Transocean Endurance

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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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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.