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Transocean Ltd. Provides Fleet Status Report

Source: www.gulfoilandgas.com 10/17/2012, Location: Africa

Transocean Ltd issued a comprehensive Fleet Status Report which provides current status and contract information for the company's entire fleet of offshore drilling rigs. Since the September fleet update, backlog associated with new contracts or extensions is approximately $8.1 billion, including $7.6 billion associated with the four newbuild ultra-deepwater drillships announced on September 28, 2012.

Including rigs classified as discontinued operations, estimated out of service time for 2012 increased by a net 138 days, which includes approximately 80 days associated with certification of well control equipment in anticipation of potential contracts and 46 days due to a shipyard acceleration into 2012 from 2013. Estimated out of service time for 2013 decreased by a net 290 days, which was primarily due to changes in shipyard schedules.

Other highlights are as follows:
- Sedco Express - Awarded a 20-month contract for work offshore Nigeria at a dayrate of $600,000 ($360 million contract backlog). The rig's prior dayrate was $500,000.
- GSF Constellation II - Awarded a 30-month contract for work offshore Gabon at a dayrate of $160,000 ($146 million contract backlog). The rig's prior dayrate was $109,000.
- Transocean Amirante - Customer exercised a 180-day option for work offshore Egypt at a dayrate of $305,000 ($55 million contract backlog). The rig's prior dayrate was $275,000.
- The company has sold the GSF Rig 103, which was previously held for sale. The details of the transaction have not been disclosed.

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