Transocean Ltd. (RIG)

[Mother Lode]

" The prospect of a reactivation is very topical as all of our drillships that are not warm or cold stacked currently contracted. Active drillship utilization is expected to remain at or above 97% for the next two years, with active utilization of the highest specification assets at or near 100%. We expect that the demand for our rigs and services will remain elevated for the foreseeable future.

In fact, if current tendering and bid opportunities that we're aware of for work starting in 2024 and 2025 develop as expected, demand cannot be met by the current active supply of drillships. Having said that, we would absolutely firm our position that we will not reactivate a rig unless our customers, through a combination of mobilization fees, day rate, and term, pay for the entire reactivation, plus an acceptable return in the initial contract. Rig demand [Inaudible] environment is robust. Indeed, over the next 18 months, an estimated 82 programs are anticipated to be awarded for a total of 74 rig years of work.:

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