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Transocean’s Updates from the Previous Week

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On December 21, 2017, Transocean (RIG) announced that it had secured a 22-well contract for its harsh environment semisubmersible, the Transocean Spitsbergen, with Statoil. The contract is estimated to have a duration of 33 months. The contract also has a two-well option.

The estimated backlog for Transocean from this contract is $286 million. The contract is expected to commence in 3Q19.

In the previous week, Transocean began a voluntary exchange offer to acquire all shares in Songa Offshore. In August 2017, Transocean had reached an agreement to acquire 100% of Songa Offshore’s issued and outstanding shares. This acquisition will increase Transocean’s backlog by $4.1 billion to $14.3 billion.

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Fleet

  • The combined company (Transocean and Songa Offshore) will operate a fleet of 51 offshore drilling units—30 ultra-deepwater floaters, 11 harsh-environment floaters, 3 deepwater floaters, and 7 midwater floaters. Along with this, Transocean has 4 ultra-deepwater drillships under construction.
  • Rowan Companies (RDC) has a fleet of 26 offshore drilling rigs—22 jack-up rigs and 4 ultra-deepwater drillships.
  • Noble Corporation (NE) operates a fleet of 28 offshore drilling units—14 drillships and semisubmersibles and 14 jack-ups.
  • Ensco (ESV) and Atwood Oceanics’ combined company operates a fleet of 26 floaters and 37 jack-ups.
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