STEINHAUSEN, Switzerland, Sept. 22, 2022 (GLOBE NEWSWIRE) — Transocean Ltd. (NYSE: RIG) today announced that its harsh environment semi-submersible transoceanic Norway, was awarded by Wintershall Dea Norge and OMV Norge for the exclusive right to drill all wells for their respective drilling campaigns from 2023 to 2027, subject to rig availability and other conditions.
The contract provides that the Transoceanic Norway will drill eleven wells for Wintershall Dea Norge and six wells for OMV Norge. Part of this work is subject to the approvals of operators and authorities. Assuming all approvals are in place, the full contract term is 1,071 days at an average daily rate of $408,000, which would add $437 million to the backlog, excluding bonuses and additional services. In addition, the contract includes additional fixed price option drilling.
The current fixed term is currently 208 days, which accounts for a backlog of approximately $72 million. Backlog estimates exclude any revenue associated with additional products and services or options that may be exercised as part of the contract.
Transocean owns a 33.0% interest in the Transoceanic Norway through a joint venture with Hayfin Capital Management LLP (“Hayfin”). Certain Hayfin affiliates own the remaining 67.0% interest.
Transocean is a leading international provider of offshore contract drilling services for oil and gas wells. The Company specializes in technically demanding sectors of the global offshore drilling business, with a particular focus on deepwater and harsh environment drilling services, and believes it operates the highest specification floating offshore drilling fleet in the world.
Transocean owns or has a stake in and operates a fleet of 37 mobile offshore drilling units consisting of 27 ultra-deepwater floaters and 10 harsh environment floaters. In addition, Transocean is building two ultra-deepwater drillships.
For more information about Transocean, visit: www.deepwater.com.
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