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Transocean (RIG) Wins $116M Deal for Drillship Duo in Norway
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Transocean Ltd. (RIG - Free Report) recently secured drilling rig contracts totaling $116 million for two of its harsh-environment semisubmersibles.
First, the Transocean Barents drilling rig was granted a two-well contract in Norway with drilling anticipated to begin in February 2022. The contract will last roughly 200 days and add $60 million to the firm contract backlog.
Also, Transocean Norge was assigned a four-well contract in Norway with five one-well options. The drilling is estimated to start in March 2022. The contract will last nearly 200 days and add $56 million to the firm contract backlog.
Per the Transocean's latest fleet status report, which was issued in April, the Transocean Barents was under contract with MOL in Norway. With a dayrate of $270,000, the contract spans from May this year through December 2021. Besides, the Transocean Norge had a $297,000-per day contract with Equinor (EQNR - Free Report) that will expire this month, according to the same fleet report.
Transocean either owns or has a stake in 37 mobile offshore drilling units comprising 27 ultra-deepwater floaters and 10 harsh-environment floaters, and operates all. The company is also building two ultra-deepwater drillships.
Company Profile
Switzerland-based Transocean is the world’s largest offshore drilling contractor and leading provider of drilling management services. The company provide rigs on a contractual basis to explore and develop oil and gas. Transocean offers offshore drilling rigs, equipment, services and manpower (with particular emphasis on ultra-deepwater and harsh-environment drilling services) to exploration and production companies worldwide.
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Transocean (RIG) Wins $116M Deal for Drillship Duo in Norway
Transocean Ltd. (RIG - Free Report) recently secured drilling rig contracts totaling $116 million for two of its harsh-environment semisubmersibles.
First, the Transocean Barents drilling rig was granted a two-well contract in Norway with drilling anticipated to begin in February 2022. The contract will last roughly 200 days and add $60 million to the firm contract backlog.
Also, Transocean Norge was assigned a four-well contract in Norway with five one-well options. The drilling is estimated to start in March 2022. The contract will last nearly 200 days and add $56 million to the firm contract backlog.
Per the Transocean's latest fleet status report, which was issued in April, the Transocean Barents was under contract with MOL in Norway. With a dayrate of $270,000, the contract spans from May this year through December 2021. Besides, the Transocean Norge had a $297,000-per day contract with Equinor (EQNR - Free Report) that will expire this month, according to the same fleet report.
Transocean either owns or has a stake in 37 mobile offshore drilling units comprising 27 ultra-deepwater floaters and 10 harsh-environment floaters, and operates all. The company is also building two ultra-deepwater drillships.
Company Profile
Switzerland-based Transocean is the world’s largest offshore drilling contractor and leading provider of drilling management services. The company provide rigs on a contractual basis to explore and develop oil and gas. Transocean offers offshore drilling rigs, equipment, services and manpower (with particular emphasis on ultra-deepwater and harsh-environment drilling services) to exploration and production companies worldwide.
Zacks Rank & Key Picks
Transocean currently carries a Zacks Rank #3 (Hold). Some better-ranked players in the energy space are SilverBow Resources Inc. (SBOW - Free Report) and Oasis Petroleum Inc. , each presently sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
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After a clean sweep of 6 election referendums in 5 states, pot is now legal in 36 states plus D.C. Federal legalization is expected soon and that could be a still greater bonanza for investors. Even before the latest wave of legalization, Zacks Investment Research has recommended pot stocks that have shot up as high as +285.9%
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