Switzerland-based offshore drilling contractor Transocean has tucked under its belt a combined $1.1 billion in offshore commitments, bolstered by a fresh North Sea deal with A/S Norske Shell, a subsidiary of the UK-headquartered energy giant Shell, and the official final approval of a massive three-rig agreement with the Norwegian state-owned energy heavyweight Equinor off the coast of Norway.
The Transocean Norge semi-submersible rig has won a two-well contract with A/S Norske Shell. The estimated 120 days of work is expected to begin in direct continuation of the rig's previously awarded programs in Norway and contribute approximately $62 million in backlog, excluding additional services.
This contract also includes one single-well option. Transocean Norge is said to be the first semi-submersible rig that secured the Abate (Power+) notation for greenhouse gas abatement.
With a maximum drilling depth of 40,000 feet, the 2019-built sixth-generation Moss Maritime CS60 semi-submersible rig was constructed at Jurong Shipyard in Singapore and can accommodate 150 people.
In late September, the rig owner received final approval from Equinor for the previously announced agreement for three harsh environment semi-submersible rigs in Norway, including the 2016-built Transocean Enabler, the 2015-built Transocean Encourage, and the 2015-built Transocean Endurance units.
As a result, Transocean has locked in a contract backlog of approximately $1.1 billion with a new contract award representing around $62 million in firm contract backlog and the formal approval of the previously announced agreement with Equinor, resulting in the conversion of the $1 billion contract value to firm backlog.
This backlog addition comes less than two months after Transocean got a long-term deal for a 2010-built ultra-deepwater drillship with India’s government-owned energy giant Oil and Natural Gas Corporation (ONGC).