offshore oil rig

Transocean’s First Fleet Status Report of 2020 Reflects Offshore Drilling Uptick

Mike Schuler
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January 8, 2020

File Photo: Lukasz Z / Shutterstock

Offshore drilling contractor Transocean has announced nearly $353 million in new rig contracts and exercised options as the offshore drilling market continues to improve.

Transocean said is it currently seeing an increase in contract opportunities for its ultra-deepwater and harsh environment drilling rigs. Since its last Fleet Status Report in October 2019, Transocean said it has secured an additional $352.9 million of contract backlog from customers, consisting of new contracts and extensions to existing contracts.

The contracts span customers and regions from the U.S. Gulf of Mexico to Norway to Myanmar and Malaysia.

“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.”

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