Transocean Limited RIG, a leading offshore drilling contractor, announced a new assignment and a contract extension for two of its mobile offshore drilling units. The new contract was awarded by BP for the Deepwater Mykonos drillship, while the Transocean Enabler semi-submersible rig will extend its stay in Norway with Equinor. These contracts add approximately $168 million to the firm's backlog.
The Deepwater Mykonos drillship has been hired by BP for a campaign with an estimated duration of 302 days in Brazil. The assignment is anticipated to start in the third quarter of this year. This contract is expected to add approximately $120 million to its firm backlog. This does not include additional services, mobilization and demobilization fees. Deepwater Mykonos boasts an Enhanced Samsung 10000 design and can accommodate up to 205 people. The rig has a maximum drilling depth of 35,000 feet.
In Norway, three one-well options have been exercised to extend the Transocean Enabler rig’s stay in the region. This contract extension is expected to add $48 million to its backlog. Transocean Enabler has secured an additional 105 days of work in continuation of its current contract with Equinor. This extension will keep the rig operational until September 2027. The Transocean Enabler semi-submersible rig features a GVA 4000 NCS design. The rig has a maximum drilling depth of up to 8,500 meters and can operate in water depths of 500 meters.
RIG’s Zacks Rank and Key Picks
RIG currently carries a Zacks Rank #3 (Hold).
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Transocean Ltd. (RIG): Free Stock Analysis Report Oceaneering International, Inc. (OII): Free Stock Analysis Report FuelCell Energy, Inc. (FCEL): Free Stock Analysis Report Subsea 7 SA (SUBCY): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).
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