The Transocean Legend. Image courtesy of

Switzerland-based Transocean delayed delivery of five Keppel jack-up rigs and idled two more rigs Tuesday as upstreams continue to curb drilling activity amid low oil prices.

Delivery of the five Super B Bigfoot-class jack-ups vessels will each be pushed back by six months and the period between the delivery of each rig has also been extended, Trade Winds said.

Transocean didn’t disclose how long the new period between deliveries will be.

The first rig was set to be delivered by Singapore-based Keppel in the first quarter of 2016 but will now be delivered in the third quarter of 2016.

The company also idled the GSF C.R Luigs high specification floater and the Transocean Legend midwater floater and decreased its estimated  2015 planned out-of-service time by a net 58 days.

Transocean CEO Steven Newman stepped down as president and CEO Monday after leading the services player for nearly five years.

Earlier this month Fitch Ratings downgraded its outlook for Transocean to negative from stable citing weak oil prices and curbed drilling activity.

Transocean booked a $2.2 billion loss in the third quarter of 2014 along with a $2.8 billion write off against goodwill and other assets, the Wall Street Journal said.

Shares in the company have fallen by nearly 60 percent since June.


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