Transocean adds $1.1 billion in backlog
- Transocean (NYSE:RIG) added approximately $1.1 billion in firm contract backlog through a new Shell award and final Equinor approval.
- Transocean Norge received a two-well Shell contract worth about $62 million, excluding additional services.
- Equinor’s final approval converted approximately $1 billion of previously announced contract value into firm backlog.
Transocean (NYSE:RIG) added approximately $1.1 billion in firm contract backlog through a new Shell drilling award and final approval of previously announced Equinor contracts in Norway.
Transocean Norge received a two-well contract from A/S Norske Shell that adds approximately $62 million in firm backlog, excluding additional services.
The Shell program is expected to cover about 120 days of work and begin directly after the rig completes its previously awarded drilling programs in Norway.
The agreement also includes a single-well option, although Transocean did not assign additional firm backlog to that optional work in the announcement.
Equinor’s final approval in late September converted approximately $1 billion of previously announced contract value into firm backlog covering Transocean Enabler, Transocean Encourage and Transocean Endurance.
The three Equinor rigs are harsh-environment semisubmersibles operating in Norway, where Transocean maintains a substantial offshore drilling presence.
The latest awards strengthen Transocean’s contracted revenue base while extending work visibility for several of its Norwegian harsh-environment drilling rigs.
