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Transocean adds $353M in backlog from new rig contracts, exercised options

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Transocean adds $353M in backlog from new rig contracts, exercised options

Swiss driller Transocean Ltd. secured an additional $353 million in contract backlog from new contracts and exercised options, according to a Jan. 8 release.

In terms of new contracts, the company's Leiv Eiriksson was tapped for work in Norway by ConocoPhillips Co. for 125 days. The Discoverer Inspiration bagged a 120-day contract for work in the U.S. Gulf of Mexico by Talos Energy Inc. The Deepwater Asgard was granted a 200-day contract by Beacon Offshore Energy LLC in the U.S. Gulf of Mexico. An undisclosed customer granted the Development Driller III a 365-day contract for work in Trinidad, while Woodside Petroleum Ltd. tapped the Dhirubhai Deepwater KG2 for a 180-day contract in Myanmar.

In addition, BHP Group exercised a 365-day option for the Deepwater Invictus in the U.S. Gulf of Mexico. Equinor ASA exercised two 32-day options for the Transocean Norge for work in Norway. Petroliam Nasional Bhd. exercised a 180-day option for the Deepwater Nautilus for work in Malaysia, while Beacon exercised a 74-day option for the Deepwater Asgard for work in the U.S. Gulf of Mexico.

According to a separate Jan. 8 release, Transocean Ltd. subsidiary Transocean Inc. has begun an offering of $750 million senior unsecured notes due 2027.

Proceeds will be used to refinance, repurchase and/or redeem certain existing debt in one or more transactions and/or for general corporate purposes.