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Friday, 11/01/2024 7:34:26 AM

Friday, November 01, 2024 7:34:26 AM

Post# of 4224
Starting to look promising:

"The firm period now runs through August of 2026 and with the remaining options, the rig is expected to remain in Australia through at least October of 2026. As I mentioned, the Transocean fleet is now solidly booked for the vast majority of 2025 and well into 2026. In fact, based on today's backlog, our active fleet utilization for 2025 exceeds 97% and remains at roughly 86% through the first half of 2026. Through our 23 fixtures awarded so far this year, we have steadily eliminated utilization concerns through next year, successfully avoiding the so-called white space issues that most of our competitors have discussed over the past several months."


"The result of this is that in the medium term, we have the only marketable assets in this sought-after class. As we discussed in previous calls, hook-load is important to customers as it characterizes the rig's capability to run longer and heavier casing strings. This capability permits our customers to optimize their well designs, thereby reducing the number of days required to drill their wells, and if reservoir performance dynamics allow, facilitate greater well productivity due to the preservation of the wellbore diameter. As evidenced by our $1.3 billion in recent contract awards, our now $9.3 billion in total backlog, which, by the way represents a 7.5% sequential increase from our July 2024 Fleet Status Report and our 2025 contract coverage relative to our peer group, our portfolio of high specification, ultra-deepwater and harsh environment rigs, all else being equal, seems to be clearly preferred by our customers, leading to higher full cycle utilization and enabling us to fix industry leading day rates."


"And as you might expect, we are actively engaged in direct negotiations with customers for work that would commence an immediate continuation of their current contracts. In Africa and the Mediterranean, we currently expect between 10 and 15 programs, an average duration of about 12 months to commence in 2026. This demand is driven by development programs in Nigeria, Angola, Ivory Coast, and Ghana. Each of these opportunities also have associated long-term options.

Moving into 2027, we believe more units may be required in the region as programs in Mozambique and Namibia are expected to commence."
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