Transocean Announces Harsh Environment Contract Award and Extension Totaling $113 Million

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Transocean 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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