Switzerland: Sedco 714 Scores USD 235 Mln Contract Extension

Transocean Ltd.  issued yesterday a comprehensive Fleet Status Report, which provides current status and contract information for the company’s entire fleet of offshore drilling rigs. The value of new contracts or extensions since the December 17, 2012 fleet update summary is approximately $235 million.

Estimated 2012 out of service time decreased by a net 15 days. Estimated 2013 out of service time increased by a net 205 days, including 253 days to reactivate the Sedco 714 in anticipation of potential contracts.

Highlights are as follows:

• Sedco 714 – Awarded an 18-month contract extension at a dayrate of $435,000 ($235 million contract backlog). The rig’s prior dayrate was $398,000.

• Well Control Equipment Recertification – The company has now obtained third party certification of well control equipment on 41 of its 64 active floaters, including 24 of its 27 ultra-deepwater rigs.

• The company has sold the Trident 17, which was previously held for sale. The details of the transaction have not been disclosed.

• GSF Arctic I is currently idle.

To more accurately reflect the impact of contract incentive provisions, the company’s revenue efficiency has been restated. For the historical periods presented in the Fleet Status Report, the increase in revenue efficiency averaged approximately 0.4 percent per quarter.

The entire  report

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Transocean, January 18, 2013