Transocean's Backlog Grows to $8.6B with Latest Rig Deals in Norway and Australia

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

Deepwater drilling company Transocean has secured $546 million worth of drilling contracts in the past quarter, according to its rig fleet status report issued Tuesday.

The contracts were secured by four rigs, the Transocean Enabler, Transocean Encourage, Transocean Endurance, and Transocean Norge.

The Transocean Enabler harsh environment semi-submersible drilling rig was awarded a 19-well contract in Norway with Equinor at a current rate of $377,000 per day, as adjusted for foreign currency exchange plus eight option wells. The contract now expires in October 2025.

The Transocean Encourage harsh environment semi-submersible drilling rig was awarded a nine-well contract, also with Equinor in Norway, at a rate of $350,000 per day. The contract runs from November 2023 to February 2025.

The Transocean Endurance harsh environment semi-submersible drilling rig has secured a multi-well plug and abandonment contract in Australia at a rate of $380,000 per day plus options. The client was not disclosed. The contract runs from January 2024 to August 2024. 

The rig's current $483,000-a-day contract with Equinor in Norway expires this month.

Further, Transocean Norge harsh environment semi-submersible drilling rig saw clients Wintershall DEA and OMV exercise four one-well options in Norway at $338,000 per day, $358,000 per day, $358,000 per day, and $408,000 per day, respectively, as adjusted for foreign currency exchange. All the wells will be drilled in Norway.

"The aggregate incremental backlog associated with these fixtures is approximately $546 million. As of April 18, 2023, the company’s total backlog is approximately $8.6 billion," Transocean said.


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