Transocean Ltd. (RIG)

[Mother Lode]

Transocean receives contract for harsh environment semi-submersible Transocean Norge

6:01 AM ET 9/23/22 | Briefing.com

Co announced that the harsh environment semi-submersible, Transocean Norge, received a contract award from Wintershall Dea Norge and OMV Norge granting the exclusive right to drill all of the wells for their respective drilling campaigns starting in 2023 through 2027, subject to rig availability and other conditions.
Assuming that all approvals are received, the full contract period is 1,071 days at an average dayrate of $408,000 which would contribute $437 million in backlog, excluding bonuses and additional services. In addition, the contract contains additional fixed price option wells.The current firm term is currently 208 days, which contributes approximately $72 million in backlog. Backlog estimates exclude any revenue associated with additional products and services or options that may be exercised as part of the contract.