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Transocean_enabler. Photo: Jan Arne Wold / Equinor

The Transocean Enabler drilling rig. Photo: Jan Arne Wold / Equinor

Transocean Secures Offshore Drilling Contracts Worth $161 Million

Mike Schuler
Total Views: 1034
June 4, 2024

Transocean Ltd. (NYSE: RIG), a leading offshore drilling contractor, has announced securing new contract fixtures for three of its harsh environment semisubmersibles, contributing approximately $161 million to its firm contract backlog.

In Norway, the Transocean Spitsbergen was granted a three-well contract extension by Equinor. Set to commence in the fourth quarter of 2025, the program contributes approximately $72 million to the backlog, excluding additional services. The extension also encompasses options for up to six extra wells.

Meanwhile, Transocean Norge was awarded a three-well contract extension by Wintershall Dea. This estimated 140-day program, scheduled to commence in the first quarter of 2028, will contribute approximately $71 million to the backlog, excluding additional services.

In Australia, Woodside exercised its second option for the Transocean Endurance. The estimated 45-day well, which is expected to commence in direct continuation of the rig’s current program, contributes approximately $18 million to the backlog.

The contract fixtures come as the market for offshore oil and gas drilling services continues to show signs of strength following a prolonged, multi-year downturn.

Jeremy Thigpen, Transocean’s Chief Executive Officer, views the fixtures as indicative of the continued strength of the high-specification harsh environment market. “Our customers are contracting rigs up to four years in advance, reinforcing our confidence in the strength and longevity of this upcycle,” he said.

As of April 17, 2024, Transocean’s total backlog stands at roughly $8.9 billion.

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