Transocean Receives Two Drilling Contracts Worth $292 M

Transocean Ltd. last night issued a monthly Fleet Update Summary which includes new contracts, significant changes to existing contracts, and changes in estimated planned out-of-service time of 15 or more days since November 18, 2013.

The total value of new contracts since the November 18, 2013 Fleet Update Summary is approximately $292 million. The Swiss-based drilling contractor has secured new contracts for two of its drilling rigs.

The Cajun Express semi-submersible drilling unit, capable of operating in moderate environments and water depths up to 8,500 ft has been awarded a six-well contract at a dayrate of $495,000 ($181 million estimated backlog). The rig’s prior dayrate was $600,000. The Cajun Express is currently working for Cairn in Morocco.

Furthermore, the Deepwater Discovery discovery drillship has been awarded an eight-month contract at a dayrate of $461,000 ($111 million estimated backlog). The rig was previously idle.

Transocean did not reveal who the clients for the two contracts were.

Also, Transocean added that the high-specification jackup, GSF Monitor, is idle. Estimated 2013 planned out-of-service time decreased by a net 16 days; estimated 2014 planned out-of-service time decreased by a net 36 days.

[mappress]
December 19, 2013