Transocean Ltd. Announces 5-Year $830 Million USD Drilling Contract

Transocean Ltd. Announces 5-Year $830 Million USD Drilling Contract

Transocean Ltd. (NYSE: RIG) announced that it has signed a rig design and construction management contract, as well as a five-year drilling contract, with Chevron USA, Inc. (“Chevron”) for one of its two dynamically positioned ultra-deepwater drillships (“the drillship”) currently under construction at the Jurong shipyard in Singapore. The drilling contract has an estimated backlog of $830 million USD, excluding mobilization and reimbursables. The drilling contract is subject to design, construction, and delivery requirements set forth in the construction contract.

The rig will be the first ultra-deepwater floater rated for 20,000 psi operations and is expected to commence operations in the Gulf of Mexico in the second half of 2021.

In the event of termination for convenience by the customer, Transocean will be compensated for its incremental 20,000 psi subsea investment in the rig. Additionally, a termination for convenience occurring after April 2020, would result in a substantial termination fee.

The drillship will feature the most advanced capabilities and state-of-the-art technology available including dual 20,000 psi blowout preventers, net hook-load capacity of three million pounds, 165-ton active heave compensating crane, and an enhanced dynamic positioning system. The rig’s high reliability power plant will also be configured to comply with Tier III International Maritime Organization emissions standards.

Source / Further information :Transocean Ltd.

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