by David Wethe (Bloomberg) -- Transocean, the world’s biggest offshore oil driller, may reactivate two to three mothballed rigs a year as the industry embarks on a full-fledged recovery for deepwater exploration. In announcing a $2.7 billion deal for a rival operator, Transocean Ltd. cited a forecast by energy consultant Wood Mackenzie Ltd. that day-rates in … [Read more...]
Transocean to Acquire Ocean Rig in $2.9 Billion Deal
By Will Wade and Simon Casey (Bloomberg) -- Transocean Ltd., the world’s largest offshore drilling company, agreed to buy a smaller rival in a $2.9 billion deal, with rates for deepwater rigs forecast to double in two years. The cash-and-stock acquisition of Ocean Rig UDW Inc. will give Transocean a fleet of nine ultra-deepwater drillships and two harsh environment … [Read more...]
Transocean Lands 11-Well Contract for ‘GSF Development Driller I’ in Australia
Offshore drilling contractor Transocean says its ultra-deepwater semi-submersible GSF Development Driller 1 has been awarded an 11-well contract offshore Australia for Chevron. The contract is expected to commence in the first half of 2019 and will span approximately 955 days. Transocean said the firm contract backlog amounts to approximately $158 million excluding … [Read more...]
Offshore Oil Recovery Beginning in World’s Harshest Environments
By David Wethe (Bloomberg) -- Explorers are once again testing the waters in their search for oil, according to Transocean Ltd., the world’s biggest offshore rig contractor by market value. Drillers worldwide are forecast to boost new commitments for all types of offshore work by 140 percent this year, Jeremy Thigpen, Transocean’s Chief Executive officer told … [Read more...]
Transocean to Take $112 Million Hit Over Rig Breakdown
Offshore driller Transocean will take a $112 million hit from a drilling contract amendment for its harsh-environment semi-submersible Transocean Leader. Transocean revealed Thursday that the rig experienced equipment breakdown that could not be repaired in-time, entitling its customer with the right to terminate the contract. However, Transocean says the customer instead … [Read more...]