Home Transocean retires several offshore units in the last quarter.

Transocean retires several offshore units in the last quarter.

31 July 2018 to 23: 56
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Transocean retires units
Transocean retires units

Transocean retires several drilling rigs in the last three months, despite acquiring new contracts.

Transocean retires units and since its last report showing the status of the previous fleet, the world's offshore drilling giant has reported acquiring new contracts and extensions. According to the latest fleet status report issued on Monday, the Development Driller III unit has been awarded a 180-day contract with ExxonMobil off the coast of Equatorial Guinea. The platform has been inactive since October 2017.

Following maintenance, reactivation and a contract preparation period, the float is expected to start operations in the first quarter of 2019. The day's value was not disclosed. The company also said it retired the following units: Deepwater Discovery, Deepwater Frontier, Deepwater Millennium and Songa Trym. Murphy Oil has exercised an option on a well for the Deepwater Asgard drillship in the Gulf of Mexico and the contract is expected to expire in November 2018.

As recently reported, Transocean's semi-submersible GSF Development Driller I has been awarded an 11-well contract plus four one-well options with Chevron in Australia. The contract starts in January 2019 and ends in August 2021. The nightly rate is $165.000. Shell has exercised two one-well options for the Deepwater Nautilus semi-submarine offshore Malaysia. The contract for this platform now ends in November 2018.

Spitsbergen, a semi-sub-sea company, has been awarded a three-well plus six one-well options contract with Equinor offshore Norway. In addition, Equinor exercised two one-well options. The daily rig fee for October through December 2018 is $218.000, December through January 2019 $238.000, June through July 2019 $278.000 and undisclosed July 2019 through April 2022. Transocean Barents Semi-Sub has received a six-month contract extension, plus an option with Suncor Energy offshore East from Canada. The contract starts in November and ends in April 2019 with a fee of $285.000.

Azinor Catalyst has awarded a contract for a well in the UK North Sea to Transocean Leader's semi-submersible platform. The contract starts and ends in August and after that the rig will continue its work for EnQuest also in the North Sea until January 2019. The Transocean Arctic semi-submarine won an option for a well in Norway with Faroe Petroleum. Ends in October 2018. As previously reported, the semi-sub Transocean 712 has been awarded a 13-well contract plus a one-well option with ConocoPhillips in the UK North Sea.

Shell reduces daily rates

In the report, Transocean revealed that some of its drillships had lower entry fees. Namely, Shell reduced the Deepwater Poseidon day rate from $519.000 to $488.000 through September 2018 and from September through February 2028 to $477.000. Additionally, the Deepwater Pontus day rate has been reduced from $519.000 to $477.000. Additionally, the Deepwater Proteus day rate has been reduced from $486.000 to $473.000. Ultimately, Shell reduced the Deepwater Thalassa's fare from $488.000 to $474.000. All of these drills are operating in the Gulf of Mexico.

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