Transocean's Fleet Update
Transocean Ltd. today issued a monthly Fleet Update Summary, which includes new contracts, changes to existing contracts, and changes in estimated planned out-of-service time of 15 or more days since the May 18, 2015 Fleet Update Summary. The total value of new contracts since the last report is approximately $109 million.
The report includes the following:
* Transocean (RIG) Andaman - Awarded a one year contract extension offshore Thailand at a dayrate of $115,000 ($42 million estimated backlog).
* Deepwater Champion - Awarded a three month contract extension in the U.S. Gulf of Mexico at a dayrate of $395,000 ($36 million estimated backlog).
* GSF Galaxy II - Awarded a one well contract extension in the U.K. sector of the North Sea at a dayrate of $190,000 ($17 million estimated backlog).
* Sedco Express - Awarded a 45 day contract offshore Nigeria at a dayrate of $300,000 ($14 million estimated backlog).
* The company has amended its construction contracts with Sembcorp Marine (SMBMF)'s subsidiary, Jurong Shipyard, to delay the delivery of its two newbuild, ultra-deepwater drillships by 24 months. The two drillships are now expected to be delivered in the second quarter of 2019 and the first quarter of 2020, respectively.
* The GSF Monarch and Transocean Spitsbergen are idle. The Spitsbergen's well program concluded 45 days early due to efficient performance of the rig; the contract provides for a payment to the company in the event of an early termination.
* The GSF C.R. Luigs is stacked; the rig was previously idle.
Estimated 2015 out-of-service time increased by a net 45 days.
The company has classified the GSF Celtic Sea and the Transocean Amirante as held for sale. The Amirante will be recycled in an environmentally responsible manner; the Celtic Sea will either be sold for use in a non-drilling capacity or recycled. To date, excluding the Celtic Sea, Transocean has indicated its intent to scrap a total of 20 floaters.
The report can be accessed on the company's website at www.deepwater.com.
