Transocean Norge (ex. West Rigel)

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escveritas
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Transocean Norge (ex. West Rigel)

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STEINHAUSEN, Switzerland, June 16, 2021 (GLOBE NEWSWIRE) -- Transocean Ltd. (NYSE: RIG) announced today the Transocean Barents was awarded a two-well contract in Norway with commencement expected in February 2022. The contract award is approximately 200 days in duration and adds an estimated $60 million in firm contract backlog.

Additionally, the Transocean Norge was awarded a four-well contract plus five one-well options in Norway with commencement expected in March 2022. The contract award is approximately 200 days in duration and adds an estimated $56 million in firm contract backlog.
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Re: Transocean Norge (ex. West Rigel)

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Transocean Ltd. Announces Contract for Harsh Environment Semi-Submersible Transocean Norge
September 22, 2022

STEINHAUSEN, Switzerland, Sept. 22, 2022 (GLOBE NEWSWIRE) -- Transocean Ltd. (NYSE: RIG) announced today that the harsh environment semi-submersible, Transocean Norge, received a contract award from Wintershall Dea Norge and OMV Norge granting the exclusive right to drill all of the wells for their respective drilling campaigns starting in 2023 through 2027, subject to rig availability and other conditions.

The contract provides that the Transocean Norge will drill eleven wells for Wintershall Dea Norge and six wells for OMV Norge. A portion of this work is subject to operator and government approvals. Assuming that all approvals are received, the full contract period is 1,071 days at an average dayrate of $408,000 which would contribute $437 million in backlog, excluding bonuses and additional services. In addition, the contract contains additional fixed price option wells.

The current firm term is currently 208 days, which contributes approximately $72 million in backlog. 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 Transocean Norge through a joint venture with Hayfin Capital Management LLP (“Hayfin”). Certain affiliates of Hayfin own the remaining 67.0% ownership interest.
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Re: Transocean Norge (ex. West Rigel)

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STEINHAUSEN, Switzerland, Oct. 13, 2022 (GLOBE NEWSWIRE) -- Transocean Ltd. (NYSE: RIG) today issued a quarterly Fleet Status Report that provides the current status of, and contract information for, the company’s fleet of offshore drilling rigs.

This quarter’s report includes the following updates:
  • Deepwater Conqueror – Awarded a two-year contract in the U.S. Gulf of Mexico at $440,000 per day.
  • Deepwater Asgard – Awarded a one-well contract in the U.S. Gulf of Mexico at $395,000 per day plus a one-well option.
  • Deepwater Asgard – Awarded a one-year contract in the U.S. Gulf of Mexico at $440,000 per day.
  • Petrobras 10000 – Awarded a 5.8-year contract in Brazil at $399,000 per day escalating annually to $462,000 per day.
  • Development Driller III – Awarded a one-well contract in Suriname at $345,000 per day plus two one-well options.
  • Transocean Norge – Awarded a 17-well contract in Norway at dayrates between $350,000 and $430,000.
  • Dhirubhai Deepwater KG1 – Customer exercised a one-well option in India at $330,000 per day.
  • Paul B Loyd Jr – Customer exercised two 100-day options in the U.K. at $175,000 per day.
  • Transocean Spitsbergen – Customer exercised a one-well option in Norway at $316,000 per day.
The aggregate incremental backlog associated with these fixtures is approximately $1.6 billion. As of October 13, the company’s total backlog is approximately $7.3 billion.
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Re: Transocean Norge (ex. West Rigel)

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Transocean Ltd. Announces Contract Awards and Extensions Totaling $488 Million
January 4, 2023

STEINHAUSEN, Switzerland, Jan. 04, 2023 (GLOBE NEWSWIRE) -- Transocean Ltd. (NYSE: RIG) today announced contract awards or extensions for five of its drilling rigs. Together, the fixtures represent approximately $488 million of firm backlog.

Deepwater Invictus, an ultra-deepwater drillship, was awarded a new three-well contract with an estimated 100-day duration in the U.S. Gulf of Mexico with an independent operator. The contract contributes an estimated $43 million in backlog and is expected to commence in direct continuation of the rig’s current program.

Transocean Barents, a harsh environment semi-submersible, was awarded a new one-well contract with an estimated 110-day duration in the U.K. North Sea with a major operator. The contract contributes an estimated $34 million in backlog and is expected to commence in the first quarter of 2023.

