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Transocean newbuild starts at Stones

Written by  Friday, 12 February 2016 10:41

Transocean’s Deepwater Thalassa has commenced operations on its 10-year contract for Shell’s Stones project in the US Gulf of Mexico this month.

The Deepwater Thalassa. Image from Transocean.

Stones is located 200mi southwest of New Orleans, Louisiana at about 9500ft water depth, with a reservoir depth of around 26,500ft below sea level. The field encompasses eight US Federal Outer Continental Shelf lease blocks in the Gulf of Mexico’s Lower Tertiary geologic trend.

Shell has the newbuild ultra-deepwater drillship at a dayrate of US$519,000.

Production from the first phase of development includes two subsea production wells tied back to a FPSO host vessel, followed at a later phase by six additional wells with multiphase pumping.

According to Shell, the oil and gas development will host the deepest production facility in the world.

Shell’s 100% owned and operated Stones project is estimated to have a peak production of 50,000 boe/d in the first phase of development, from more than 250 MMboe of recoverable resources. The Stones field has significant upside potential and is estimated to contain over 2 billion boe of oil in place, Shell said.

The Deepwater Thalassa is designed to operate in up to 12,000ft water depth, and drill wells to 40,000ft. The rig features Transocean's patented dual-activity drilling technology, hoisting capacity, Transocean's designed and patented Active Power Compensation hybrid system and a second blowout preventer (BOP). The drillship is upgradeable to accommodate a 20,000 psi BOP system.

Transocean has also inked several new contracts since late-October that are worth about $500 million.

Of the contracts, Transocean was awarded three contracts with three separate customers for theTransocean Arcticin the Norwegian sector of the North Sea. Contracts include: a one-well contract at a dayrate of $179,000; a four-well contract at a dayrate of $170,000; and a one-well contract with an undisclosed dayrate.

The GSF Rig 140 is under a one-well contract offshore India at a dayrate of $158,000 ($18 million estimated backlog).

The M.G. Hulme, Jr. is also under a one-well contract, however, that rig is in an undisclosed location at a dayrate of $163,000 ($16 million estimated backlog).

The Cajun Express is under an 80-day contract offshore Ivory Coast, at an undisclosed dayrate.

The contract for the Jack Bates received a 90-day option offshore Australia at a dayrate of $195,000 ($18 million estimated backlog).

TheSedco 702  was awarded a 45-day contract extension offshore Nigeria at a dayrate of $275,000 ($12 million estimated backlog).

Transocean’s estimated out-of-service time for the year increased by a net 126 days due primarily to the reactivation of the Henry Goodrich. The rig is expected to commence its two-year contract in Canada at a dayrate of $275,000 in Q2 2016.

As for the Deepwater Navigator and GSF Grand Banks, the rigs are classified as held for sale. 

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