Transocean Secures New Drilling Contract with Equinor in Norwegian Sea, Commencing July

Transocean Ltd. (NYSE:RIG) is one of the best low priced energy stocks to buy now. On June 27, Transocean announced that it secured a new drilling assignment from Equinor ASA (NYSE:EQNR) in the Norwegian Sea. Equinor recently received a drilling permit from the Norwegian Offshore Directorate/NOD for a wildcat well, specifically wellbore 6506/12-PB-3 H, within production license (PL) 094.

Equinor operates this license with a 40.95% stake, alongside partners Var Energi, Petoro, and TotalEnergies EP Norge. The drilling activities for this wildcat well are anticipated to commence this July, using Transocean’s Transocean Encourage rig.

In 2023, Transocean secured a 9-well contract for the Transocean Encourage for drilling activities on the Norwegian Continental Shelf/NCS. This contract also includes a provision for drilling 6 optional wells.

Transocean Ltd. (NYSE:RIG) provides offshore contract drilling services for oil & gas wells in Switzerland and internationally.

Equinor ASA (NYSE:EQNR) is an energy company that explores, produces, transports, refines, and markets petroleum and other forms of energy in Norway and internationally.

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Disclosure: None. This article is originally published at Insider Monkey.