Transocean Ltd. inks contract for harsh environment semi-submersible ‘Transocean Norge’

Source: press release, 22 September 2022

Harsh-environment semi-submersible, ‘Transocean Norge’ (photo: Transocean Ltd.)

Transocean Ltd. has announced 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 USD 408,000 which would contribute USD 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 USD 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. Certain affiliates of Hayfin own the remaining 67.0% ownership interest.