Transocean Adds $1.1 Billion to Backlog With Shell Contract and Equinor Approval

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3▲2 ▼0Impact / 5
Summary · why it matters

Transocean Ltd. announced a new contract award representing approximately $62 million in firm contract backlog and the formal approval of the previously announced Equinor agreement, bringing its total new contract backlog to approximately $1.1 billion. The Transocean Norge was awarded a two-well contract with A/S Norske Shell, with the estimated 120 days of work expected to commence in direct continuation of the rig's previously awarded programs in Norway and contribute approximately $62 million in backlog, excluding additional services; the contract also includes one single-well option. In late September, final approval was received from Equinor for the previously announced agreement covering three harsh environment semisubmersible rigs in Norway — Transocean Enabler, Transocean Encourage, and Transocean Endurance — converting the total contract value of approximately $1.0 billion into firm backlog. Transocean operates the highest specification floating offshore drilling fleet in the world, owning or holding partial ownership interests in 27 mobile offshore drilling units, consisting of 20 ultra-deepwater floaters and seven harsh environment floaters.

Impact on assets 3

Energy▲
Transocean Ltd
RIG
▲ PositiveDemandrelevance

New Shell two-well contract (~$62M) plus Equinor approval lift Transocean's total new backlog to ~$1.1 billion

Equinor ASA ADR
EQNR
▲ PositiveDemandrelevance

Equinor gave final approval converting ~$1.0 billion for three Transocean harsh-environment rigs into firm backlog, confirming its drilling demand

Artificial Intelligence▲

Off-coverage companies 1

A/S Norske Shelli
Private▲ PositiveDemandrelevance

A/S Norske Shell awarded Transocean Norge a two-well contract worth ~$62 million in backlog