Petrobras Expands Contract for Two Transocean Drillships, Increasing Its Order Book by $297 Million

Written by Paulo Nogueira

Published on 19/11/2020 at 12:36

Deepwater Mykonos/ Fonte – Transocean

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Offshore Drilling Contractor Transocean Obtained Contract Extensions for Two of Its Drill Ships Working for Petrobras

Transocean said on Wednesday (18) that Petrobras exercised a pre-existing fixed-price option of 680 days for the Deepwater Corcovado, and a pre-existing fixed-price option of 815 days for the drill ship Deepwater Mykonos.

Together, these contract extensions add approximately US$ 297 million to Transocean’s backlog. Both rigs will continue operating in Brazil and are subject to annual indexing escalations of daily rates. The initial contracts for the two drill ships were awarded in March 2019.

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The Deepwater Corcovado was awarded a contract for 629 days, while Mykonos secured a contract for 550 days, plus options that have already been exercised.

The estimated firm contract backlog was approximately $123 million for Corcovado and $118 million for Mykonos.

This is not the first time the two drill ships have worked in Brazil with Petrobras. Petrobras also utilized the two drill ships in 2012, while they were still owned by Ocean Rig before being acquired by Transocean.

Petrobras Expands Contract for Two Transocean Drillships, Increasing Its Order Book by $297 Million

Offshore Drilling Contractor Transocean Obtained Contract Extensions for Two of Its Drill Ships Working for Petrobras

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