Transocean Ltd. Announces Two Contract Awards in the U.S. Gulf of Mexico
Transocean Ltd. (NYSE: RIG) announced the award of two contracts totaling approximately $55.5 million in backlog. The Deepwater Conqueror was contracted for approximately 85 days and $28.5 million for work in the U.S. Gulf of Mexico, while the Deepwater Asgard secured a contract valued at $27 million for 90 days, including $40,000 per day for managed pressure drilling services. Both contracts are set to begin in Q1 2022.
- Awarded contracts add $55.5 million in backlog.
- Contracts represent strong operational activity in the U.S. Gulf of Mexico.
- None.
STEINHAUSEN, Switzerland, July 28, 2021 (GLOBE NEWSWIRE) -- Transocean Ltd. (NYSE: RIG) announced today it was awarded two contracts which, in aggregate, contribute approximately
The Deepwater Conqueror was awarded a one-well contract with a major operator in the U.S. Gulf of Mexico. The value of this contract adds approximately 85 days and
Additionally, the Deepwater Asgard was awarded a one-well contract with another operator in the U.S. Gulf of Mexico. The value of this contract adds approximately 90 days and
Both contracts are expected to commence in the first quarter of 2022.
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 37 mobile offshore drilling units, including 27 ultra-deepwater floaters and 10 harsh environment floaters. In addition, Transocean is constructing two ultra-deepwater drillships.
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, 2020, 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.
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FAQ
What contracts did Transocean (RIG) announce on July 28, 2021?
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What is the significance of the $40,000 per day in the Deepwater Asgard contract?
