Transocean Secures 16-Well Contract for Transocean Equinox Rig in Australia

Offshore drilling contractor Transocean has secured a 16-well contract for the Transocean Equinox semi-submersible drilling rig in Australia for a consortium of four operators. 

The 380-day campaign contributes approximately $184 million in backlog, excluding full mobilization and demobilization compensation.

The arrangement also includes options that, if fully exercised, could keep the Transocean Equinox drilling rig working in Australia into 2028.

This new award is expected to start in the first quarter of 2025 in direct continuation of the rig’s previously announced five-well, 300-day commitment in Australia with a major operator, currently expected to start in the first quarter of 2024.

Transocean did not say who the clients were. The rig was most recently used by Equinor in Norway before its contract expired in October 2022.

While the dayrate for the Transocean Equinox's latest was not explicitly stated in the contract announcement, based on the information available, one can calculate an approximate day rate. 

The contract is worth $184 million, and the campaign is estimated to last for 380 days, so the approximate day rate would be $184 million divided by 380 days, which is around $484,210 per day.

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