Transocean Ltd. inks ‘Deepwater Asgard’ contracts

Source: press release, 6 September 2022

‘Deepwater Asgard’ – an ultra-deepwater dual-activity drillship
‘Deepwater Asgard’ – an ultra-deepwater dual-activity drillship (photo: Transocean Ltd.)

Transocean Ltd. has announced that the ultra-deepwater drillship, Deepwater Asgard, received two contract awards in the U.S. Gulf of Mexico for a total of approximately 14 months of work, adding USD 181 million in firm backlog.

The first award is a one-well contract with Murphy Oil Corporation at USD 395,000 per day. The contract is expected to commence late this fall after the rig completes its current contract and a planned out-of-service period. The contract also includes an option for a second well at the same dayrate. The backlog for the firm contract is approximately USD 20 million.

The second award, a 1-year contract with another operator at USD 440,000 per day (plus up to USD 40,000 per day for additional products and services), is expected to commence in the first half of 2023. This contract also includes three, 1-year option periods at mutually agreed dayrates. The firm backlog associated with the contract is estimated to be approximately USD 161 million, excluding any revenue associated with the additional products and services.