Transocean Bags New Contracts, Extensions Totaling $119M

Transocean revealed in its fleet status report published Monday that it has bagged substantial new contracts and extensions totalling $119 million since Nov. 18.

The company noted that the Discoverer Seven Seas, an ultra-deepwater drillship, was awarded a three-well contract by Inpex for work offshore Indonesia; between May and December next year. The contract includes an option for extension until February 2014.

Inpex will pay a day rate of $500,000 per day for its use of the rig, adding $90 million to Transocean's contract backlog. The day rate is $10,000 more than the rig's prior contract; Cairn Energy will pay $490,000 to use the rig for drilling works offshore Sri Lanka between January and March next year.

In addition, oil major ExxonMobil had exercised a six-month option on the jackup rig GSF Magellan for work offshore Nigeria, adding a further $29 million to its contract backlog. While the major will be able to use GSF Magellan until May next year; it will have to pay a day rate of $160,000 per day, an increase of $17,000 prior to exercising its extension option.

Transocean disclosed that its estimated out of service time this year will increase by a net 40 days, including 22 days to complete repairs to the semi-submersible Henry Goodrich and 19 days to complete work scope on the ultra-deepwater drillship GSF Explorer. The company forecasted that its out of service time for 2013 will decrease by a net 17 days.



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