SHARE
The Transocean GSF Arctic I is among the seven rigs that will be scrapped. Image courtesy of er Guiri/Wikimedia Commons.

Transocean will scrap seven more rigs as demand for drilling services continues to slide downwards along with oil prices.

Seven lower-specification deepwater and midwater floaters will be shelved: Sedco 710, Sovereign Explorer, Sedco 700, Sedco 601, J.W. McLean, GSF Arctic I and Falcon 100.

These rigs are classified as held for sale, Houston-based Transocean said Friday.

The company expects its fourth quarter 2014 results to include an estimated non-cash charge of $100 million to $140 million, net of taxes, tied to scrapping the rigs.

Earlier this year, Transocean scrapped four other lower-specification floaters: Sedneth 701, Sedco 703, Sedco 709, and C. K. Rhein, Jr.

Transocean has scrapped a total of 11 lower-specification floaters this year.

“As the company continues to evaluate the long-term competitiveness of its fleet, additional rigs may be identified as candidates for scrapping,” Transocean said.