Transocean Ltd. Provides Quarterly Fleet Status Report

Rhea-AI Summary

Transocean Ltd. (NYSE: RIG) released its quarterly Fleet Status Report on October 13, 2022, detailing the current status and contract information for its offshore drilling rigs. Key contracts include a two-year contract for the Deepwater Conqueror in the U.S. Gulf of Mexico at $440,000 per day and a 5.8-year contract for Petrobras 10000 in Brazil starting at $399,000 per day. The total backlog stands at approximately $7.3 billion, with an incremental backlog of about $1.6 billion from new contracts.

Positive

• Deepwater Conqueror awarded a two-year contract at $440,000/day.
• Incremental backlog of approximately $1.6 billion from new contracts.
• Total backlog now approximately $7.3 billion.

Negative

• None.

STEINHAUSEN, Switzerland, Oct. 13, 2022 (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 Conqueror – Awarded a two-year contract in the U.S. Gulf of Mexico at $440,000 per day.
• Deepwater Asgard – Awarded a one-well contract in the U.S. Gulf of Mexico at $395,000 per day plus a one-well option.
• Deepwater Asgard – Awarded a one-year contract in the U.S. Gulf of Mexico at $440,000 per day.
• Petrobras 10000 – Awarded a 5.8-year contract in Brazil at $399,000 per day escalating annually to $462,000 per day.
• Development Driller III – Awarded a one-well contract in Suriname at $345,000 per day plus two one-well options.
• Transocean Norge – Awarded a 17-well contract in Norway at dayrates between $350,000 and $430,000.
• Dhirubhai Deepwater KG1 – Customer exercised a one-well option in India at $330,000 per day.
• Paul B Loyd Jr – Customer exercised two 100-day options in the U.K. at $175,000 per day.
• Transocean Spitsbergen – Customer exercised a one-well option in Norway at $316,000 per day.
  

The aggregate incremental backlog associated with these fixtures is approximately $1.6 billion. As of October 13, the company’s total backlog is approximately $7.3 billion.

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. The company specializes in technically demanding sectors of the global offshore drilling business with a particular focus on ultra-deepwater and harsh environment drilling services and operates one of the most versatile offshore drilling fleets 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.

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 Contacts:
Alison Johnson
+1 713-232-7214

Media Contact:
Pam Easton
+1 713-232-7647

FAQ

What are the recent contracts awarded to Transocean Ltd. (RIG)?

Transocean Ltd. recently secured multiple contracts including a two-year contract for the Deepwater Conqueror at $440,000 per day and a 5.8-year contract for Petrobras 10000 at starting $399,000 per day.

What is the current backlog for Transocean Ltd. (RIG)?

Transocean Ltd.'s total backlog is approximately $7.3 billion as of October 13, 2022.

How much incremental backlog did Transocean Ltd. (RIG) gain from its latest fleet update?

Transocean Ltd. reported an incremental backlog of approximately $1.6 billion from new contracts in its latest fleet status report.