Transocean Semi-Sub Rig Wins Deal Worth $437 Million

Transocean Semi-Sub Rig Wins Deal Worth $437 Million
OMV and Wintershall Dea have awarded a drilling contract to the Transocean Norge semi-submersible rig worth $437 million.

Oil and gas companies OMV and Wintershall Dea have awarded a drilling contract to the Transocean Norge semi-submersible rig to drill 17 wells worth $437 million.

Out of these 17, Wintershall Dea will drill 11 while OMV will drill the remaining 6. At the same time, the two companies entered an exclusive partnership with Transocean for the use of this rig for the drilling of all firm and additional potential wells in the period 2023 to 2027.

“This long-term contract is an important milestone in the execution of the Berling development project. In addition, we have secured a rig to one of our upcoming firm exploration wells and other potential wells to come,” OMV Norge General Manager Knut Mauseth said.

The companies added that the objective of the rig collaboration between OMV and Wintershall Dea was to increase operational efficiency by taking advantage of the joint competence and related synergy effects in a strategic partnership. The partnership, amongst others, includes a shared rig intake process, shared 3rd party services, and onshore supply base and logistics.

“Securing the Transocean Norge means we have a modern and fit for purpose rig with a best-in-class emission footprint – and a drilling partner to support our continued growth on the Norwegian Continental Shelf,” Michael Zechner, Wintershall Dea Norge Managing Director, stated.

The contract scope for OMV entails the drilling of three development wells for the Berling project – Iris Hades – and two exploration wells and one optional slot. For Wintershall Dea the drilling of four exploration wells, four development wells for the Maria Revitalisation project, and three development wells at Dvalin North.

To add to this statement, Transocean said in its own press release that the current firm term for the rig is currently 208 days, which contributes approximately $72 million to the backlog. Assuming that all approvals are received, the full contract period is 1,071 days at an average dayrate of $408,000 contributing $437 million in backlog, excluding bonuses and additional services.

The contract period includes options to drill additional operated wells and incentives to reward the rig contractor for safe and efficient operations.

As for the Transocean Norge, it is a 6th generation drilling rig with a hybrid energy solution and digital optimization of power distribution. The rig is well fitted for planned exploration and development operations on the Norwegian Continental Shelf, including HPHT and shallow water depths.

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