Transocean Ltd. Announces $181 Million in Contracts for Ultra-Deepwater Drillship Deepwater Asgard
September 06 2022 - 7:06PM
Transocean Ltd. (NYSE: RIG) announced today that
the ultra-deepwater drillship, Deepwater Asgard, received two
contract awards in the U.S. Gulf of Mexico for a total of
approximately 14 months of work, adding $181 million in firm
backlog.
The first award is a one-well contract with
Murphy Oil Corporation at $395,000 per day. The contract is
expected to commence late this fall after the rig completes its
current contract and a planned out-of-service period. The contract
also includes an option for a second well at the same dayrate. The
backlog for the firm contract is approximately $20 million.
The second award, a one-year contract with
another operator at $440,000 per day (plus up to $40,000 per day
for additional products and services), is expected to commence in
the first half of 2023. This contract also includes three, one-year
option periods at mutually agreed dayrates. The firm backlog
associated with the contract is estimated to be approximately $161
million, excluding any revenue associated with the additional
products and services.
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:Alison
Johnson+1 713-232-7214
Media Contact:Pam Easton+1
713-232-7647
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