Contract extension for ‘Petrobras 10000’

Source: press release, 28 September 2018

Transocean specialises in technically demanding environments, specifically ultra-deepwater and harsh environments (photo: Transocean)
Transocean specialises in technically demanding environments, specifically ultra-deepwater and harsh environments (photo: Transocean)

Transocean Ltd. has announced that the ultra-deepwater drillship Petrobras 10000 was awarded a 790-day contract extension offshore Brazil with Petrobras. The contract is extended through October 2021 and includes a blend and extend modification to the previous contract dayrate, effective September 2018. The additional net contract backlog is approximately USD 185 million, including cost escalations.

Additionally, Transocean will receive a 5% royalty per day, totalling approximately USD 16 million, estimated to be from October 2018 to October 2021 associated with the use in Brazil of the company’s patented dual-activity technology on the Petrobras 10000.