Additionally, Harbour Energy exercised the third option on its U.K. North Sea contract with Paul B. Loyd, Jr., a harsh environment semi-submersible, for eight P&A wells, adding an estimated $48 million in backlog. The additional term is expected to last 275 days and extends the contract to the third quarter of 2024.

In Norway, certain previously disclosed options under the Transocean Norge contract with Wintershall DEA and OMV have now been added to backlog. The incremental term is expected to last 773 days and contribute an estimated $331 million to backlog.

Finally, TotalEnergies exercised a one-well option on its contract with Development Driller III, an ultra-deepwater semi-submersible, working in Suriname. The incremental well is expected to last 90 days and contribute an estimated $32 million in backlog.
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Re: Transocean Norge (ex. West Rigel)

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Transocean Ltd. Provides Quarterly Fleet Status Report
February 9, 2023

STEINHAUSEN, Switzerland, Feb. 09, 2023 (GLOBE NEWSWIRE) -- Transocean Ltd. (NYSE: RIG) today issued a quarterly Fleet Status Report that provides the current status of, and contract information for, the company’s fleet of offshore drilling rigs.

Transocean Norge – Certain previously disclosed options in Norway have been added to backlog at current dayrates between $414,000 and $424,000 per day, as adjusted for foreign currency exchange.
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Re: Transocean Norge (ex. West Rigel)

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Transocean Ltd. Announces Harsh Environment Contract Award and Extension Totaling $113 Million
March 29, 2023

STEINHAUSEN, Switzerland, March 29, 2023 (GLOBE NEWSWIRE) -- Transocean Ltd. (NYSE: RIG) today announced contract fixtures for two of its harsh environment semisubmersibles. Together, the fixtures represent approximately $113 million in firm contract backlog.

Transocean Endurance was awarded a multi-well plug and abandonment contract in Australia with an independent operator. The estimated 240-day contract is expected to commence in January 2024 and contribute approximately $91 million in backlog, excluding fees for mobilization. The contract also provides for a series of options, potentially keeping the rig in Australia through the fourth quarter of 2025.

In Norway, Wintershall DEA exercised a one-well option on Transocean Norge. The well is expected to commence in May 2023 ahead of the existing firm term for 60 days and contribute approximately $22 million in backlog.

“These fixtures represent additional evidence of the strength of this cyclical recovery, notably for our harsh environment assets,” said Jeremy Thigpen, Transocean’s Chief Executive Officer. “Coupled with the awards for the Transocean Enabler and Transocean Encourage that were recently announced, we have added an incremental $494 million in backlog from our high-specification harsh environment fleet.”
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Re: Transocean Norge (ex. West Rigel)

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Transocean Ltd. Provides Quarterly Fleet Status Report
July 19, 2023

STEINHAUSEN, Switzerland, July 19, 2023 (GLOBE NEWSWIRE) -- Transocean Ltd. (NYSE: RIG) today issued a quarterly Fleet Status Report that provides the current status of, and contract information for, the company’s fleet of offshore drilling rigs.

This quarter’s report includes the following updates:
  • Seventh Generation Ultra-Deepwater Drillship (Deepwater Invictus, Deepwater Thalassa, or Deepwater Proteus) – Awarded a 1,080-day contract in Mexico at a rate of $480,000.
  • Transocean Equinox – Awarded a five-well contract, plus a one-well option in Australia at a rate of $455,000.
  • Transocean Equinox – Awarded a sixteen-well contract in Australia at a rate of $485,000, plus 21 one-well options at rates between $485,000 and $540,000.
  • Transocean Endurance – Awarded a two-well contract in Norway at a rate of $385,000.
  • Transocean Barents – Awarded a one-well contract in Lebanon at a rate of $365,000, plus 3 one-well options at rates that may vary between $350,000 and $390,000.
  • Transocean Encourage – Customer exercised six one-well options in Norway at a current rate of $464,000.
  • Transocean Norge – Customer exercised a one-well option in Norway at a current rate of $365,000 and 3 one-well options at a current rate of $420,000.
  • Transocean Barents – Customer exercised a one-well option in the East Mediterranean Sea at a rate of $370,000.
The aggregate incremental backlog associated with these fixtures is approximately $1.2 billion. As of July 19, 2023, the company’s total backlog is approximately $9.2 billion. Assuming all contract options are exercised, the potential incremental backlog associated with the contract options is approximately $480 million to $500 million.
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