Transocean rigs clinch $1.3 billion in offshore drilling gigs

Switzerland-based offshore drilling contractor Transocean has got hold of a new batch of contracts and extensions in the U.S. Gulf of Mexico, India, Norway, and Australia for six floaters, encompassing four drillships and two semi-submersible rigs.

According to Transocean’s latest fleet status report, the aggregate incremental backlog associated with four contracts and four extensions, which were obtained in Q3 2024, is approximately $1.3 billion, putting the firm’s total backlog up to around $9.3 billion as of October 24, 2024.

The firm’s previous fleet status report for seven floaters, entailing four drillships and three semi-submersible rigs, brought $656 million, resulting in a total backlog of about $8.8 billion as of July 24, 2024. 

The Deepwater Atlas perceived to be the world’s first eighth-generation drillship with the 20,000 psi well control system upon delivery has bagged a 365-day contract with BP in the U.S. Gulf of Mexico at a day rate of $635,000.

Before this, the rig obtained two new multi-well assignments in the U.S. Gulf of Mexico with Beacon Offshore Energy. With the capacity to accommodate a crew of 220, the 2022-built Deepwater Atlas drillship can work in 12,000 feet of water depth and drill to depths of 40,000 feet.

The Deepwater Conqueror drillship, currently working for Chevron, has been awarded a 365-day contract by an undisclosed operator in the U.S. Gulf of Mexico at a day rate of $530,000. The 2016-built Deepwater Conqueror DSME 12000 ultra-deepwater drillship is capable of working in water depths of 12,000 feet or 3,658 meters and its maximum drilling depth is 40,000 ft or 12,192 m.

The Deepwater Invictus drillship has secured a 1095-day deal with BP in the U.S. Gulf of Mexico at a day rate of $485,000. The rig also got two one-well contract extensions in the U.S. Gulf of Mexico with an unnamed operator. The 2014-built Deepwater Invictus DSME 12000 ultra-deepwater drillship is capable of operating at 12,000 feet of water depth and drilling up to depths of 40,000 feet.

The Dhirubhai Deepwater KG1 drillship landed a six-well contract with Reliance Industries in India at a day rate of $410,000. The rig currently works for India’s Oil and Natural Gas Corporation (ONGC) under a day rate of $347,500. This assignment is due to end in February 2026.

With maximum water and drilling depths of 12,000 ft and 35,000 ft, respectively, the drillship can accommodate 180 people. The 2009-built Dhirubhai Deepwater KG1 is a sixth-generation ultra-deepwater drillship, featuring a Samsung 12000 double-hull design, constructed at Samsung Heavy Industries Geoje, South Korea.

The Transocean Spitsbergen semi-submersible rig procured a three-well extension of its existing program with Equinor in Norway at a day rate of $483,000. The 2010-built Transocean Spitsbergen, a sixth-generation dual-derrick winterized semi-submersible rig capable of drilling high-pressure/high-temperature formations, has been on an assignment with Equinor for several years.

The Transocean Endurance semi-submersible rig got its hands on a one-well option and a five-well extension with Woodside in Australia at a day rate of $390,000. The rig landed its multi-well plug and abandonment assignment last year. The 2015-built Transocean Endurance is a semi-submersible CAT D rig of GVA 4000 NCS design and can accommodate 130 people. The rig’s maximum drilling depth is 27,887 ft.

Based on recent market and media speculation, Transocean is allegedly mulling over a potential business combination with Seadrill, enabling it to increase its rig fleet to 49 units.

Transocean’s market capitalization is $3.59 billion and Seadrill’s is $2.66 billion, thus, the offshore drilling duo’s combined market cap would be $6.25 billion.