Transocean Ltd. Provides Quarterly Fleet Status Report
- Transocean reported contract updates for its offshore drilling rigs in the quarterly Fleet Status Report.
- Deepwater Asgard secured a 365-day contract extension in the U.S. Gulf of Mexico at a rate of $505,000.
- Deepwater Skyros had a three-well option exercised in Angola at a rate of $400,000.
- The incremental backlog from these fixtures amounts to around $248 million.
- The total backlog for Transocean is approximately $8.9 billion as of April 17, 2024.
- None.
Transocean's latest Fleet Status Report signals a substantial fortification of their financial position with the extended contract for Deepwater Asgard and the exercised option for Deepwater Skyros. The disclosed
The daily rates disclosed,
The focus on expanding activities in key geographical regions such as the U.S. Gulf of Mexico and Angola highlights the strategic approach Transocean is taking to optimize its fleet's deployment. A 365-day extension in the Gulf of Mexico underscores the region's ongoing potential and Transocean's commitment to leveraging its assets in a high-activity area.
Investors should appreciate the importance of the contract extension and option exercise as indicators of client confidence and a predictable revenue stream. Such extended contracts in the offshore drilling industry suggest a backlog stability that can shield the company from the sector's cyclical nature.
STEINHAUSEN, Switzerland, April 17, 2024 (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:
- Deepwater Asgard – Awarded a 365-day contract extension in the U.S. Gulf of Mexico at a rate of
$505,000. - Deepwater Skyros – Customer exercised a three-well option in Angola at a rate of
$400,000.
The aggregate incremental backlog associated with these fixtures is approximately
The report can be accessed on the company’s website: www.deepwater.com.
About Transocean
Transocean is a leading international provider of offshore contract drilling services for oil and gas wells. Transocean specializes in technically demanding sectors of the global offshore drilling business with a particular focus on deepwater and harsh environment drilling services and operates the highest specification floating offshore drilling fleet in the world.
Transocean owns or has partial ownership interests in and operates a fleet of 36 mobile offshore drilling units, consisting of 28 ultra-deepwater floaters and eight harsh environment floaters. In addition, Transocean is constructing one ultra-deepwater drillship.
Forward-Looking Statements
The statements described herein that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements could contain words such as "possible," "intend," "will," "if," "expect," or other similar expressions. Forward-looking statements are based on management’s current expectations and assumptions, and are subject to inherent uncertainties, risks and changes in circumstances that are beyond our control, and many cases, cannot be predicted. As a result, actual results could differ materially from those indicated by these forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, estimated duration of customer contracts, contract dayrate amounts, future contract commencement dates and locations, planned shipyard projects and other out-of-service time, sales of drilling units, the cost and timing of mobilizations and reactivations, operating hazards and delays, risks associated with international operations, actions by customers and other third parties, the fluctuation of current and future prices of oil and gas, the global and regional supply and demand for oil and gas, the intention to scrap certain drilling rigs, the effects of the spread of and mitigation efforts by governments, businesses and individuals related to contagious illnesses, and other factors, including those and other risks discussed in the company's most recent Annual Report on Form 10-K for the year ended December 31, 2023, and in the company's other filings with the SEC, which are available free of charge on the SEC's website at: www.sec.gov. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated. All subsequent written and oral forward-looking statements attributable to us or to persons acting on our behalf are expressly qualified in their entirety by reference to these risks and uncertainties. You should not place undue reliance on forward looking statements. Each forward-looking statement speaks only as of the date of the particular statement. We expressly disclaim any obligations or undertaking to release publicly any updates or revisions to any forward-looking statement to reflect any change in our expectations or beliefs with regard to the statement or any change in events, conditions or circumstances on which any forward-looking statement is based, except as required by law. All non-GAAP financial measure reconciliations to the most comparative GAAP measure are displayed in quantitative schedules on the company’s website at: www.deepwater.com.
This press release, or referenced documents, do not constitute an offer to sell, or a solicitation of an offer to buy, any securities, and do not constitute an offering prospectus within the meaning of the Swiss Financial Services Act (“FinSA”) or advertising within the meaning of the FinSA. Investors must rely on their own evaluation of Transocean and its securities, including the merits and risks involved. Nothing contained herein is, or shall be relied on as, a promise or representation as to the future performance of Transocean.
Analyst Contact:
Alison Johnson
+1 713-232-7214
Media Contact:
Pam Easton
+1 713-232-7647
