Transocean's Fleet Status Report: $1.2 Billion in Offshore Drilling Contracts Secured

OE Staff
Thursday, July 20, 2023

Offshore drilling contractor Transocean said Wednesday it had recently secured contracts and contract extensions worth $1.2 billion in total.

In its fleet status report, the company said that contracts had been secured for seven drilling rigs. Take note, Offshore Engineer has already reported on some of the contracts mentioned in the Transocean Fleet Status report.

As previously reported, Transocean has recently secured a 1,080-day contract in Mexico at a rate of $480,000 with an unnamed independent operator, starting in Nov. For this contract, the company will deploy a seventh generation ultra-deepwater drillship, either Deepwater Invictus, Deepwater Thalassa, or Deepwater Proteus.

The contract will contribute approximately $518 million in backlog, excluding revenue for mobilization and demobilization, and is expected to start between the fourth quarter of 2025 and the second quarter of 2026.

In Australia, Transocean has secured two contracts for the Transocean Equinox semi-submersible drilling rig with unnamed clients. The first contract, running between February and November 2024, is a five well assignment, plus a one-well option in Australia at a rate of $455,000.

The second contract, between Februar 2025 and March 2026, is a sixteen-well deal in Australia at a rate of $485,000, plus 21 one-well options at rates between $485,000 and $540,000.

In Norway, the Transocean Endurance semi-submersible drilling unit was awarded a two-well contract (Jun-Jul 2023) at a rate of $385,000. Transocean did not say who the client was, however, it's worth noting that Norway-focused OKEA last month received consent from the Norwegian Authorities to use the Transocean Endurance to drill an exploration well (Springmus East og Garn West South prospect) in the Norwegian Sea.

For Transocean Encourage semi-sub, also in Norway, the client exercised six one-well options in Norway at a current rate of $464,000 with contract set to run between February 2025 and February 2025. The rig is currently on a contrac with Equinor, until February 2025.

For Transocean Norge semi-sub in Norway, Wintershall DEA/OMV exercised a one-well option at a current rate of $365,000 (Jul - Nov 2023) and three one-well options (Jan 2024 - Feb 2026) at a current rate of $420,000.

In Lebanon, TotalEnergies awarded Transocean Barents semi-submersible drilling rig a one-well contract at a rate of $365,000, plus 3 one-well options at rates that may vary between $350,000 and $390,000. This contract starts in August and lasts until October 2023.

From October 2023 until January 2024, TotalEnergies exercised a one-well option for the Transocean Barents in the East Mediterranean Sea at a rate of $370,000. It's unclear if this contract is still in Lebanon or elsewhere in the Eastern Mediterranean Sea.

"The aggregate incremental backlog associated with these fixtures is approximately $1.2 billion. As of July 19, 2023, the company’s total backlog is approximately $9.2 billion. Assuming all contract options are exercised, the potential incremental backlog associated with the contract options is approximately $480 million to $500 million," Transocean added.


Categories: Middle East Drilling Industry News Activity Europe Australia/NZ Drilling Rigs

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