Transocean wins $352.9 million in new backlog as ‘offshore drilling market continues to improve’

Offshore drilling contractor Transocean has secured a $352.9 million of contract backlog from new contracts and extensions. The company sees this as a sign of improvement in the offshore drilling market.

Leiv Eiriksson rig
Leiv Eiriksson rig; Source: Lundin

According to Transocean’s statement on Wednesday, as the offshore drilling market continues to improve, the company is observing an increase in contract opportunities for its ultra-deepwater and harsh environment drilling services.

“Customer demand for the highest specification ultra-deepwater floaters now equals or exceeds the number of marketable rigs currently available in many areas,” said Transocean President and Chief Executive Officer Jeremy Thigpen.

“As a result, new contracts more consistently reflect materially increased dayrates, which will generate significantly improved cash flow.”

Since its last fleet status report issued in October 2019, the company has secured an additional $352.9 million of contract backlog from new contracts and extensions to existing contracts.

According to Transocean’s update on Wednesday, and as previously reported by Offshore Energy Today, the Leiv Eiriksson semi-submersible has been awarded a 125-day contract with ConocoPhillips in Norway. The dayrate for this contract is $235,000.

Furthermore, Transocean said that the Discoverer Inspiration drillship had won a contract with Talos Energy in the U.S. Gulf of Mexico. The contract is for 120 days for with a dayrate of $210,000.

The Deepwater Asgard drillship has been awarded a 200-day contract by Beacon in the U.S. Gulf of Mexico.  The dayrate is $220,000.

As previously reported, the Development Driller III semi-sub has been awarded a one-year contract with an undisclosed operator off the coast of Trinidad and Tobago. The dayrate is $250,000.

Transocean also said that the Dhirubhai Deepwater KG2 drillship had won a 180-day contract with Woodside in Myanmar with a dayrate of $250,000.

 

Contract extensions 

 

When it comes to contract extensions, BHP has exercised an option for the Deepwater Invictus drillship in the U.S. Gulf of Mexico. The duration is 365 days and the dayrate is $155,000.

Furthermore, Equinor has exercised two options for the Transocean Norge semi-sub for 32 days each. The rig is operating in Norway with a dayrate of $291,000.

Petronas has exercised a 180 day long option for the semi-submersible Deepwater Nautilus in Malaysia with a dayrate of $140,000.

Finally, Beacon has exercised an option for the Deepwater Asgard drillship. The options is for 74 days with a dayrate of $240,000.

Offshore Energy Today Staff


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