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Transocean Secures A $195 Million Contract for Ultra-Deepwater Drilling

  • By The Swiss Times
  • 2 April 2024

Transocean Ltd. announces a significant contract extension in the U.S. Gulf of Mexico, bolstering its position in offshore drilling.

Transocean Secures A $195 Million Contract for Ultra-Deepwater Drilling
Keystone/GEORGE STEINMETZ

Transocean Ltd., headquartered in Steinhausen, Switzerland, has made headlines with the announcement of a substantial contract extension valued at approximately $195 million.

This extension pertains to the Deepwater Asgard, an ultra-deepwater drillship, which will continue its operations with an operator in the U.S. Gulf of Mexico starting June 2024.

This engagement directly follows the rig’s current assignment and is inclusive of additional services that underscore the company’s versatile capabilities in offshore drilling.

The contract’s total valuation includes a notable $10.9 million lump sum payment, a figure that stands apart from the estimated backlog of about $184 million.

This financial arrangement highlights the strategic importance of the Deepwater Asgard within Transocean’s fleet and the broader offshore drilling market.

Transocean is recognized globally for its offshore contract drilling services, catering primarily to oil and gas wells. With a fleet that emphasizes deepwater operations, Transocean boasts the highest specification floating offshore drilling units worldwide.

The company’s current assets include 36 mobile offshore drilling vessels, among which 28 are ultra-deepwater floaters and eight are designed for harsh environments. Transocean is also expanding its fleet with the construction of an additional ultra-deepwater drillship, reinforcing its market leadership in offshore drilling.

This announcement also contains forward-looking statements regarding the company’s future operations and market performance.

These projections are based on current management expectations and are subject to various risks and uncertainties that could cause actual outcomes to diverge materially from those anticipated.

Factors influencing these future results range from contract durations and dayrate amounts to international operational risks and the fluctuating dynamics of oil and gas prices.

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