Transocean said its contract backlog now stands at approximately $1.1 billion after booking two new pieces of business in Norway.
The company announced a two-well contract for the Transocean Norge with A/S Norske Shell that is expected to add about $62 million to backlog, excluding additional services. The work, estimated at 120 days, is slated to begin immediately after the rig’s current programs in Norway, and the deal also includes one single-well option.
Transocean also said it received final approval from Equinor in late September for a previously announced agreement covering three harsh-environment semisubmersible rigs in Norway: Transocean Enabler, Transocean Encourage and Transocean Endurance. That approval converted about $1.0 billion of contract value into firm backlog.
With the Equinor agreement now fully approved and the Norske Shell contract added, Transocean’s backlog increased by roughly $1.062 billion from these two items alone. The company said it operates a fleet of 27 mobile offshore drilling units, including 20 ultra-deepwater floaters and seven harsh-environment floaters. As a result of these announcements, the company's shares have moved 2.78% on the market, and are now trading at a price of $5.54. For more information, read the company's full 8-K submission here.
