Monday, October 23, 2023 11:28:03 AM
Transocean Backlog Is Around $9.4B
by Andreas Exarheas|Rigzone Staff|Friday, October 20, 2023
https://www.rigzone.com/news/transocean_backlog_is_around_94b-20-oct-2023-174424-article/
Transocean Backlog Is Around $9.4B
As of October 18, Transocean's total backlog stood at approximately $9.4 billion.
In its latest quarterly fleet status report, which was released earlier this week, Transocean revealed that, as of October 18, the company’s total backlog stood at approximately $9.4 billion.
Transocean’s latest fleet status report featured several updates, including the award of a 21-month contract in India for the Dhirubhai Deepwater KG1, at a rate of $347,500, and the award of a three-year deal in Brazil for the Deepwater Aquila, at a rate of $448,000.
The Dhirubhai Deepwater KG1 also bagged a 60-day extension in India at a rate of $348,000 and the Deepwater Invictus was awarded a 20-day contract in the U.S. Gulf of Mexico at a rate of $440,000, the latest fleet status report revealed.
According to Transocean, the aggregate incremental backlog associated with the company’s latest awards is approximately $745 million.
Transocean’s quarterly fleet status report provides the current status of, and contract information for, the company’s fleet of offshore drilling rigs, Transocean notes on its site. In its previous report, which was released in July, Transocean revealed that, as of July 19, its total backlog was approximately $9.2 billion.
That report also featured a host of updates, including the award of a 1,080 day contract in Mexico to a seventh generation ultra-deepwater drillship, at a rate of $480,000, the award of a five-well contract, plus a one-well option in Australia, to the Transocean Equinox, at a rate of $455,000, and the award of a 16 well contract in Australia, at a rate of $485,000, plus 21 one well options at rates between $485,000 and $540,000, to the Transocean Equinox.
In its previous report, Transocean also revealed that the Transocean Endurance was awarded a two-well contract in Norway at a rate of $385,000, that the Transocean Barents was awarded a one-well contract in Lebanon at a rate of $365,000, plus three one well options at rates that may vary between $350,000 and $390,000, and that, for the Transocean Encourage, the company’s customer exercised six one-well options in Norway at a rate of $464,000.
That report also highlighted that, on the Transocean Norge, Transocean’s customer exercised a one-well option in Norway at a rate of $365,000 and three one-well options at a rate of $420,000. The report also revealed that, on the Transocean Barents, the customer exercised a one-well option in the East Mediterranean Sea at a rate of $370,000.
The aggregate incremental backlog associated with the fixtures in Transocean’s previous report was approximately $1.2 billion, the company highlighted at the time.
Transocean reported total contract drilling revenues of $729 million, an operating and maintenance expense of $484 million, a net loss attributable to the controlling interest of $165 million, adjusted EBITDA of $237 million, and cash flows from operations of $157 million in the second quarter, which was when the company released its latest results statement.
“During the second quarter, we continued to benefit from increased demand for our fleet of high-specification floaters,” Transocean CEO Jeremy Thigpen said in the company’s second quarter results statement.
“As of our latest fleet status report, we secured an additional $1.2 billion of backlog at a weighted average day rate of approximately $456,000,” he added at the time.
“As evidenced by our customers contracting rigs well in advance of their programs and committing to long-term contracts, the outlook for our high-specification assets and services remains robust,” he continued.
“In addition to securing contracts at market-leading rates, our focus remains on the flawless execution of our offshore operations to maximize the value of our $9.2 billion backlog for our shareholders,” Thigpen went on to state.
Earlier this month, Transocean announced that it will report earnings for the third quarter after the close of trading on the NYSE on October 30.
Transocean describes itself as a leading international provider of offshore contract drilling services for oil and gas wells. Transocean specializes in technically demanding sectors of the global offshore drilling business, with a particular focus on deepwater and harsh environment drilling services, and operates the highest specification floating offshore drilling fleet in the world, the company’s website notes.
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