Monday, February 20, 2017

February 10, 2017

Transocean's contract backlog $11.3 Bln on February 9

Ultra-Deepwater Rig Photo Transocean Ltd

Ultra-Deepwater Rig Photo Transocean Ltd

Transocean Ltd. (NYSE: RIG) today issued a quarterly Fleet Status Report that provides the current status of and contract information for the company's fleet of offshore drilling rigs. As of February 9, 2017, the company's contract backlog was $11.3 billion.

On December 31, 2016, the newbuild ultra-deepwater drillship Deepwater Conqueror commenced operations on its 5-year contract in the U.S. Gulf of Mexico at a dayrate of $589,000.

The customer has elected to exercise its contractual option to terminate the contract for the ultra-deepwater drillship Deepwater Asgard effective January 2017. The company will be compensated for the early termination through a lump-sum payment of approximately $79 million, which is based on the operating dayrate less the operating cost per day.

The report also includes the following:

Dhirubhai Deepwater KG2 - Awarded a three well contract offshore Myanmar.

Transocean Spitsbergen - The customer exercised a one well option.
Paul B. Loyd, Jr. - Awarded a contract extension of approximately 30 days.

Estimated 2017 out of service days increased by 24 days due to contract preparation and mobilization associated with the Dhirubhai Deepwater KG2.

The floaters M.G. Hulme, Jr. and GSF Rig 140 were classified as held for sale. The rigs will be recycled in an environmentally responsible manner.

Transocean Ltd.M.G. Hulme , Jr.Transocean Spitsbergen