Transocean is taking a US$1.4 billion impairment in Q3 2017 following the drilling contractor's decision to scrap five ultra deepwater floaters, and one deepwater rig. All six rigs, which were previously cold stacked, include: ultra deepwater floaters GSF Jack Ryan, Sedco Energy, Sedco Express, Cajun Express, and Deepwater Pathfinder ; and the deepwater Transocean Marianas vessel. According to Transocean, the rigs will be classified as held for sale and will be recycled in an environmentally responsible manner. The company take an impairment charge of about $1.4 billion during Q3 as a result of the scrapping. "We continue to enhance the quality of our fleet through the addition of new, high-specification assets, and the retirement of older, less competitive rigs," says Jeremy Thigpen, Transocean president and CEO.