Transocean secures $352.9m in new contracts for offshore drilling rigs

9 January 2020 (Last Updated January 9th, 2020 11:24)

Offshore drilling contractor Transocean has secured $352.9m in new rig contracts and extensions, increasing contract opportunities for its ultra-deepwater and harsh environment drilling services.

Transocean secures $352.9m in new contracts for offshore drilling rigs
Transocean has secured new contracts and extensions for its drilling rigs. Credit: wasi1370 on Pixabay.

Offshore drilling contractor Transocean has secured $352.9m in new rig contracts and extensions, increasing opportunities for its ultra-deepwater and harsh environment drilling services.

The new awards represent a sign of ongoing improvement of the company in the offshore drilling market.

Rigzone reported that these contracts form two thirds of additional backlog since last October.

Transocean president and CEO Jeremy Thigpen said: “Customer demand for the highest specification ultra-deepwater floaters now equals or exceeds the number of marketable rigs currently available in many areas.

“As a result, new contracts more consistently reflect materially increased day rates, which will generate significantly improved cash flow.”

ConocoPhillips has awarded a 125-day contract to the harsh-environment semisubmersible Leiv Eiriksson in offshore Norway. The day rate of the semisub is valued at $235,000.

Talos Energy has awarded the ultra-deepwater drillship Discoverer Inspiration in the US Gulf of Mexico. The contract is valid for 120 days and the day rate of the rig is $210,000.

Beacon has awarded a 200-day contract for the ultra-deepwater drillship Deepwater Asgard in the US Gulf of Mexico. It has also exercised a 74-day option for the drillship at a rate of $240,000 per day.

Ultra-deepwater semisub Development Driller III has received a one-year contract from an undisclosed client in offshore Trinidad for $250,000 per day.

Australian natural gas producer Woodside has awarded a 180-day contract for the ultra-deepwater drilling rig Dhirubhai Deepwater KG2 offshore Myanmar. The day rate is $250,000.

BHP has exercised a one-year option for the ultra-deepwater rig Deepwater Invictus in the US Gulf of Mexico. The day rate is $155,000.

Equinor has exercised two 32-day options for the harsh-environment semisub Transocean Norge offshore Norway at day-rate of $291,000.

Petronas has awarded a 180-day contract for the ultra-deepwater semisub Deepwater Nautilus offshore Malaysia at a day rate of $140,000.