97
57
309
567
599
999
300
0
8,854
(408)
21
9,240
(34)
0

0
1,000
749
32
1,004
247
921
1,199
746
97
57
309
562
599
999
300
750
9,570
(189)
21
9,738
(34)
750

0
1,000
749
3
1,004
247
921
1,199
746
97
57
309
556
599
999
300
750
9,536
533
21
8,983
(34)
0

0
1,000
749
0
0
247
921
1,199
746
97
57
309
551
599
999
300
1,500
9,274
504
21
8,749
(1,012)
750

0
1,000
749
0
0
0
921
1,199
746
97
57
309
546
599
999
300
1,500
9,022
(1,253)
21
10,254
(252)
0

0
1,000
749
0
0
0
921
1,199
746
97
57
309
541
599
999
300
1,500
9,017
(1,500)
21
10,496
(5)
0

0
1,000
749
0
0
0
921
1,199
746
97
57
309
535
599
999
300
1,500
9,011
(1,500)
21
10,490
(5)
0

0
1,000
749
0
0
0
921
1,199
746
97
57
309
530
599
999
300
3,000
10,506
(1,500)
21
11,985
(5)
1,500

13
5
4
15
5

13
5
3
15
5

13
5
3
15
5

13
5
3
15
5

13
5
2
15
5

13
5
2
15
5

13
5
1
15
5

13
5
1
15
5

13
5
1
15
5

13
5
0
15
5

13
5
0
15
5

13
5
0
0
5

13
5
0
0
0

13
5
0
0
0

13
5
0
0
0

13
5
0
0
0

15
19
7
2
1
5
12
11
17
6
0
136

15
19
7
2
1
5
12
11
17
6
0
135

15
19
7
2
1
5
12
11
17
6
0
135

15
19
7
2
1
5
12
11
17
6
0
134

15
19
7
2
1
5
11
11
17
6
0
134

15
19
7
2
1
5
11
11
17
6
0
133

15
19
7
2
1
5
11
11
17
6
0
133

15
19
7
2
1
5
11
11
17
6
0
132

15
19
7
2
1
5
11
11
17
6
0
132

15
19
7
2
1
5
11
11
17
6
14
132

15
19
7
2
1
5
11
11
17
6
14
131

15
19
7
2
1
5
11
11
17
6
28
116

15
19
7
2
1
5
11
11
17
6
28
111

15
19
7
2
1
5
11
11
17
6
28
111

15
19
7
2
1
5
10
11
17
6
28
111

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

26
26
0

493
467
0

907
413
0

553
0
(353)

617
63
0

886
269
0

1,345
459
0

1,497
153
0

1,654
157
0

137

137

136

136

136

135

135

138

144

144

141

128

129

133

135

126

500
3,000
0

500
3,000
0

500
3,000
0

500
3,000
0

500
3,000
0

500
3,000
0

500
3,000
0

500
3,000
0

500
3,000
0

500
3,000
0

500
3,000
0

500
3,000
0

500
3,000
0

500
3,000
0

500
3,000
0

500
3,000
0

2,635
(500)
2,135

2,682
(500)
2,182

2,905
(500)
2,405

2,722
(500)
2,222

1,752
(500)
1,252

1,409
(500)
909

975
(500)
475

500
(500)
0

500
(500)
0

500
(500)
0

500
(500)
0

500
(500)
0

500
(500)
0

500
(500)
0

500
(500)
0

500
(500)
0

526
2,661

916
3,098

512
2,917

616
2,838

394
1,647

258
1,167

190
665

225
225

272
272

289
289

304
304

327
327

255
255

314
314

310
310

373
373

(201)
2,460

(385)
2,713

(388)
2,529

(388)
2,450

(432)
1,215

(386)
781

(386)
279

(386)
(161)

(380)
(108)

(380)
(91)

(62)
242

(62)
266

(190)
65

(190)
125

(190)
120

(190)
184

0
(88)
(272)
2,100

0
(36)
(272)
2,405

0
(36)
(272)
2,222

0
(926)
(272)
1,252

0
(34)
(272)
909

0
(34)
(272)
475

0
(34)
(272)
(26)

0
(34)
(272)
(467)

0
(34)
(272)
(413)

750
(34)
(272)
353

0
(34)
(272)
(63)

750
(1,012)
(272)
(269)

0
(252)
(272)
(459)

0
(5)
(272)
(153)

0
(5)
(272)
(157)

