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Transocean (RIG) Wins $116M Deal for Drillship Duo in Norway

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Transocean Ltd. RIG recently secured drilling rig contracts totaling $116 million for two of its harsh-environment semisubmersibles.

First, the Transocean Barents drilling rig was granted a two-well contract in Norway with drilling anticipated to begin in February 2022. The contract will last roughly 200 days and add $60 million to the firm contract backlog.

Also, Transocean Norge was assigned a four-well contract in Norway with five one-well options. The drilling is estimated to start in March 2022. The contract will last nearly 200 days and add $56 million to the firm contract backlog.

Per the Transocean's latest fleet status report, which was issued in April, the Transocean Barents was under contract with MOL in Norway. With a dayrate of $270,000, the contract spans from May this year through December 2021. Besides, the Transocean Norge had a $297,000-per day contract with Equinor EQNR that will expire this month, according to the same fleet report.

Transocean either owns or has a stake in 37 mobile offshore drilling units comprising 27 ultra-deepwater floaters and 10 harsh-environment floaters, and operates all. The company is also building two ultra-deepwater drillships.

Company Profile

Switzerland-based Transocean is the world’s largest offshore drilling contractor and leading provider of drilling management services. The company provide rigs on a contractual basis to explore and develop oil and gas. Transocean offers offshore drilling rigs, equipment, services and manpower (with particular emphasis on ultra-deepwater and harsh-environment drilling services) to exploration and production companies worldwide.

Zacks Rank & Key Picks

Transocean currently carries a Zacks Rank #3 (Hold). Some better-ranked players in the  energy  space are SilverBow Resources Inc. SBOW and Oasis Petroleum Inc. OAS, each presently sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

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Transocean Ltd. (RIG) : Free Stock Analysis Report
Oasis Petroleum Inc. (OAS) : Free Stock Analysis Report
SilverBow Resources Inc. (SBOW) : Free Stock Analysis Report
Equinor ASA (EQNR) : Free Stock Analysis Report
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