Recently, offshore drilling giant -
) issued a monthly 'Fleet Update Summary' covering the company's
drilling rig status and contract information.
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Per the report, the company's high specification deewater floater
Sedco Express won a 20-month contract from
) to work in the offshore region of Nigeria. The contract is
executable from February 2013 at a revised dayrate of $600,000
against a prior dayrate of $500,000.
Transocean's GSF Constellation II received 30-month contract to
operate in the waters of Gabon - from
). The dayrate for the job is fixed at $160,000, higher than the
earlier dayrate of $109,000.
Midwater floater - Transocean Amirante- got the 180-day option
from Burullus Gas Company to work in the Egyptian waters at a
dayrate of $305,000. The drillship's previous dayrate was
However, drillship GSF Rig 103 has been sold for an undisclosed
Since the last update on September 18, new contract and
extensions totaled a backlog of about $8.1 billion. This includes
the $7.6 billion contract value of the 10-year agreement signed
between Transocean and
Royal Dutch Shell plc
), whereby the former will build four new drillships.
Transocean is the leading offshore drilling contractor and the
provider of drilling management services worldwide. Its current
contract drilling fleet comprises 115 mobile offshore drilling
facilities, which again include 48 high-specification deepwater
floaters, 25 mid-water floaters and 9 high-specification jackups.
The fleet also has 32 standard jackups and one swamp barge that
have been termed as discontinued operations.
Transocean currently has six ultra deepwater drillships and three
high-specification jackups under construction.
We are maintaining our long-term 'Neutral' recommendation on the
stock. We believe that Transocean is the industry leader in deep
sea drilling with its state-of-the-art mobile offshore drilling
fleet that can function in most challenging environments across
However, operational issues such as fluctuating dayrates and high
costs along with the company's high debt have kept us on the