Finance & Investing
News Services
Get free industry updates via email.
Daily News
Weekly News
Equipment Updates
Weekly Job Register
Monthly Event Guide
Our privacy


Transocean Inks New Contracts, Extensions; Sees More Downtime

change text size

Drilling contractor Transocean Ltd. reported late Wednesday several new contracts and contract extensions valued at approximately $662 million.

The company also increased its expected downtime estimate for this year by 117 days, Transocean reported in its fleet summary update. However, 75 percent of this downtime is related to preparations for a new ultra-deepwater award at a leading-edge day rate, according to a May 16 analysts note for Barclays Research.

This downtime includes 89 days due to shipyard acceleration into 2013 from 2014 and contract preparation for the Deepwater Millennium (UDW drillship), which has been awarded a two-year contract through February 2016 by an unnamed operator for work offshore Australia. The rig currently is drilling the Kiboko-1 well for Anadarko Petroleum Corp. offshore Kenya, according to Rigzone's RigLogix database.

Deepwater Millennium will work at a day rate of $605,000, higher than its previous day rate of $545,000. The new award represents a $442 million estimated contract backlog, Transocean said in its rig fleet summary.

Transocean also received a three-month contract through October for Jack Bates (DW semisub) from an undisclosed operator for work offshore Australia. The rig currently is drilling the Bassett West 1 well, according to RigLogix.

ConocoPhillips awarded a two month extension through February 2014 to the Transocean Legend (mid-water semisub). The rig will work at a day rate of $440,000, higher than Barclays' previous estimate of $325,000 and higher than its current rate of $293,000, Barclays analysts noted.

Transocean John Shaw (mid-water semisub) has also been awarded a one-year contract extension for work in the UK North Sea at $415,000, up from the rig's previous day rate of $360,000. The rig has been working for TAQA Bratani in the region.


View Full Article

Karen Boman has more than 10 years of experience covering the upstream oil and gas sector. Email Karen at


Post a Comment Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies
For More Information on the Offshore Rig Fleet:
RigLogix can provide the information that you need about the offshore rig fleet, whether you need utilization and industry trends or detailed reports on future rig contracts. Subscribing to RigLogix will allow you to access dozens of prebuilt reports and build your own custom reports using hundreds of available data columns. For more information about a RigLogix subscription, visit

More from this Author
Karen Boman
Senior Editor | Rigzone
 -  Warburg Invests in E&P Start-Up (Mar 31)
 -  Sensor Technology Allows Better Visibi... (Mar 26)
 -  Wood Mac: Demise of Unconventional Oil... (Mar 25)
 -  DOI Issues Final Rule on Federal Frack... (Mar 20)
 -  Central Gulf Sale 235 Attracts $539M i... (Mar 18)
Most Popular Articles
From the Career Center
Jobs that may interest you
Maintenance Supervisor (Bulk Terminal)
Expertise: Maintenance Manager|Oil Terminal / Storage Management
Location: St. Pual, MN
Senior Mechanical Engineer
Expertise: Design Engineer|Drafting|Mechanical Engineering
Location: San Antonio, TX
Sr. Deepwater Drilling Engineer
Expertise: Drilling Engineering|Mechanical Engineering|Petroleum Engineering
Location: Houston, TX
search for more jobs