Transocean Enabler Selected to Drill Injection Well and Sidetrack for Northern Lights Carbon Transport and Storage Project
January 18 2022 - 7:10AM
Transocean Ltd. (NYSE: RIG) announced today that, later this year
as part of its current drilling contract with Equinor, the
Transocean Enabler will drill one carbon injection well and a
sidetrack for another carbon injection well drilled early 2020 in
support of the Northern Lights Carbon Capture Storage Project, a
joint venture created by Equinor, Shell and TotalEnergies. The
project sets out to mitigate emissions and remove carbon dioxide
from the atmosphere by creating the first cross-border, open-source
carbon dioxide transport and storage infrastructure network in the
European Union.
“We are proud to participate in this important
carbon capture and storage project in support of the EU’s energy
policy and climate objectives,” said Janelle Daniel, Transocean’s
Vice President of Human Resources, Sustainability and
Communications. “Beyond our core business of drilling
ultra-deepwater and harsh environment wells, this is an excellent
example of how we can further leverage our rigs and core
competencies in support of renewable and alternative energy
projects in offshore markets across the globe.”
The Northern Lights builds on more than 23 years
of safe carbon dioxide storage on the Norwegian Continental Shelf.
Upon completion, the carbon dioxide transport and storage
infrastructure network will offer companies across Europe the
opportunity to store carbon dioxide safely and permanently
underground. It is considered a Project of Common Interest by the
EU given it is a key cross-border infrastructure program that links
European energy systems and works toward achieving the EU’s energy
policy and climate objectives.
The Transocean Enabler is a semi-submersible
drilling rig designed to operate in harsh environments. It is under
contract with Equinor until 2024.
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.
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
Transocean (NYSE:RIG)
Historical Stock Chart
From Mar 2024 to Apr 2024
Transocean (NYSE:RIG)
Historical Stock Chart
From Apr 2023 to Apr 2024