Transocean Gets New Deals in the North Sea

Published at 08:22AM - 25/10/16

Transocean announced today it has been awarded a string of new contracts for its rigs in the UK North Sea and a new contract offshore Canada.

The offshore drilling contractor announced an increase in its out of service time as well as five new contracts awarded to four of its drilling units and three units put up for sale.

“The midwater floaters Transocean Driller, Transocean Winner and Sedco 704 were classified as held for sale. The rigs will be recycled in an environmentally responsible manner,” the company informed in its latest fleet status report.

Transocean Gets New Deals in the North Sea

The Sedco 712 semi-submersible drilling rig has been awarded two contracts in the UK set to end in June 2018.

The 1983-built rig was hired by Fairfield Energy to operate in 16 wells in the North Sea from April 2017 until June 2018.

Transocean Gets New Deals in the North Sea
Transocean’s Sedco 704

Secondly, it was awarded a one-well contract by ConocoPhillips in the UK sector of the North Sea starting in October until January 2017.

In the meantime, Hurricane Energy exercised options for the Transocean Spitsbergen semi-submersible rig, built in 2009, which is now under a contract until March 2017.

Transocean Gets Rig Deal Offshore Canada

The semi-submersible rig Transocean Barents built in 2009 has been awarded a 15-month contract with Suncor Energy offshore Canada at a dayrate of US$260,000 (£212,640).

The contract for the rig which was previously idle is expected to start in July 2017 and end in September 2018.

Moreover, earlier this month, Transocean had reported an early termination notice from Reliance Industries in India for the ultra-deep water drillship Discoverer India.

Reliance had chosen to terminate the contract before its expiration in January 2021, with estimated backlog associated with the contract cancellation of approximately US$760 million (£621.9 million).

This excludes the early termination lump sum payment of approximately US$160 million (£130.9 million).