1,500
(5)
(272)
1,406

0
0
2,100

0
0
2,405

0
0
2,222

0
0
1,252

0
0
909

0
0
475

26
0
0

467
0
0

413
0
0

0
(353)
0

0
(1,406)
0

500
2,600

500
2,905

500
2,722

500
1,752

500
1,409

500
975

500
500

500
500

500
500

500
500

63
0
0

269
0
0

459
0
0

153
0
0

157
0
0

500
500

500
500

500
500

500
500

500
500

15
19
7
2
1
5
10
11
17
6
56
111

248
0
(1,406)

500
500

E
E
E
E
E
E
E
E
1/1/2019 4/1/2019 7/1/2019 10/1/2019 1/1/2020 4/1/2020 7/1/2020 10/1/2020
3/31/2019 6/30/2019 9/30/2019
### 3/31/2020 6/30/2020 9/30/2020
###
2019
90
1
1Q - 19
16

2019
91
2
2Q - 19
17

2019
92
3
3Q - 19
18

2019
92
4
4Q - 19
19

2020
91
1
1Q - 20
20

2020
91
2
2Q - 20
21

2020
92
3
3Q - 20
22

2020
92
4
4Q - 20
23

1,771

1,845

1,921

1,978

1,994

2,014

2,056

2,077

1,063
50
0
225
0
1,338

1,107
52
0
235
0
1,393

1,152
54
0
244
0
1,451

1,187
56
0
252
0
1,495

1,196
56
0
254
0
1,506

1,208
57
0
256
0
1,521

1,234
58
0
262
0
1,553

1,246
59
0
264
0
1,569

433

451

470

484

488

492

503

508

(115)
0
0
0
0
0
0
0
0
0
318
(23)
23
295

(113)
0
0
0
0
0
0
0
0
0
338
(24)
24
313

(112)
0
0
0
0
0
0
0
0
0
357
(26)
26
332

(112)
0
0
0
0
0
0
0
0
0
372
(27)
27
345

(112)
0
0
0
0
0
0
0
0
0
376
(27)
27
348

(112)
0
0
0
0
0
0
0
0
0
381
(27)
27
353

(112)
0
0
0
0
0
0
0
0
0
391
(28)
28
363

(97)
0
0
0
0
0
0
0
0
0
411
(30)
30
381

0
295

0
313

0
332

0
345

0
348

0
353

0
363

0
295
295

0
313
313

0
332
332

0
345
345

0
348
348

0
353
353

7.2%

7.2%

7.2%

7.2%

7.2%

0.81
0.81

0.86
0.86

0.91
0.91

0.95
0.95

363
363

363
363

363
363

658

686

500
6
1,720
707
157
197
3,287

x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x

A
1/1/2013
###

A
1/1/2014
###

E
1/1/2015
###

E
1/1/2016
###

E
1/1/2017
###

E
1/1/2018
###

E
1/1/2019
###

E
1/1/2020
###

2013
365
4
FY13

2014
365
4
FY14

2015
365
4
FYE15

2016
365
4
FYE16

2017
365
4
FYE17

2018
365
4
FYE18

2019
365
4
FYE19

2020
365
4
FYE20

9,070

8,952

6,796

6,017

6,391

6,753

7,515

8,140

5,440
286
0
1,109
(179)
6,656

5,129
234
0
1,139
(222)
6,280

3,876
181
0
901
(43)
4,915

4,212
170
0
765
0
5,147

4,474
180
0
813
0
5,467

4,401
191
0
859
0
5,451

4,509
212
0
956
0
5,677

4,884
230
0
1,036
0
6,149

2,414

2,672

1,881

870

924

1,302

1,838

1,991

(532)
(11)
0
37
(10)
(30)
(81)
0
(120)
(8)
1,659
(259)
7
1,407

(444)
18
3
(2,987)
0
(26)
(1,056)
22
4
(6)
(1,800)
(146)
(20)
(1,966)

(519)
13
34
0
0
(436)
(507)
0
0
0
465
(144)
59
319

(543)
0
0
0
0
0
0
0
0
0
327
(24)
24
303

(557)
0
0
0
0
0
0
0
0
0
367
(26)
26
340

(524)
0
0
0
0
0
0
0
0
0
778
(56)
56
722

(453)
0
0
0
0
0
0
0
0
0
1,385
(100)
100
1,285

(433)
0
0
0
0
0
0
0
0
0
1,558
(112)
112
1,446

0
381

0
1,407

53
(1,913)

