Transocean has announced a new agreement with Equinor valued at more than $1bn (SFr810.47bn) covering the deployment of three harsh environment semi-submersible rigs on the Norwegian Continental Shelf (NCS).
The contract remains subject to licence approvals, representing a combined backlog for over seven years. This figure does not include potential additional services.
The base day rate for the contract is set at $399,000 per day, with an effective day rate expected to exceed $400,000 per day due to adjustment provisions scheduled to take effect prior to the start of operations.
The agreement covers three “Cat D” rigs, which were originally designed for Equinor and built to operate in Norwegian winter conditions.
As part of the agreement, the Transocean Enabler is scheduled to begin a three-year programme in the first quarter of 2028 (Q1 2028), following on directly from its current assignment.
The Transocean Encourage will start a two-year programme at the same time, also as a direct continuation of ongoing work.
Both rigs, delivered in 2016 and built at DSME, feature the advanced GVA 4000 NCS design, are Norwegian-flagged and certified to DNV GL +1A1 standards. Each of these rigs can accommodate up to 130 personnel.
They are engineered for challenging offshore conditions, and capable of operating in water depths up to 500m and drilling to 8,500m.
Additionally, the Transocean Endurance is set to commence a two-year programme in Q2 2027 following its return to Norway from its current location in Australia.
Entering service in 2015, this rig shares the same technical specifications as the other two units but offers living quarters for 140 people.
Transocean CEO Keelan Adamson said: “This agreement for seven rig years demonstrates the strength and resilience of Norway’s high-specification harsh environment market and our strong relationship with Equinor.
“Together with Equinor, we will continue to drive rig efficiency, improve the cost-effectiveness of wells, and prioritise safe and reliable operations.”
Transocean provides offshore contract drilling services for oil and gas wells globally. The company focuses on ultra-deep-water and harsh environment drilling services.
Earlier this year, the company secured a new contract and extension for its Deepwater Mykonos and Transocean Enabler drilling rigs, respectively, amassing a firm backlog of approximately $168m.
