Transocean Ltd. (RIG)

[Mother Lode]

from conference call:

"With these contracts, our working fleet is more than 90% committed through the end of 2025. And based upon advanced discussions with our customers and reflecting LOIs and strong verbal commitments, we believe that aside from some small activity gaps, which could arise in our customer drilling programs, our fleet that is currently working could soon be completely booked well into 2026. As such, our customers may soon need to consider financing the reactivation of cold stacked assets to meet their future program requirements. We are certainly pleased with these new contract awards, some of which have been a long time in the making as they demonstrate materially increasing day rates and linked terms, which combined reinforce our confidence in the strength and longevity of the offshore drilling market."



"We believe it is likely the entire West Africa region will require at least four additional deepwater rigs from 2026 onwards, which could possibly require the reactivation of some currently cold stacked assets. Lastly, for the ultra-deepwater markets in India, we anticipate the award of Reliance's tender in the coming weeks and continue-the KG1 is well-placed to secure this program. Moving now to the high-specification harsh environment market, assuming outstanding options are exercised, the Transocean fleet is effectively sold out through 2025. Looking ahead, we believe Norway will be undersupplied by two rigs in 2026."