(14)
305

0
303

0
340

0
722

0
1,285

0
1,446

0
363
363

0
381
381

13
1,394
1,387

0
(1,913)
(1,893)

0
305
307

0
303
303

0
340
340

0
722
722

0
1,285
1,285

0
1,446
1,446

7.2%

7.2%

7.2%

7.2%

7.2%

7.2%

7.2%

7.2%

7.2%

7.2%

7.2%

0.96
0.96

0.97
0.97

1.00
1.00

1.05
1.05

363
363

363
363

363
363

363
363

363
363

714

736

741

749

764

772

3,523

3,811

2,782

1,635

1,737

2,161

2,794

3,026

500
6
1,791
736
157
209
3,400

598
6
1,865
767
157
216
3,609

749
6
1,921
790
157
220
3,843

1,010
6
1,936
796
157
221
4,127

1,290
6
1,956
804
157
229
4,441

2,538
6
1,997
821
157
231
5,749

2,909
6
2,017
829
157
231
6,148

3,243
0
2,168
737
151
473
6,772

2,635
4
2,120
818
161
263
6,001

1,752
6
1,414
581
157
162
4,071

500
6
1,547
636
157
177
3,023

500
6
1,508
620
157
172
2,963

500
6
1,707
701
157
195
3,267

749
6
1,921
790
157
220
3,843

2,909
6
2,017
829
157
231
6,148

31,233
(9,447)
21,786

31,335
(9,681)
21,654

31,437
(9,926)
21,511

31,539
(10,177)
21,362

31,587
(10,431)
21,155

31,634
(10,687)
20,947

31,682
(10,949)
20,733

31,729
(11,213)
20,516

29,518
(7,811)
21,707

28,516
(6,978)
21,538

27,900
(6,784)
21,116

29,489
(7,549)
21,940

30,372
(8,362)
22,010

31,131
(9,221)
21,910

31,539
(10,177)
21,362

31,729
(11,213)
20,516

27
0
15
654
25,769

27
0
15
654
25,750

27
0
15
654
25,816

27
0
15
654
25,900

27
0
15
654
25,978

27
0
15
654
26,083

27
0
15
654
27,178

27
0
15
654
27,360

0
2,987
95
985
32,546

11
0
15
848
28,413

27
0
15
654
25,883

27
0
15
654
25,658

27
0
15
654
25,668

27
0
15
654
25,872

27
0
15
654
25,900

27
0
15
654
27,360

594
0
0
21

632
0
0
21

651
0
0
21

663
0
(1,000)
21

668
0
(1,079)
21

690
0
(1,079)
16

697
0
(1,079)
11

1,106
684
303
20

784
560
1,012
21

473
0
1,006
21

589
0
(1,500)
21

663
0
(1,000)
21

696
0
(79)
5

x
x
x
x
x

x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x

x
x
x
x
x
x
x
x

623
0
(636)
21

607
0
504
21

696
0
(79)
5

208
0
1,313
2,136

222
0
1,313
2,188

228
0
1,313
2,213

232
0
1,313
1,230

234
0
1,313
1,158

242
0
1,313
1,182

244
0
1,313
1,186

244
0
1,313
2,179

121
9,976
504
0
0
152
1,263
14,151

13
9,976
499
0
0
152
1,263
14,090

0
9,976
493
0
0
152
1,263
14,097

0
10,976
488
0
0
152
1,263
14,109

0
11,055
483
0
0
152
1,263
14,110

0
11,055
483
0
0
152
1,263
14,134

0
12,055
483
0
0
152
1,263
15,138

0
11,134
483
0
0
152
1,263
15,211

5,183
5,806
962
(240)
(414)
11,297

5,183
5,806
1,004
(240)
(414)
11,339

5,183
5,806
1,063
(240)
(414)
11,398

5,183
5,806
1,136
(240)
(414)
11,471

5,183
5,806
1,213
(240)
(414)
11,548

5,183
5,806
1,294
(240)
(414)
11,629

5,183
5,806
1,385
(240)
(414)
11,720

5,183
5,806
1,494
(240)
(414)
11,829

320
11,617

320
11,659

320
11,718

320
11,791

320
11,868

320
11,949

320
12,040

320
12,149

25,769

25,749

25,816

25,900

25,978

26,083

27,178

27,360

295

313

332

345

348

353

363

381

225
0
0
0
0
0
0
0
(13)
4
0
2
(7)
507

235
0
0
0
0
0
0
0
(71)
38
0
13
(42)
487

244
0
0
0
0
0
0
0
(74)
19
0
7
(37)
491

252
0
0
0
0
0
0
0
(56)
12
0
4
(27)
530

254
0
0
0
0
0
0
0
(15)
5
0
2
(8)
586

256
0
0
0
0
0
0
0
(19)
22
0
8
(15)
604

262
0
0
0
0
0
0
0
(41)
7
0
2
(19)
573

264
0
0
0
0
0
0
0
(20)
(1)
0
(0)
(8)
617

(102)
0
0
0
0
0
0
(102)

