Market Overview

Transocean Issues Fleet Update Summary for Beginning of July, Total Value of New Pacts ~$2.5B

Related RIG
#PreMarket Primer: Thursday, December 18: Hackers' Threat Causes Sony To Cancel Movie Release
#PreMarket Primer: Wednesday, December 17: Sony Pictures Hackers Threaten Violence
Deutsche Bank: Energy Sector Is 'Uninvestable' (Fox Business)

Transocean Ltd. (NYSE: RIG) today issued a monthly fleet update summary which includes new contracts, significant changes to existing contracts and changes in estimated planned out-of-service time of 15 or more days since July 17, 2013.  The total value of new contracts since the July 17, 2013 fleet status report is approximately $2.5 billion.

Estimated 2013 planned out-of-service time decreased by a net 172 days; estimated 2014 planned out-of-service time increased by a net 119 days.

Other highlights that confirm the company's new contracts announced on its recent second quarter 2013 results conference call are as follows:

* Discoverer Inspiration - Awarded a five year contract extension for work in the U.S. Gulf of Mexico at a dayrate of $585,000 ($1.1 billion estimated backlog).  The rig's prior dayrate was $521,000. 

* Discoverer Clear Leader - Awarded a four year contract extension for work in the U.S. Gulf of Mexico at a dayrate of $590,000 ($861 million estimated backlog).  The rig's prior dayrate was $566,000. 

* GSF Galaxy I- Awarded a three year contract for work in the U.K. sector of the North Sea at an initial dayrate of $215,000 ($244 million estimated backlog).  The rig's prior dayrate was $133,000 as an accommodation unit. 

* Transocean Barents- Awarded a one year contract for work in the Norwegian sector of the North Sea at a dayrate of $601,000 ($219 million estimated backlog). The rig's prior dayrate was $580,000. 

* Henry Goodrich- Awarded a nine-month contract for work offshore Eastern Canada at a dayrate of $476,000 ($129 million estimated backlog).  The rig's prior dayrate was $347,000. 

* The company sold the deepwater floater, Transocean Richardson, which was previously stacked. The details of the transaction have not been disclosed. 

* Transocean Amirante is currently idle. 

Posted-In: News

 

Related Articles (RIG)

Around the Web, We're Loving...

Get Benzinga's Newsletters