Transocean Scoops $161M in Contract Extensions for Harsh Environment Semisubs

Tuesday, June 4, 2024

Offshore drilling contractor Transocean has secured contract extensions for three of its harsh environment semisubmersibles, worth approximately $161 million.

In Norway, Transocean Spitsbergen was awarded a three-well contract extension with Equinor. The program is expected to start in the fourth quarter of 2025 in direct continuation of the rig’s current program and contribute approximately $72 million in backlog, excluding additional services.

The extension also includes options for up to six additional wells.

Transocean Norge was awarded a three-well contract extension with Wintershall Dea. The estimated 140-day program is expected to commence in the first quarter of 2028 in direct continuation of the rig’s current program and contribute approximately $71 million in backlog, excluding additional services.

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

“These fixtures are emblematic 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,” said Jeremy Thigpen, Transocean’s Chief Executive Officer.

Categories: Drilling Industry News Activity Europe Australia/NZ Oil and Gas

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