Offshore drilling contractor Transocean has secured $352,9 million of contract backlog against new contracts and extensions. The company sees this as a sign of improvement in the offshore drilling market.

According to Transocean's statement on Wednesday, as the offshore drilling market continues to improve, the company is seeing an increase in contract opportunities for its ultra-deep water and harsh environment drilling services.

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“Customer demand for high specification ultra-deepwater rigs now equals or exceeds the number of marketable rigs currently available in many areas,” said Transocean President and CEO Jeremy Thigpen.

"As a result, new contracts more consistently reflect the significant day rate increase, which will generate significantly improved cash flow."

Since its last fleet status report issued in October 2019, the company has secured an additional $352,9 million in contract backlogs from new contracts and extensions to existing contracts.

Per Transocean's update on Wednesday, and as previously reported, the semi-submersible Leiv Eiriksson has been awarded a 125-day contract with ConocoPhillips in Norway. The daily rate for this contract is $235.000.

Additionally, Transocean said the drillship Discoverer Inspiration had won a contract with Talos Energy in the US Gulf of Mexico. The contract is valid for 120 days at a daily rate of $210.000.

The Deepwater Asgard drillship has been awarded a 200-day contract by Beacon in the US Gulf of Mexico. Per diem is $220.000.

As previously reported, the Development Driller III semi-subset has been awarded a one-year contract with an undisclosed operator off the coast of Trinidad and Tobago. Per diem is $250.000.

Transocean also said that the Dhirubhai Deepwater KG2 drillship had won a 180-day contract with Woodside in Myanmar with a daily rate of US$250.000.

contract extensions

When it comes to contract extensions, BHP has exercised an option for the Deepwater Invictus drillship in the US Gulf of Mexico. The duration is 365 days and the day rate is $155.000.

In addition, Equinor exercised two options for the semi-submarine Transocean Norge for 32 days each. The platform is operating in Norway at a daily rate of $291.000.

Petronas has exercised a 180-day option on the semi-submersible Deepwater Nautilus in Malaysia with a daily rate of $140.000.

Finally, Beacon exercised an option for the Deepwater Asgard drillship. Options are for 74 days, with a daily rate of $240.000.