(102)
0
0
0
0
0
0
(102)

(102)
0
0
0
0
0
0
(102)

(102)
0
0
0
0
0
0
(102)

(48)
0
0
0
0
0
0
(48)

(48)
0
0
0
0
0
0
(48)

(48)
0
0
0
0
0
0
(48)

(48)
0
0
0
0
0
0
(48)

(5)
0
(127)
(272)
0
0
(405)

(5)
0
(107)
(272)
0
0
(385)

(5)
0
(13)
(272)
0
0
(291)

(5)
0
0
(272)
0
0
(277)

(5)
0
0
(272)
0
0
(277)

(5)
0
0
(272)
0
0
(277)

995
0
0
(272)
0
0
723

74
0
0
(272)
0
0
(198)

0
500
500

0
500
500

98
500
598

151
598
749

262
749
1,010

279
1,010
1,290

1,248
1,290
2,538

371
2,538
2,909

470,251
300,640
466,911
431,934
301,695
206,982
364,302

484,358
309,660
480,918
444,893
310,746
213,192
375,231

498,889
318,949
495,346
458,239
320,068
219,588
386,488

513,855
328,518
510,206
471,986
329,670
226,175
398,083

524,133
335,088
520,410
481,426
336,264
228,437
405,580

529,374
338,439
525,615
486,240
339,626
230,721
409,636

534,668
341,824
530,871
491,103
343,023
233,029
413,732

540,014
345,242
536,179
496,014
346,453
235,359
417,869

x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x

x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x

x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x

53
216
1,172
3,554

131
237
1,025
3,770

166
0
1,313
2,979

218
0
1,313
1,539

213
0
1,313
2,658

207
0
1,313
630

232
0
1,313
1,230

244
0
1,313
2,179

0
9,762
617
159
388
374
1,007
15,861

0
8,465
594
233
515
237
606
14,420

0
7,424
572
0
0
152
1,263
12,390

493
8,952
551
0
0
152
1,263
12,950

886
8,219
530
0
0
152
1,263
13,708

248
11,476
509
0
0
152
1,263
14,278

0
10,976
488
0
0
152
1,263
14,109

0
11,134
483
0
0
152
1,263
15,211

5,147
6,784
5,262
(240)
(262)
16,691

5,169
5,797
3,349
(240)
(404)
13,671

5,183
5,806
2,838
(240)
(414)
13,173

5,183
5,806
2,053
(240)
(414)
12,388

5,183
5,806
1,306
(240)
(414)
11,641

5,183
5,806
939
(240)
(414)
11,274

5,183
5,806
1,136
(240)
(414)
11,471

5,183
5,806
1,494
(240)
(414)
11,829

(6)
16,685

322
13,993

320
13,493

320
12,708

320
11,961

320
11,594

320
11,791

320
12,149

32,546

28,413

25,883

25,658

25,668

25,872

25,900

27,360

305

303

340

722

1,407

(1,913)

1,285

1,446

1,109
(15)
6
(7)
81
113
(40)
84
58
(625)
(78)
(151)
(24)
1,918

1,128
(4)
6
26
4,043
98
10
(149)
63
(874)
106
(29)
(291)
2,220

901
(4)
0
7
936
19
0
(72)
550
(146)
(39)
(51)
163
2,569

765
0
0
0
0
0
0
0
(134)
150
0
52
(70)
1,067

813
0
0
0
0
0
0
0
39
(16)
0
(6)
21
1,192

859
0
0
0
0
0
0
0
(199)
(18)
0
(6)
(105)
1,253

956
0
0
0
0
0
0
0
(214)
74
0
26
(113)
2,014

1,036
0
0
0
0
0
0
0
(96)
33
0
12
(50)
2,380

(2,238)
174
0
0
185
0
221
(1,658)

(2,165)
215
0
0
0
0
122
(1,828)

(1,361)
7
0
0
0
0
2
(1,352)

