A message from Jeremy Thigpen
PRESIDENT AND CHIEF EXECUTIVE OFFICER
Signs of economic recovery from the ongoing COVID-19 pandemic are beginning to emerge across the globe as vaccines become more available. We believe demand for hydrocarbons will increase as vaccine distribution continues and the global economy recovers from the pandemic. Our priorities are unchanged: keep our employees, customers, contractors and their families healthy and safe, and deliver incident-free operations to our customers worldwide.
The strength and dedication that our team continues to demonstrate is truly remarkable. As a result of the constraints and challenges imposed on our business by the global pandemic during this past year, we have innovated, adapted and delivered meaningful change across our organization. I believe this is the direct result of our collective efforts each and every day to improve Transocean, including through investments in high-specification assets, the development and deployment of innovative technologies and our continuing development and training of our team members. While we focus on our business, our team is also focused on helping others. During the pandemic, our employees donated personal protective equipment to be used by critical health care workers, made contributions to a local food bank, and participated in other charitable activities.
Crude oil prices appear to have stabilized solidly above $60 per barrel as a result of OPEC’s production cuts, more disciplined spending by U.S. shale producers and, importantly, expectations for increasing demand resulting from post-pandemic global economic recovery. As such, our customers have not only started planning to execute previously delayed projects later this year, and in early 2022, but also have begun initiating new ones.
The entire Transocean team will continue to take the necessary steps to remain our customers' preferred choice for their most demanding drilling operations and make the strategic decisions required to fortify our financial position to withstand the most daunting challenges – even ones that are unforeseen. We are confident that our steadfast approach provides us the best opportunity to succeed for our employees, our customers, our investors, our other stakeholders and our company.
TRANSOCEAN'S FOCUS IN RELATION TO COVID-19
- Our priority is the safety and health of our offshore crews, onshore employees, customers, and contractors.
- Our business continuity plans are constantly re-assessed and updated in maximum collaboration with our customers.
- For our rig crews and employees whose work requires them to be offshore or at a specific location, we have implemented health screenings, social distancing and quarantine standards across our fleet before crew members travel offshore.
- Our shore-based employees continue to work primarily from home, remaining connected and efficient while remotely providing excellent service to our customers in collaboration with fellow employees. Transocean continues to monitor the guidance from local government officials and healthcare authorities, prevalence of COVID-19 in the community, and vaccine rollout to make decisions about re-openings in each office location.
- Our collective, continued vigilance and commitment to our COVID-19 preventative guidelines are crucial.
- We are encouraging our employees to take appropriate actions to protect their health and well-being based on CDC guidelines.
- We are monitoring government guidance and programs and analyzing the impact of these guidelines and programs on our company, our employees, and our operations.
- Our executives and managers across the organization are checking in regularly with our employees, customers, and contractors as we work together to find solutions to new challenges.
- We are utilizing our internal communications toolkit to share resources and up-to-date information with our employees.
- We are asking our employees to focus all their energy into the safe and efficient operation of our rigs as it is imperative that we continue to deliver incident-free operations and execute flawlessly for our customers.