Transocean LTD (NYSE:RIG) Gives Quarterly Fleet Status

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Transocean LTD (NYSE:RIG) announced recently its quarterly Fleet Status Report that gives the current picture of the contract information for the firm’s fleet of offshore drilling rigs. Last month, the company had closed the acquisition of Songa Offshore ES, a transaction that added seven semisubmersibles to the firm’s fleet including the four high-specifications and harsh environment CAT-D rigs under the long-term contracts with Statoil. Currently, the company’s combined contract backlog is $12.8 billion.

The new contract newbuild ultra deepwater drillship launched its operations on February 12, 2018 on its 10-year tenure with Shell in the US Gulf of Mexico. The latest report includes the:

  • Deepwater Asgard – a three-well agreement awarded in addition to the one-well option in the US Gulf of Mexico;
  • Deepwater Invictus – a two-well agreement awarded as an extension in the US Gulf of Mexico;
  • Discoverer India – a five-well agreement offshore on the Ivory Coast;
  • Dhirubhai Deepwater KG2- a three-well agreement in addition to the one-well option offshore Myanmar;
  • Dhirubhai Deepwater KG1- a six-well agreement in addition to the options offshore India;
  • Deepwater Nautilus – a one-well agreement in addition to the three one-well options offshore Brunei;
  • Transocean Spitsbergen – a 22-well agreement in addition to the three-well option and two one-well options located in Norwegian North Sea;
  • Paul B. Loyd, Jr. – a one-well agreement in the UK North Sea.

Other contracts include:

  • Transocean Leader – an Amendment that would replace the previous agreement scheduled to expire in May 2019. It’s composed of 210 days commencing in July of 2018 in the U.K. North Sea. In addition, a 90-day agreement on top of the one-well option in the U.K. North Sea.
  • Transocean Arctic – an agreement of two with different customers in the Norwegian North Sea which include:
  • Three-well contract plus two one-well options; and
  • Four-well contract.

Transocean provides contract agreement drilling services for both oil and gas wells. The company specializes in highly technical sectors of the offshore drilling business with a focus on the ultra-deepwater and harsh environment drilling services.

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