(1,589)
0
0
0
0
0
0
(1,589)

(883)
0
0
0
0
0
0
(883)

(759)
0
0
0
0
0
0
(759)

(408)
0
0
0
0
0
0
(408)

(190)
0
0
0
0
0
0
(190)

0
0
(1,692)
(606)
0
147
(2,151)

0
0
(539)
(1,018)
0
557
(1,000)

(997)
0
(63)
(1,088)
0
48
(2,100)

(135)
493
0
(1,088)
0
0
(730)

387
746
(353)
(1,088)
0
0
(309)

1,232
769
(1,406)
(1,088)
0
0
(494)

(21)
0
(248)
(1,088)
0
0
(1,357)

1,058
0
0
(1,088)
0
0
(30)

(1,891)
5,134
3,243

(608)
3,243
2,635

(883)
2,635
1,752

(1,252)
1,752
500

0
500
500

0
500
500

249
500
749

2,160
749
2,909

3%
3%
3%
0%
4,862
6,570

3%
3%
3%
0%
4,916
6,643

3%
3%
3%
0%
4,970
6,716

3%
3%
3%
0%
4,970
6,716

2%
2%
1%
0%
4,916
6,643

1%
1%
1%
0%
4,916
6,643

1%
1%
1%
0%
4,970
6,716

1%
1%
1%
0%
4,970
6,716

70%
72%
80%
74%

70%
72%
80%
74%

70%
72%
80%
74%

70%
72%
80%
74%

70%
72%
80%
74%

70%
72%
80%
74%

70%
72%
80%
74%

70%
72%
80%
74%

46
12
15
73

46
12
15
73

46
12
15
73

46
12
15
73

46
12
15
73

46
12
15
73

46
12
15
73

46
12
15
73

402,105
279,911
630,560
369,342
280,893
206,982
320,651
3%
3%
3%
0%
4,662
6,300

414,168
288,309
649,477
380,422
289,320
213,192
330,271
3%
3%
3%
0%
4,714
6,370

426,593
296,958
668,961
391,835
298,000
219,588
340,179
3%
3%
3%
0%
4,766
6,440

439,391
305,867
689,030
403,590
306,940
226,175
350,384
3%
3%
3%
0%
4,766
6,440

448,179
311,984
695,921
411,661
313,078
228,437
356,907
2%
2%
1%
0%
4,714
6,370

452,661
315,104
702,880
415,778
316,209
230,721
360,476
1%
1%
1%
0%
4,714
6,370

457,188
318,255
709,909
419,936
319,371
233,029
364,081
1%
1%
1%
0%
4,766
6,440

461,759
321,437
717,008
424,135
322,565
235,359
367,722
1%
1%
1%
0%
4,766
6,440

70%
72%
80%
74%

70%
72%
80%
74%

70%
72%
80%
74%

70%
72%
80%
74%

70%
72%
80%
74%

70%
72%
80%
74%

70%
72%
80%
74%

70%
72%
80%
74%

44
11
15
70

44
11
15
70

44
11
15
70

44
11
15
70

44
11
15
70

44
11
15
70

44
11
15
70

44
11
15
70

470,251
300,640
466,911
431,934
301,695
206,982
364,302
3%
3%
3%
0%
4,862
6,570

484,358
309,660
480,918
444,893
310,746
213,192
375,231
3%
3%
3%
0%
4,916
6,643

498,889
318,949
495,346
458,239
320,068
219,588
386,488
3%
3%
3%
0%
4,970
6,716

513,855
328,518
510,206
471,986
329,670
226,175
398,083
3%
3%
3%
0%
4,970
6,716

524,133
335,088
520,410
481,426
336,264
228,437
405,580
2%
2%
1%
0%
4,916
6,643

529,374
338,439
525,615
486,240
339,626
230,721
409,636
1%
1%
1%
0%
4,916
6,643

534,668
341,824
530,871
491,103
343,023
233,029
413,732
1%
1%
1%
0%
4,970
6,716

x
x
x
x
x
x
x
x
x

540,014
345,242
536,179
496,014
346,453
235,359
417,869
1%
1%
1%
0%
4,970
6,716

70%
72%
80%
74%

70%
72%
80%
74%

70%
72%
80%
74%

70%
72%
80%
74%

70%
72%
80%
74%

70%
72%
80%
74%

70%
72%
80%
74%

70%
72%
80%
74%

46
12
15
73

46
12
15
73

46
12
15
73

46
12
15
73

46
12
15
73

46
12
15
73

46
12
15
73

46
12
15
73

x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x

1,771

1,845

1,921

1,978

1,994

2,014

2,056

2,077

60.00%
12.72%
2.82%

60.00%
12.72%
2.82%

60.00%
12.72%
2.82%

60.00%
12.72%
2.82%

60.00%
12.72%
2.82%

60.00%
12.72%
2.82%

60.00%
12.72%
2.82%

60.00%
12.72%
2.82%

0
0
0
0
0
0
0
0
0
0
0
0
0
0
48
50
4
0
0
0
0
0
0
0
0
0
0
102

0
0
0
0
0
0
0
0
0
0
0
0
0
0
48
50
4
0
0
0
0
0
0
0
0
0
0
102

0
0
0
0
0
0
0
0
0
0
0
0
0
0
48
50
4
0
0
0
0
0
0
0
0
0
0
102

0
0
0
0
0
0
0
0
0
0
0
0
0
0
48
50
4
0
0
0
0
0
0
0
0
0
0
102

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
48
0
0
0
0
0
0
0
0
0
0
48

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
48
0
0
0
0
0
0
0
0
0
0
48

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
48
0
0
0
0
0
0
0
0
0
0
48

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
48
0
0
0
0
0
0
0
0
0
0
48

x
x
x
x
x
x
x
x
x

x
x
x
x
x
x
x
x
x

tained from the Transocean website "Forecasted Newbuilds Captial Expenditures")

