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Transocean Ltd. Announces Contracts for the Transocean Spitsbergen

Source: www.gulfoilandgas.com 4/5/2017, Location: Europe

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Transocean Ltd. (RIG) announced that the harsh-environment semisubmersible Transocean Spitsbergen was awarded two contracts with Statoil. The estimated firm backlog associated with these contracts is $83 million, which excludes performance incentive opportunities, integrated services and mobilization. The initial contract is expected to commence in the third quarter of 2017.

The first contract is for three wells with an estimated duration of 90 days in the U.K. sector of the North Sea. This contract includes a priced option for an additional well with an estimated duration of 30 days. The second contract is for six wells with an estimated duration of one year in the Norwegian North Sea. This contract includes priced options for an additional six wells with an estimated total duration of 180 days.

"We are very pleased to contract the Transocean Spitsbergen with Statoil for multiple well programs in both the U.K. and Norway," said President and Chief Executive Officer Jeremy Thigpen. "The Spitsbergen has delivered some of the best harsh-environment wells in the industry, and we are excited to be contracting her in conjunction with an integrated package of related services. This arrangement furthers our strategic relationship with Statoil and again provides us the opportunity to exceed their drilling expectations."

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