Transocean’s newbuild, harsh environment semisubmersible Transocean Norge has been given a six-well contract for an estimated 300 days from Equinor in the Norwegian Continental Shelf (NCS).


Image: Greenway Plaza, the location of Transocean's Houston offices. Photo courtesy of WhisperToMe/Wikipedia.

The contract is expected to commence in July 2019, following the shipyard delivery of the rig in early 2019.

Transocean will operate the Transocean Norge and has a 33% interest in the joint venture that owns the rig, with the remaining 67% interest owned by Hayfin Capital.

The contract backlog is approximately $89 million, excluding a bonus opportunity and other services. The contract is denominated approximately 55% in U.S. dollars and 45% in Norwegian kroner.

Additionally, the contract includes four one-well options.

Transocean president and CEO Jeremy Thigpen said: “We are very pleased to have so quickly secured a contract for the Transocean Norge, which we recently acquired through our joint venture with Hayfin.

“This contract provides further evidence of the strong demand for high-specification, harsh environment semisubmersibles, and of the relationship and history of solid performance that we have with Equinor.”

Source : Company Press Release