OMVJF - Transocean adds $1.2B to backlog after six new Q2 rig deals

2023-07-20 12:56:33 ET

Transocean ( NYSE: RIG ) -0.4% in Thursday's trading despite reporting new contracts and extensions for six rigs in its fleet, lifting its total contract backlog to $9.2B, according to its latest quarterly fleet status report .

The company said aggregate incremental backlog associated with the latest contracts totals ~$1.2B; assuming all contract options are exercised, potential incremental backlog associated with the contract options reaches $480M-$500M.

Among the reported deals, TotalEnergies ( TTE ) exercised its option to add the drilling of one well in the Mediterranean Sea, which will keep the Transocean Barents rig working for the French company until January 2024 at a $370K dayrate; the company has two more one-well options on the rig.

Also, Equinor ( EQNR ) exercised six one-well options for the Transocean Encourage in Norway at a current dayrate of $464K, and OMV ( OTCPK:OMVJF ) and Wintershall exercised a one-well option in Norway at a current $365K dayrate and three one-well options at a current $420K dayrate.

More on Transocean:

• Financial and valuation comparison to sector peers
• Analysis: Transocean: Total Backlog Likely To Be Down Sequentially Despite Impressive Contract Win
• Stock price return: Up 91% YTD, up 186.5% in the past 12 months

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