Transocean Gains $2.5 Billion in Backlog Since May, Dayrates Rise Significantly

Transocean Ltd. (NYSE: RIG) (SIX: RIGN), the world’s largest offshore drilling contractor, announced their monthly fleet update summary today with a significant amount of good news including 3 new contracts and significant positive changes to existing contracts.

In the past month, Transocean reports backlog associated with new contracts or extensions has increased by approximately $2.5 billion and planned 2012 out of service time decreased by a net 19 days.

Highlights include:

Image: Transocean

Deepwater Nautilus

The Gulf of Mexico-located ultra deepwater semi-submersible was awarded a five-year contract extension by Shell at a dayrate of $525,000 ($958 million contract backlog). The rig’s prior three-year contract dayrate was $551,000.

Sedco 702
Working offshore Nigeria for Shell, this deepwater semisubmersible was awarded a three-year contract extension at a dayrate of $461,000 ($505 million contract backlog). The rig’s prior dayrate was $357,000.

Paul B. Loyd, Jr.
BP exercised an option at a dayrate of $345,000 and signed a follow-on 545-day contract for work in the U.K. sector of the North Sea at a dayrate of $440,000 ($281 million combined contract backlog).

Sedco 704
Awarded a two-year contract for work in the U.K. sector of the North Sea at a dayrate of $355,000 ($259 million contract backlog). The rig’s prior dayrate was $280,000.

Sedco 711
Awarded a two-year contract extension for work in the U.K. sector of the North Sea at a dayrate of $350,000 ($256 million contract backlog). The rig’s prior dayrate was $275,000.

Image: Transocean

Trident XIV
Awarded a two-year contract for work offshore Angola at a dayrate of $116,000 ($85 million contract backlog). The rig’s prior dayrate was $102,000.

Effective May 31, 2012, the company owns 100 percent of the Dhirubhai Deepwater KG1 and Dhirubhai Deepwater KG2. Previously, the rigs were owned by a joint venture in which the company owned a 50 percent interest.

Transocean also announced the sale of the GSF Adriatic II.  The details of the transaction have not been disclosed.

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