Transocean Wins Petrobras Contract Extensions

Transocean Wins Petrobras Contract Extensions
Petrobras has extended contracts for a pair of Transocean ultra-deepwater drillships.

Transocean Ltd. (NYSE: RIG) reported Wednesday that it has won contract extensions from Petrobras (NYSE: PBR) for two of its ultra-deepwater drillships.

Petrobras has exercised a 680-day, preexisting fixed price option for the Deepwater Corcovado, Transocean noted in a written statement emailed to Rigzone. Similarly, the operator has exercised an 815-day preexisting, fixed price option for the Deepwater Mykonos, the drilling contractor added.

“Together these contract extensions add approximately $297 million to Transocean’s industry leading backlog,” Transocean stated. “Both rigs will continue to operate in Brazil and are subject to annual indexed dayrate escalations.”

According to Transocean’s website, the Deepwater Corcovado and Deepwater Mykonos drillships are designed to operate in up to 10,000 feet (3,048 meters) of water and can drill to 35,000 feet (10,668 meters). The company’s most recent fleet status report on Oct. 14, 2020, shows current contract dayrates of $179,000 for the Deepwater Corcovado and $197,000 for the Deepwater Mykonos.

Transocean reported the initial Petrobras drillship contracts in March 2019.

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