Transocean Secured New Contracts Worth $ 953 Mln

Transocean Ltd. 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 April 17, 2014. The total value of new contracts since the April 17, 2014 Fleet Status Report is approximately $953 million.

Transocean Secured New Contracts Worth $ 953 Mln

The Dhirubhai Deepwater KG1 drillship was awarded a three year contract offshore Brazil at a dayrate of $440,000 ($482 million estimated backlog). The rig’s prior dayrate was $510,000.

Paul B. Loyd, Jr. secured a two year contract extension in the U.K. North Sea at a dayrate of $430,000 ($314 million estimated backlog). The rig’s prior dayrate was $447,000.

The semisubmersible drilling rig, GSF Development Driller II, was awarded a three-well contract in the Black Sea offshore Romania at a dayrate of $360,000 ($97 million estimated backlog). The rig’s prior dayrate was $606,000.

Customer exercised a one year option for GSF Constellation II offshore Gabon at a dayrate of $165,000 ($60 million estimated backlog). The rig’s prior dayrate was $165,000.

The remaining backlog from the Sedco 710 contract in Brazil has been transferred to the Sedco 706.

Estimated 2014 planned out-of-service time increased by a net 485 days, including 354 days primarily associated with contract preparation and mobilization on the Dhirubhai Deepwater KG1, GSF Development Driller II and Polar Pioneer; and 121 days related to the shipyard acceleration into 2014 from 2015 on the GSF C.R. Luigs. Estimated 2015 planned out-of-service time decreased by a net 84 days. These estimates are subject to change due to a variety of factors, including changes in the company’s business plans and customers’ requirements.

Press Release, May 16, 2014; Image: Shipspotting

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