BKR - Transocean Breaks $500k Dayrates But Several Issues Linger
2024-05-02 11:45:22 ET
Summary
- Transocean's Atlas rig has breached the $500k/d mark with a contracted dayrate of $505k/d.
- Average dayrates for ultra-deepwater floaters have declined sequentially by -2% to $422,900/d in q1 '24 paired with three quarters of sequential decline in their backlog.
- Operators are becoming more hesitant and pushing out starts to new greenfield offshore & deepwater projects as oil prices hover in the low $70s.
Transocean Ltd. ( RIG ) is nearing a pivotal moment in contracted dayrates in which the firm has finally breached the $500k/d mark, with their Atlas rig being contracted out at $505k/d. Despite this strong push-through for higher day rates, the push for bringing the rest of the fleet up to speed appears to be stalling, with dayrates for ultra-deepwater floaters declining sequentially by -2% to $422,900/d in Q1 ’24 from $432,100 in Q4 ’23....
Transocean Breaks $500k Dayrates, But Several Issues Linger