Transocean Wins Multi-well NCS Contract for New Semisub

Transocean Wins Multi-well NCS Contract for New Semisub
The harsh-environment rig will be capable of operating at a water depth up to 10,000 feet.

Equinor has awarded Transocean Ltd. a six-well contract on the Norwegian Continental Shelf (NCS) for its newbuild, harsh-environment Transocean Norge semisubmersible, Transocean reported Friday.

“We are very pleased to have so quickly secured a contract for the Transocean Norge, which we recently acquired through our joint venture with Hayfin,” Transocean President and CEO Jeremy Thigpen said in a written statement. “this contract provides further evidence of the strong demand for high-specification, harsh environment semisubmersibles, and of the relationship and history of solid performance that we have with Equinor.”

Transocean noted that the estimated 300-day contract should comment in July 2019 after the rig’s shipyard delivery early next year. The company added that it will operate the Transocean Norge and owns a 33-percent interest in the rig. Hayfin Capital holds the remaining 67-percent stake.

In May of this year Transocean announced that it had purchased its interest in the rig, which is being built by Sembcorp Marine Ltd.’s Jurong Shipyard Pte Ltd. in Singapore. The harsh environment rig will apply a Moss Maritime CS60 design, will be able to operate in a water depth up to 10,000 feet and is considered one of the world’s most capable newbuild semisubs, the company has stated.

According to Transocean, the contract backlog is approximately $89 million, excluding a bonus opportunity and other services. The company stated that the contract includes four one-well options and is denominated roughly 55 percent in U.S. dollars and the remainder in Norwegian kroner.


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