Transocean Ltd. Announces 22-Well Contract

Transocean Ltd. (NYSE:RIG) announced that the harsh environment semisubmersible Transocean Spitsbergen was awarded a 22-well contract with an estimated duration of 33 months; plus two one-well options in the Norwegian North Sea with Statoil Petroleum ASA.

The estimated firm backlog associated with the contract is approximately $286 million, which excludes opportunities for performance incentives. The contract is expected to commence in the third quarter of 2019.

“We are extremely pleased to have once again contracted the Transocean Spitsbergen with Statoil,”

said Jeremy Thigpen, President and Chief Executive Officer.

“This contract is a testament to the capability, reliability and efficiency of the asset, the expertise and professionalism of our crews and shorebased support, and the strength of our relationship with Statoil. We look forward to this opportunity to continue to exceed Statoil’s performance expectations.”

Source / More: Transocean Ltd.

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