Transocean bags two contracts from Statoil

Transocean bags two contracts from Statoil

6:57 AM, 7th April 2017
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ZUG, SWITZERLAND: Transocean Ltd (RIG) said that it's harsh-environment ultra-deepwater dual-activity semisubmersible – Transocean Spitsbergen has been awarded two contracts with Statoil ASA.

The estimated firm backlog associated with these contracts is $83 million, which excludes performance incentive opportunities, integrated services and mobilisation. The initial contract is expected to commence in the third quarter of 2017.

The first contract is for three wells with an estimated duration of 90 days in UK sector of the North Sea. This contract includes a priced option for an additional well with an estimated duration of 30 days.

The second contract is for six wells with an estimated duration of one year in the Norwegian North Sea. This contract includes priced options for an additional six wells with an estimated total duration of 180 days.

"We are very pleased to contract the Transocean Spitsbergen with Statoil for multiple good programs in both the U.K. and Norway," said Jeremy Thigpen, president and CEO, Transocean Ltd.

"The Spitsbergen has delivered some of the best harsh environment wells in the industry, and we are excited to be contracting her in conjunction with an integrated package of related services. This arrangement furthers our strategic relationship with Statoil and again provides us with the opportunity to exceed their drilling expectations," added Thigpen.

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