Transocean is to create a new business unit called Caledonia Offshore Drilling Company to run its eight-strong North Sea midwater drilling rig fleet.
The company expects to establish the new business unit during 2H 2014 and, at an appropriate stage, separate Caledonia from Transocean.
The offshore drilling assets currently being considered for a transfer to Caledonia include: Sedco 704, Sedco 711, Sedco 712, Sedco 714, Transocean John Shaw, Transocean Prospect, GSF Arctic III and J.W. McLean.
In a statement, Transocean said: "The UK North Sea remains an important market for Transocean and the company is committed to maintaining its presence in the region. As such, various options for the separation of Caledonia are under consideration. Caledonia is expected to have a focused approach to assets and operations in the UK North Sea.
"The creation of Caledonia reflects the continued execution of Transocean's asset strategy to improve the overall capability of its offshore drilling fleet by divesting non-core assets, complemented by the addition of new, high-specification offshore drilling rigs."