Transocean Wins Drilling Contracts
Transocean Ltd. (NYSE: RIG) has won several new drilling contracts and contract extensions during the past quarter, the company reported late last week.
In its latest quarterly fleet status report, Transocean stated that it has won a three-well contract in Norway for the Transocean Barents and a one-well contract – also in Norway – for the Transocean Norge. MOL Norge (OTCMKTS: MGYOY) secured the Transocean Barents for a contract estimated to run from May 2021 to Dec. 2021, Transocean stated, adding the current contract dayrate for the rig is $270,000.
Equinor (NYSE: EQNR) has hired the Transocean Norge for a contract slated to run from April to May of this year, and the rig’s current contract dayrate is $294,000, Transocean noted.
Both the Transocean Barents and the Transocean Norge are harsh-environment semi-submersible rigs.
Additional updates from the Transocean report, with current contracted dayrates in parentheses, include:
- Shell (NYSE: RDS.A) awarded a one-well contract extension for the Development Driller III semisub in Trinidad for May-June 2021 ($250,000).
- BHP Billiton (NYSE: BHP) awarded a one-well contract, plus a one-well option, for the Development Driller III in Trinidad for June-Aug. 2021 ($220,000).
- Chrysaor Production awarded a 78-day contract extension for the Paul B Loyd, Jr. semisub in the U.K. North Sea to Aug. 2021 (undisclosed).
- Petrobras (NYSE: PBR) exercised a 680-day option in Brazil for the Deepwater Corcovado drillship until July 2023 ($194,000).
- Petrobras exercised an 815-day option in Brazil for the Deepwater Mykonos drillship until Aug. 2023 ($213,000).
- Reliance (NSE: RELIANCE) exercised a seven-well option in India for the Dhirubhai Deepwater KG1 drillship until Nov. 2022 ($127,000).
- Petronas (KLSE: PETGAS) provided a termination notice for its drilling contract in Malaysia for the Deepwater Nautilus semisub in Nov. 2020; the contract had been projected to expire in Feb. 2021.
- Transocean has retired the Leiv Eiriksson semisub and has classified it as held for sale.
According to Transocean, the company’s total backlog as of Feb. 12 was approximately $7.8 billion.
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