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Offshore drilling giant, Transocean Ltd. (RIG - Analyst Report), recently issued a Fleet Update Summary for the period commencing Jul 17, 2013 to date. The value of all the new deals and extensions in contracts, during the aforesaid time frame, is estimated to be roughly $2.5 billion. The update covers the company's offshore drilling rig status and contract information. Transocean informed that the expected out-of-service time for 2013 reduced by 172 days, while for 2014 the projected out-of-service time rose by 119 days.

Per the report, Discoverer Inspiration, a dynamic positioning drillship, got a contract extension of five years at the U.S. Gulf of Mexico. The rig will operate at an expected dayrate of $585,000, higher than a previous dayrate of $521,000. The contract is expected to add $1.1 billion to the existing backlog.

Discoverer Clear Leader, which is a dynamic positioning drillship, received a contract extension of four years at the U.S. Gulf of Mexico. The rig which was operating at a dayrate of $566,000, will work at a higher dayrate of $590,000. The contract is estimated to add $861 million to the backlog of Transocean.  

Moreover, GSF Galaxy I, an independent leg cantilever jackup, got a contract to work for three years at North Sea’s U.K. sector. Initially, the rig is expected to operate at a dayrate of $215,000. Earlier, the rig was working at a dayrate of $133,000. The contract is expected to add $244 million to the backlog of the company.  

Included in the report, Transocean Barents, a 6th generation semi-submersible rig, has received a contract to operate for a year. The rig will work at a dayrate of $601,000 in the North Sea’s Norwegian sector. Previously, the rig was operating at a dayrate of $580,000. The contract will add $219 million to the backlog.

Additionally, Henry Goodrich, a 4th generation semi-submersible rig, has been awarded a contract for nine months. The rig will operate off the coast of Eastern Canada at an expected dayrate of $476,000, as against the previous dayrate of $347,000. The contract is expected to add $129 million to the Transocean’s backlog.

Transocean added that Transocean Amirante, a 3rd generation semi-submersible rig, is presently out of work. The company also said that it has sold Transocean Richardson, which is a deepwater floater.

Switzerland-based Transocean currently carries a Zacks Rank #3 (Hold), implying that it is expected to perform in line with the broader U.S. equity market over the next one to three months.

Meanwhile, one can look at oil field machinery and equipment suppliers like Dril-Quip Inc. (DRQ - Analyst Report), Natural Gas Services Group Inc. (NGS - Snapshot Report) and PowerSecure International Inc. (POWR - Snapshot Report) that offer value. Dril-Quip sports a Zacks Rank #1 (Strong Buy), while Natural Gas Services and PowerSecure International carry a Zacks Rank #2 (Buy).

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