Photo: Transocean Norge rig; Source: Equinor

Transocean adds $116 million to backlog with fresh deals in Norway

Offshore drilling contractor Transocean has been awarded two contracts for its rigs for operations in the harsh environment waters offshore Norway.

According to the rig owner’s statement on Wednesday, the Transocean Barents was awarded a two-well contract in Norway with the start date expected in February 2022.

The contract award is approximately 200 days in duration and adds an estimated $60 million in firm contract backlog.

Additionally, the Transocean Norge was awarded a four-well contract plus five one-well options in Norway expected to start in March 2022.

The contract award is approximately 200 days in duration and adds an estimated $56 million in firm contract backlog.

The rig contractor has not revealed any details about who hired these two rigs.

Transocean Barents rig;
Transocean Barents rig; Source: Transocean

Transocean’s latest fleet status report, published in late April 2021, shows that the 2009-built Barents rig is currently under contract with MOL Norge off Norway, with an expiry date set for December 2021. The rig’s day rate is $270,000.

The Norge rig is currently under contract with Equinor, operating offshore Norway with a day rate of $297,000. Following a recent option exercise by Equinor, this contract is set to expire in June 2021.

As previously reported, Transocean is upbeat about its options after securing several new rig jobs recently. The rig owner said it was optimistic that oil prices would remain constructive and drive an increase in contracting through the rest of the year.

Related Article