Transocean Issues Fleet Status Report, Says Value of New Contracts Since June 13th ~$180M
Transocean Ltd. (NYSE: RIG) today issued a comprehensive Fleet Status Report which provides the current status and contract information for the company's entire fleet of offshore drilling rigs. The total value of new contracts since the June 13, 2013 fleet update summary is approximately $180 million.
Estimated 2013 out-of-service time increased by a net 76 days primarily due to work to be performed on the Sedco 704. Forecasted out-of-service time for 2014 is also provided on a rig by rig basis. Relative to preliminary guidance provided in February, out-of-service time for 2014 decreased by a net 381 days due to refinements in the timing and scope of projects, including the previously disclosed acceleration of the Deepwater Millennium shipyard project which is expected to commence later in the third quarter of 2013.
Other highlights are as follows:
* Deepwater Frontier - Contract modified to be well-based with an associated extension into the fourth quarter of 2014. Effective March 1, 2013 the contract dayrate increased to $534,000 from $475,000. The rate will increase to $565,000 effective March 1, 2014 (incremental backlog of approximately $152 million). * Transocean Rather - Awarded a one-well contract extension for work offshore Angola at a dayrate of $400,000 ($28 million estimated backlog). * The C.K. Rhein, Sedco 703, and Sedco 709 are currently held for sale. The floaters were previously stacked. * GSF Arctic I is currently stacked.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.