As of October 26, 2017, Transocean (RIG) had a backlog of $9.4 billion, compared with $10.2 billion in July 2017. A company’s backlog can give some indication of its future revenue. Backlog is the maximum contractual operating day rate multiplied by the number of days remaining in the firm contract period.
While 92% (~$8.6 billion) of Transocean’s backlog is through ultra-deepwater floaters, harsh-environment floaters make up ~$450 million of its current backlog.
- Transocean’s secured a four-well contract in Southeast Asia, which includes 11 well-priced options.
- Semi-submersible Paul B Loyd Jr. secured two contracts in the North Sea. The first contract, from March 2018 to May 2018, is with Hurricane Energy. The next contract, from May 2018 to October 2018, is with Zennor Petroleum.
- Earlier, the company disclosed that it had secured a two-year contract for the Deepwater Invictus with BHP Billiton (BHP).
- Chevron (CVX) terminated one of its contracts with Transocean. The contract on the Dhirubhai Deepwater KG2 ended before schedule. Transocean decided to upgrade two of its rigs.
- Diamond Offshore Drilling’s (DO) backlog fell to $2.6 billion in October from $3.5 billion at the start of 2017.
- Rowan Companies (RDC) had a backlog of $739 million in October 2017.
- Ensco (ESV) has a backlog of $3.2 billion.