Transocean Ltd. Provides Quarterly Fleet Status Report

Rhea-AI Summary

Transocean Ltd. (NYSE: RIG) released its quarterly Fleet Status Report detailing the current status and contracts for its offshore drilling fleet. Key updates include:

• Deepwater Skyros: Ten-well contract in Angola at $310,000/day.
• Deepwater Invictus: Two-well contract extension in the U.S. Gulf of Mexico at $375,000/day.
• Transocean Spitsbergen: Nine-well contract in Norway at $335,000/day.
• Total backlog stands at approximately $6.2 billion, with an incremental backlog from new contracts totaling around $650 million.

Positive

• Deepwater Skyros secured a ten-well contract in Angola at $310,000 per day.
• Deepwater Invictus contract extended at $375,000 per day.
• Transocean Spitsbergen awarded a nine-well firm contract at $335,000 per day.
• Dhirubhai Deepwater KG1 received an estimated 86-day contract extension in India at $330,000 per day.
• Total backlog increased to approximately $6.2 billion.

Negative

• None.

STEINHAUSEN, Switzerland, July 25, 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 Skyros – Awarded a ten-well contract in Angola at $310,000 per day.
• Deepwater Invictus – Awarded a two-well contract extension in the U.S. Gulf of Mexico at $375,000 per day.
• Transocean Spitsbergen – For work in Norway, awarded a nine-well firm contract at $335,000 per day, plus two one-well options at $375,000 per day.
• Transocean Spitsbergen – Customer exercised two one-well options in Norway at $305,000 per day.
• Paul B Loyd. Jr – Awarded a one-well contract, plus two one-well options and an eight P&A well option in the U.K., each at $175,000 per day.
• Dhirubhai Deepwater KG1 – Awarded an estimated 86-day contract extension plus up to four option wells (270 days) in India at $330,000 per day.
• Deepwater Mykonos – Awarded a 435-day contract, plus options up to an incremental 279 days in Brazil at approximately $364,000 per day.
  

The aggregate incremental backlog associated with these fixtures is approximately $650 million. As of July 25, the company’s total backlog is approximately $6.2 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 Contact:
Alison Johnson
+1 713-232-7214

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

FAQ

What recent contracts has Transocean Ltd. (RIG) secured?

Transocean Ltd. secured several contracts including a ten-well contract for Deepwater Skyros in Angola at $310,000 per day.

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

As of July 25, 2022, Transocean Ltd.'s total backlog is approximately $6.2 billion.

How much did the Deepwater Invictus contract extension earn?

The Deepwater Invictus contract extension is valued at $375,000 per day.

What new contracts were awarded to Transocean in July 2022?

New contracts awarded include a nine-well firm contract for Transocean Spitsbergen in Norway at $335,000 per day.

What is the significance of the Fleet Status Report released by Transocean (RIG)?

The Fleet Status Report provides updates on contracts and the current operational status of Transocean's offshore drilling fleet, which is vital for assessing future revenue potential.