Certain oil and gas operators have extended or exercised contract options totaling $161 million for harsh environment semisubmersible drilling rigs from Transocean Ltd.
In Norway, Equinor awarded a three-well contract extension for the Transocean Spitsbergen. The program is expected to begin in fourth-quarter 2025 in direct continuation of the rig’s current program and contribute about $72 million in backlog, excluding additional services. The extension also includes options for up to six additional wells (OGJ Online, June 7, 2022).
Wintershall Dea let a three-well contract extension for the Transocean Norge. The estimated 140-day program is expected to begin in first-quarter 2028 in direct continuation of the rig’s current program and contribute about $71 million in backlog, excluding additional services (OGJ Online, Feb. 2, 2024; Sept. 23, 2022).
In Australia, Woodside exercised its second option for the Transocean Endurance. The estimated 45-day well is expected to begin in direct continuation of the rig’s current program and contribute $18 million in backlog.