Sedco 712 secures contracts in the UK North Sea

Offshore staff

ZUG, Switzerland – Transocean Ltd. has provided an update on its offshore drilling rig fleet.

On Oct. 3, 2016, Reliance Industries Ltd. elected to terminate the contract for the ultra-deepwater drillship Discoverer India, effective December 2016. Its original expiration date was January 2021. Transocean says the estimated backlog associated with the contract cancellation was approximately $760 million, excluding the early termination lump-sum payment of about $160 million.

Suncor Energy has awarded the semisubmersible Transocean Barents a 15-month contract at a day rate of $260,000. The estimated contract backlog, excluding mobilization, is $119 million. The rig is expected to begin operations offshore Canada in 3Q 2017.

The midwater floater Sedco 712 has secured a 16-well contract from Fairfield Energy Ltd. and one-well contract from ConocoPhillips in the UK North Sea.  

The midwater floaters Transocean Driller, Transocean Winner, and Sedco 704 were classified as held for sale. The rigs will be recycled in an environmentally responsible manner.

The contractor reported this year’s estimated out of service time increased by a net 113 days due primarily to contract preparation and mobilization related to the harsh environment semisub Transocean Arctic and deepwater semisub Jack Bates.

The company is currently committed to 98 days of planned out of service time in 2017, including the contract preparation and mobilization associated with the Transocean Barents.

10/25/2016

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