1,771
88
1,720

1,845
88
1,791

1,921
88
1,865

1,978
88
1,921

1,994
88
1,936

2,014
88
1,956

2,056
88
1,997

2,077
88
2,017

1,771
36
707

1,845
36
736

1,921
36
767

1,978
36
790

1,994
36
796

2,014
36
804

2,056
36
821

2,077
36
829

1,771
10
197

1,845
10
209

1,921
10
216

1,978
10
220

1,994
10
221

2,014
10
229

2,056
10
231

2,077
10
231

1,063
51
594

1,107
51
632

1,152
51
651

1,187
51
663

1,196
51
668

1,208
51
690

1,234
51
697

1,246
51
696

1,063
0
0

1,107
0
0

1,152
0
0

1,187
0
0

1,196
0
0

1,208
0
0

1,234
0
0

1,246
0
0

1,063
18
208

1,107
18
222

1,152
18
228

1,187
18
232

1,196
18
234

1,208
18
242

1,234
18
244

1,246
18
244

x
x
x
x
x
x
x

x
x
x
x
x
x
x
x
x
x
x

1,063
105
1,211

939
295
(272)
962

1,107
105
1,289

1,152
105
1,328

1,187
105
1,353

1,196
105
1,363

1,208
105
1,408

1,234
105
1,422

1,246
105
1,420

962
313
(272)
1,004

1,004
332
(272)
1,063

1,063
345
(272)
1,136

1,136
348
(272)
1,213

1,213
353
(272)
1,294

1,294
363
(272)
1,385

1,385
381
(272)
1,494

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

1,000
0
1,000
1,000
13

1,000
0
1,000
1,000
13

1,000
0
1,000
1,000
13

1,000
0
1,000
1,000
13

1,000
0
1,000
1,000
13

1,000
0
1,000
1,000
13

1,000
0
1,000
1,000
13

1,000
0
1,000
1,000
13

749
0
749
749
5

749
0
749
749
5

749
0
749
749
5

749
0
749
749
5

749
0
749
749
5

749
0
749
749
5

749
0
749
749
5

749
0
749
749
5

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

921
0
921
921
15

921
0
921
921
15

921
0
921
921
15

921
0
921
921
15

921
0
921
921
15

921
0
921
921
15

921
0
921
921
15

921
(921)
0
461
0

1,199
0
1,199
1,199
19

1,199
0
1,199
1,199
19

1,199
0
1,199
1,199
19

1,199
0
1,199
1,199
19

1,199
0
1,199
1,199
19

1,199
0
1,199
1,199
19

1,199
0
1,199
1,199
19

1,199
0
1,199
1,199
19

746
0
746
746
7

746
0
746
746
7

746
0
746
746
7

746
0
746
746
7

746
0
746
746
7

746
0
746
746
7

746
0
746
746
7

746
0
746
746
7

97
0
97
97
2

97
0
97
97
2

97
0
97
97
2

97
0
97
97
2

97
0
97
97
2

97
0
97
97
2

97
0
97
97
2

97
0
97
97
2

57
0
57
57

57
0
57
57

57
0
57
57

57
0
57
57

57
0
57
57

57
0
57
57

57
0
57
57

57
0
57
57

x
x
x
x
x
x
x
x
x
x
x
x
x
x

x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x

309
0
309
309
5

309
0
309
309
5

309
0
309
309
5

309
0
309
309
5

309
0
309
309
5

309
0
309
309
5

