Transocean Ltd. Announces Contract for Harsh Environment Semi-Submersible Transocean Norge


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.

About Transocean

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.

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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.

Forward-Looking Statements

The statements described herein that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements may contain words such as “possible”, “intend”, “will”, “if”, “expect” or other similar expressions. Forward-looking statements are based on management’s current expectations and assumptions and are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. As a result, actual results could differ materially from those projected in these forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, estimated lengths of customer contracts, contract per diem rates, future contract start dates and locations, proposed shipyard projects and other downtime, drilling unit sales, timing of newbuild deliveries Company, operational hazards and delays, risks associated with international activities, actions of customers and other third parties, fluctuations in current and future oil and gas prices, global and regional supply and demand for oil and gas, the intention to scrap certain rigs, the Our company’s success following previous acquisitions, the impact of the spread of and mitigation efforts by governments, companies and individuals related to infectious diseases such as COVID-19 and other factors, including these and other risks encountered in the recent year the company’s report on Form 10-K for the year ended December 31, 2021 and c other filings made by the company with the SEC, which are available free of charge on the SEC’s website at www.sec.gov. Should one or more of these risks or uncertainties materialize (or the other consequences of such a development worsen), or should underlying assumptions prove incorrect, actual results may differ materially from those expressed or implied by such forward-looking statements. All of the following written and oral forward-looking statements, whether attributable to the Company or persons acting on our behalf, are expressly qualified in their entirety by the discussion of these risks and uncertainties. You should not place undue reliance on forward-looking statements. Any forward-looking statement speaks only as of the date of that statement, and we undertake no obligation to publicly update or revise any forward-looking statement to reflect events or circumstances that occur or become known to us after the date of this release, except as required by law something else is required. All non-GAAP financial measure reconciliations with the most comparable GAAP measure are presented in quantitative statements on the Company’s website at www.deepwater.com.

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This press release or referenced documents do not constitute an offer to sell or a solicitation of an offer to buy securities and do not constitute a sales prospectus within the meaning of the Swiss Financial Services Act (“FinSA”) or advertising within the meaning of FinSA. Investors must rely on their own evaluation of Transocean and its securities, including the merits and risks involved. Nothing in this document is, or should be construed as, a promise or representation as to Transocean’s future performance.

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Analyst contact:
Alison Johnson
+1 713-232-7214

Media contact:
Pam Easton
+1 713-232-7647



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