Switzerland-based offshore drilling contractor Transocean has picked up multimillion-dollar extensions for two of its harsh environment semi-submersible rigs deployed off the coast of Norway.
Thanks to more work for two of its semi-submersible rigs in Norway, Transocean has raked in approximately $184 million in firm contract backlog. The 2016-built Transocean Encourage rig, which was awarded a seven-well contract extension, is expected to begin the estimated 365 days of work in the first quarter of 2027.
The extension will start in direct continuation of the rig’s current program and contribute approximately $152 million in backlog, excluding additional services. The semi-sub was hired by Equinor on a nine-well contract , with six more optional wells, in 2023 for work on the Norwegian Continental Shelf (NCS).
The rig, which can accommodate up to 130 people, is a sixth-generation fully winterized, harsh environment semi-submersible with automated drilling control specially designed for operations on the NCS.
Transocean highlights that two one-well options have been exercised for the 2016-built Transocean Enabler rig in direct continuation of the rig’s current activity, enabling the incremental 70 days of work. The rig, which can accommodate 130 people, has been on a drilling assignment with Equinor for years.
This is expected to contribute approximately $32 million in backlog, excluding additional services, committing the rig through December 2027. The total value of the 19-well contract with eight-well options was estimated at $415 million in 2023, with the fixed part accounting for $295 million.
Transocean owns or has partial ownership interests in 27 mobile offshore drilling units (MODUs), consisting of 20 ultra-deepwater floaters and seven harsh environment floaters.
However, the Swiss player recently set the stage to acquire Valaris, which will enable it to expand its fleet to 73 rigs, including 33 ultra-deepwater drillships, nine semi-submersibles, and 31 modern jack-ups.
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