309
0
309
309
5

309
0
309
309
5

530
(5)
525
527
10

525
(5)
520
522
10

520
(5)
514
517
10

514
(5)
509
512
10

509
(5)
504
506
10

504
(5)
499
501
10

499
(5)
493
496
10

493
(5)
488
491
10

599
0
599
599
11

599
0
599
599
11

599
0
599
599
11

599
0
599
599
11

599
0
599
599
11

599
0
599
599
11

599
0
599
599
11

599
0
599
599
11

999
0
999
999
17

999
0
999
999
17

999
0
999
999
17

999
0
999
999
17

999
0
999
999
17

999
0
999
999
17

999
0
999
999
17

999
0
999
999
17

300
0
300
300
6

300
0
300
300
6

300
0
300
300
6

300
0
300
300
6

300
0
300
300
6

300
0
300
300
6

300
0
300
300
6

300
0
300
300
6

3,000
0
3,000
3,000
56

3,000
0
3,000
3,000
56

3,000
0
3,000
3,000
56

3,000
0
3,000
3,000
56

3,000
0
3,000
3,000
56

3,000
0
3,000
3,000
56

3,000
1,000
4,000
3,500
75

4,000
1,000
5,000
4,500
94

3,000
3,000

3,000
3,000

3,000
3,000

3,000
3,000

3,000
3,000

3,000
3,000

3,000
3,000

3,000
3,000

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

248
0
(127)
121

121
0
(107)
13

13
0
(13)
0

184
0.056%
1.5%
2
3

67
0.056%
1.5%
2
1

7
0.056%
1.5%
2
0

0
0.056%
1.5%
2
0

0
0.056%
1.5%
2
0

0
0.056%
1.5%
2
0

0
0.056%
1.5%
2
0

0
0.056%
1.5%
2
0

0
1,000
749
0
0
0
921
1,199
746
97
57
309
525
599
999
300
3,000
10,501
0
21
10,480
(5)
0

0
1,000
749
0
0
0
921
1,199
746
97
57
309
520
599
999
300
3,000
10,496
0
21
10,475
(5)
0

0
1,000
749
0
0
0
921
1,199
746
97
57
309
514
599
999
300
3,000
10,490
0
21
10,469
(5)
0

0
1,000
749
0
0
0
921
1,199
746
97
57
309
509
599
999
300
3,000
10,485
(1,000)
21
11,464
(5)
0

0
1,000
749
0
0
0
921
1,199
746
97
57
309
504
599
999
300
3,000
10,480
(1,079)
21
11,538
(5)
0

0
1,000
749
0
0
0
921
1,199
746
97
57
309
499
599
999
300
3,000
10,475
(1,079)
16
11,538
(5)
0

0
1,000
749
0
0
0
921
1,199
746
97
57
309
493
599
999
300
4,000
11,469
(1,079)
11
12,538
(5)
1,000

0
1,000
749
0
0
0
0
1,199
746
97
57
309
488
599
999
300
5,000
11,543
(79)
5
11,617
(926)
1,000

13
5
0
0
0

13
5
0
0
0

13
5
0
0
0

13
5
0
0
0

13
5
0
0
0

13
5
0
0
0

13
5
0
0
0

13
5
0
0
0

15
19
7
2
1
5
10
11
17
6
56
111

15
19
7
2
1
5
10
11
17
6
56
111

15
19
7
2
1
5
10
11
17
6
56
111

15
19
7
2
1
5
10
11
17
6
56
110

15
19
7
2
1
5
10
11
17
6
56
110

15
19
7
2
1
5
10
11
17
6
56
110

15
19
7
2
1
5
10
11
17
6
75
110

0
19
7
2
1
5
10
11
17
6
94
95

121
0
(127)

13
0
(107)

0
0
(13)

