The Offshore Drilling Contractor Transocean Secured Three New Drilling Contracts, Adding Approximately US$ 75 Million to Its Order Book
According to Transocean’s quarterly fleet status report released on Thursday, the longest of the three contracts is with Hurricane Energy for the semi-submersible drilling rig Paul B. Lloyd Jr. The rig will be used for operations in the UK North Sea.
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Hurricane agreed to contract the rig built in 1990 with a 255-day contract starting in February 2020. The report shows that the contract is divided into two terms, where the daily rate would be US$ 160,000 from February to April 2020 and would increase to US$ 205,000 from February to September 2020. The current rig’s contract with BP in the UK expires this month.
In Brunei, Transocean won a contract for its semi-submersible drilling unit Deepwater Nautilus. The 45-day contract is with Shell and is expected to start in February 2020. Transocean shared that the daily rate would be US$ 175,000. Currently, the rig is in Malaysia, under contract with Shell. The current contract is set to expire in November.
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The third contract secured in the quarter is for the ultra-deepwater drillship Discoverer India in Egypt, where Burullus exercised an option for a well in Egypt, continuing directly from the current contract set to expire in December.
The new contract, which is expected to last until April 2020, will have an increased day rate – US$ 175,000 – compared to the current day rate of US$ 135,000.
With the latest contracts, Transocean’s order book stands at US$ 10.8 billion. This is a decline compared to a total order book of US$ 11.4 billion reported in the previous fleet status report in July, when the company added 5 new contracts worth US$ 158 million.

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