Transocean Adds $745 Million to Contract Backlog

Transocean added $745 million to its contract backlog in the last quarter, reflecting continued demand for offshore drilling rigs.

The new contracts were revealed in the company’s quarterly fleet status report. They include a 21-month contract for the Dhirubhai Deepwater KG1 in India at a dayrate of $347,500; a three-year contract for the Deepwater Aquila in Brazil at a dayrate of $448,000; a 60-day extension for the Dhirubhai Deepwater KG1 in India at a dayrate of $348,000; and a 20-day contract for the Deepwater Invictus in the U.S. Gulf of Mexico at a dayrate of $440,000.

These new contracts have increased the company’s backlog to approximately $9.4 billion.

Contracting activity has been strong. The $745 million in additional backlog added in the third quarter compares to $1.2 billion in the second quarter, with a weighted average dayrate of approximately $456,000, and $546 million added in the first quarter.

The market for offshore drilling services has been recovering over the past year after a prolonged downturn that started in 2014.

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