Transocean Ltd. Announces $181 Million Contract Extension for Harsh Environment Semisubmersible Transocean Spitsbergen
June 06 2022 - 4:23PM
Transocean Ltd. (NYSE: RIG) announced today that Equinor Energy AS
has awarded an additional nine wells plus two, one-well options to
the contract for the harsh environment semisubmersible Transocean
Spitsbergen for work offshore Norway. The firm part of the contract
extension, with an estimated backlog of $181 million, is expected
to begin in October 2023 and conclude in April 2025.
The estimated firm backlog excludes revenue
associated with performance incentives, additional services, and
option periods provided for in the contract.
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
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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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