Deepwater Frontier Awarded Two-Year Contract
Transocean reports that its High-Specification drillship, the Deepwater Frontier, has been awarded a two-year contract by an international oil and gas operator. The contract is expected to commence in the late-third quarter or early-fourth quarter of 2006. The Deepwater Frontier is currently under contract to Petroleo Brasileiro S.A. (Petrobras) in Brazil until approximately May 2006. Revenues of an estimated $234 million could be generated over the two-year contract period, excluding revenues for mobilization, demobilization and client reimbursables.
The Deepwater Frontier, a dynamically positioned, Fifth-Generation drillship, is one of 32 High-Specification rigs in the Transocean Inc. fleet, 13 of which are Fifth-Generation Deepwater Floaters. The rig, which is capable of operating in water depths of up to 10,000 feet, entered active service in 1999 following its construction in Korea.
Manages 46 Offshore Rigs
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