Transocean Ltd. Announces $915 Million Contract for Ultra-Deepwater Drillship Petrobras 10000
On August 1, 2022, Transocean Ltd. (NYSE: RIG) announced a significant contract for its ultra-deepwater drillship, Petrobras 10000, securing a 5.8-year engagement offshore Brazil with a national oil company. This contract is expected to contribute approximately $915 million to the company's backlog, starting in October 2023 and running through August 2029. The firm backlog does not account for potential additional income from the use of Transocean's patented dual-activity technology.
- Contract secured for Petrobras 10000 adds approximately $915 million to backlog.
- The contract term extends for 5.8 years, providing long-term revenue visibility.
- Expected to commence in October 2023, enhancing operational stability.
- None.
STEINHAUSEN, Switzerland, Aug. 01, 2022 (GLOBE NEWSWIRE) -- Transocean Ltd. (NYSE: RIG) announced today that the ultra-deepwater drillship, Petrobras 10000, received a 5.8-year contract for work offshore Brazil with a national oil company.
The contract adds an estimated
The estimated firm backlog excludes income associated with the customer’s anticipated use of the company’s patented dual-activity technology on the Petrobras 10000.
About Transocean
Transocean is a leading international provider of offshore contract drilling services for oil and gas wells. The company specializes in technically demanding sectors of the global offshore drilling business with a particular focus on deepwater and harsh environment drilling services, and believes that it operates the highest specification floating offshore drilling fleet in the world.
Transocean owns or has partial ownership interests in, and operates a fleet of 37 mobile offshore drilling units, consisting of 27 ultra-deepwater floaters and 10 harsh environment floaters. In addition, Transocean is constructing two ultra-deepwater drillships.
For more information about Transocean, please visit: www.deepwater.com.
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 difficult to predict. As a result, actual results could differ materially from those indicated in 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, timing of the company’s newbuild deliveries, 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 success of our business following prior acquisitions, the effects of the spread of and mitigation efforts by governments, businesses and individuals related to contagious illnesses, such as COVID-19, 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, 2021, 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 the other consequences of such a development worsen), or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or expressed or implied by such forward-looking statements. All subsequent written and oral forward-looking statements attributable to the company 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, and we undertake no obligation to publicly update or revise any forward-looking statements to reflect events or circumstances that occur, or which we become aware of, after the date hereof, except as otherwise may be 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:
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Media Contact:
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FAQ
What is the significance of the Petrobras 10000 contract for Transocean (RIG)?
When does the Petrobras 10000 contract commence and end?
How much revenue does the Petrobras 10000 contract add to Transocean's backlog?
Is the income from the Petrobras 10000 contract the only income expected?
