Drilling News: Transocean Wins New Contracts for Rigs.

Oil and Gas News: Transocean Ltd. RIG, the world’s largest offshore drilling contractor and leading provider of drilling management services, recently informed that it has secured contracts for two of its harsh environment semisubmersibles. The deals add a significant $113 million to the company’s contract backlog. This announcement comes on the heels of its contract wins from Equinor, wherein the Norwegian energy major entered into agreements for two of Transocean’s semisubmersibles drilling rigs. These developments are great news for the Company and its investors and will further solidify the Company’s position as a leading provider of offshore drilling services.

As part of the latest order, one of the contracts was awarded to Transocean Endurance in Australia, where it will enter into a multi-well plug and abandonment contract with an unnamed operator. This particular contract alone will contribute an impressive $91 million to RIG’s backlog. The 240-day contract is scheduled to commence in January 2024 and comes with a series of options that could potentially keep the rig in Australia through to the end of 2025.

The Transocean Endurance, specifically designed for harsh environments, is a dynamic positioning semi-submersible rig that can operate in water depths of up to 10,000 feet. It is equipped with advanced drilling and completion technology and has a maximum hook load capacity of 1,250,000 pounds.

In addition to the Australian contract, Transocean also secured a deal with Wintershall DEA in Norway. The one-well option on the Transocean Norge is expected to begin in May 2023, ahead of the existing firm term of 60 days. It will contribute a further $22 million to the company’s backlog. This additional contract will further solidify Transocean’s presence in the Norwegian drilling market, which is a key operation area for the company.

The Transocean Norge is another exceptional rig in the company’s harsh environment fleet. This 6th generation semi-submersible can operate in water depths of up to 7,500 feet and has a maximum hook load capacity of 1,125,000 pounds. The rig is also equipped with advanced drilling and completion technology, making it an ideal choice for harsh environment operations.

Drilling News – 14 April 2023