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

115

113

112

112

112

112

112

97

500
3,000
0

500
3,000
0

500
3,000
0

500
3,000
0

500
3,000
0

500
3,000
0

500
3,000
0

500
3,000
0

500
(500)
0

500
(500)
0

500
(500)
0

598
(500)
98

749
(500)
249

1,010
(500)
510

1,290
(500)
790

2,538
(500)
2,038

507
507

487
487

491
491

530
628

586
835

604
1,114

573
1,363

617
2,655

(102)
405

(102)
385

(102)
389

(102)
526

(48)
788

(48)
1,067

(48)
1,315

(48)
2,607

0
(5)
(272)
127

0
(5)
(272)
107

0
(5)
(272)
112

0
(5)
(272)
249

0
(5)
(272)
510

0
(5)
(272)
790

1,000
(5)
(272)
2,038

1,000
(926)
(272)
2,409

0
(127)
0

0
(107)
0

0
(13)
98

0
0
249

0
0
510

0
0
790

0
0
2,038

0
0
2,409

500
500

500
500

500
598

500
749

500
1,010

500
1,290

500
2,538

500
2,909

x
x
x
x
x
x
x
x
x
x
x
x
x

x
x
x
x

x
x
x
x
x
x
x

Transocean Ltd.
Projections
($ in millions)

FYE
2013

Underwriting Case
2014

2015

2016

2017

2018

2019

2020

Rig Count

79

71

63

66

70

73

73

73

Utilization

75%

73%

71%

69%

73%

74%

74%

74%

Total Fleet Avg. Dayrate ($ in thousands)

393

406

352

382

330

354

398

418

Revenues

9,070

8,952

6,796

6,017

6,391

6,753

7,515

8,140

% Growth

-1.0%

-1.3%

-24.1%

-11.5%

6.2%

5.7%

11.3%

8.3%

EBITDA

3,523

3,811

2,782

1,635

1,737

2,161

2,794

3,026

% Margin

38.8%

42.6%

40.9%

27.2%

27.2%

32.0%

37.2%

37.2%

Interest Expense

532

444

519

543

557

524

453

433

Taxes

259

146

144

24

26

56

100

112

Net Income

1,407

(1,913)

305

303

340

722

1,285

1,446

CFO

1,918

2,220

2,569

1,067

1,192

1,253

2,014

2,380

- CAPEX

(2,238)

(2,165)

(1,361)

(1,589)

(883)

(759)

(408)

(190)

- Dividends

(606)

(1,018)

(1,088)

(1,088)

(1,088)

(1,088)

(1,088)

(1,088)

Free Cash Flow

(926)

(963)

120

(1,610)

(779)

(594)

518

1,102

Cash

3,243

2,635

1,752

500

500

500

749

2,909

PP&E

21,707

21,538

21,116

21,940

22,010

21,910

21,362

20,516

Total Debt

10,702

10,092

9,023

9,381

10,160

10,754

10,485

11,543

Shareholders Equity

16,691

13,671

13,173

12,388

11,641

11,274

11,471

11,829

Total Capitalization

27,393

23,763

22,195

21,769

21,800

22,028

21,956

23,372

- Intangible Assets

(2,987)

Tangible Capitalization

24,406

23,763

22,195

21,769

21,800

22,028

21,956

23,372

EBITDA / Interest Expense (x)

6.62x

8.58x

5.36x

3.01x

3.12x

4.12x

6.17x

6.99x

Total Debt / EBITDA (x)

3.04x

2.65x

3.24x

5.74x

5.85x

4.98x

3.75x

3.81x

Net Debt / EBITDA (x)

2.12x

1.96x

2.61x

5.43x

5.56x

4.75x

3.48x

2.85x

Total Debt / Capital (%)

39.1%

42.5%

40.7%

43.1%

46.6%

48.8%

47.8%

49.4%

Total Debt / Tangible Capital (%)

43.8%

42.5%

40.7%

43.1%

46.6%

48.8%

47.8%

49.4%

Total Debt / Tangible Capital

44%

42%

41%

43%

47%

49%

48%

49%

Covenant Requirement

60%

60%

60%

60%

60%

60%

60%

60%

Cushion Analysis

In Compliance ?

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Incremental Debt Cushion ($)

3,942

4,166

4,295

3,681

2,921

2,463

2,689

2,480

Incremental Debt Cushion (%)

36.8%

41.3%

47.6%

39.2%

28.7%

22.9%

25.6%

21.5%

Capitalization Erosion Cushion ($)

6,569

6,943

7,158

6,134

4,868

4,105

4,481

4,134

Capitalization Erosion Cushion (%)

26.9%

29.2%

32.2%

28.2%

22.3%

18.6%

20.4%

17.7%