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Transocean to Drill New Wildcat Well for Equinor in the Norwegian Sea
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Key Takeaways
RIG will drill a wildcat well for Equinor in the Norwegian Sea using the Encourage rig in July 2025.
The semi-submersible Encourage rig is built for harsh environments with automated drilling control.
The drilling will occur in wellbore 6506/12-PB-3 H under PL 094, with Equinor holding a 40.95% stake.
Transocean, Inc. (RIG - Free Report) , a leading offshore drilling contractor globally, has secured a drilling assignment in the Norwegian Sea from Equinor ASA (EQNR - Free Report) . Equinor has received a drilling permit from the Norwegian Offshore Directorate (“NOD”) to drill a wildcat well in the Norwegian Sea.
The permit is for the wellbore 6506/12-PB-3 H, where EQNR will drill a wildcat well using the Transocean Encourage rig. The drilling activities are anticipated to begin in July 2025. In 2023, Transocean landed a nine-well contract for the Transocean Encourage rig for drilling activities in the Norwegian Continental Shelf (“NCS”). The nine-well contract also has a provision for drilling six optional wells. The semi-submersible rig’s drilling schedule in the Norwegian Sea involves the Tyrihans, Verdande, Andvare, and Vigdis fields.
The Transocean Encourage semi-submersible rig boasts a GVA 4000 NCS design and is well-suited for operations in harsh environments. Notably, the sixth-generation semi-submersible rig features automated drilling control, which is particularly useful for operating in the challenging environmental conditions of the Norwegian Sea.
The wellbore 6506/12-PB-3 H lies within production license (PL) 094, operated by Equinor, holding a 40.95% stake, alongside its partners Vår Energi, Petoro and TotalEnergies EP Norge.
Zacks Rank & Key Picks
Currently, both RIG and EQNR carry a Zacks Rank #3 (Hold).
Flotek Industries specializes in green chemistry, providing innovative solutions that reduce the environmental impact of the energy industry. Flotek develops specialty chemicals tailored for both domestic and international energy producers, as well as oilfield service companies. These chemicals not only help reduce the environmental impact of hydrocarbon production but also lower operational costs.
Oceaneering International delivers integrated technology solutions across all stages of the offshore oilfield lifecycle. The company is a leading provider of offshore equipment and technology solutions to the energy industry. OII’s proven ability to deliver innovative, integrated solutions supports ongoing client retention and new business opportunities, ensuring steady revenue growth.
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Transocean to Drill New Wildcat Well for Equinor in the Norwegian Sea
Key Takeaways
Transocean, Inc. (RIG - Free Report) , a leading offshore drilling contractor globally, has secured a drilling assignment in the Norwegian Sea from Equinor ASA (EQNR - Free Report) . Equinor has received a drilling permit from the Norwegian Offshore Directorate (“NOD”) to drill a wildcat well in the Norwegian Sea.
The permit is for the wellbore 6506/12-PB-3 H, where EQNR will drill a wildcat well using the Transocean Encourage rig. The drilling activities are anticipated to begin in July 2025. In 2023, Transocean landed a nine-well contract for the Transocean Encourage rig for drilling activities in the Norwegian Continental Shelf (“NCS”). The nine-well contract also has a provision for drilling six optional wells. The semi-submersible rig’s drilling schedule in the Norwegian Sea involves the Tyrihans, Verdande, Andvare, and Vigdis fields.
The Transocean Encourage semi-submersible rig boasts a GVA 4000 NCS design and is well-suited for operations in harsh environments. Notably, the sixth-generation semi-submersible rig features automated drilling control, which is particularly useful for operating in the challenging environmental conditions of the Norwegian Sea.
The wellbore 6506/12-PB-3 H lies within production license (PL) 094, operated by Equinor, holding a 40.95% stake, alongside its partners Vår Energi, Petoro and TotalEnergies EP Norge.
Zacks Rank & Key Picks
Currently, both RIG and EQNR carry a Zacks Rank #3 (Hold).
Some better-ranked stocks from the energy sector are Flotek Industries Inc. (FTK - Free Report) and Oceaneering International (OII - Free Report) . While Flotek Industries sports a Zacks Rank #1 (Strong Buy) at present, Oceaneering International carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Flotek Industries specializes in green chemistry, providing innovative solutions that reduce the environmental impact of the energy industry. Flotek develops specialty chemicals tailored for both domestic and international energy producers, as well as oilfield service companies. These chemicals not only help reduce the environmental impact of hydrocarbon production but also lower operational costs.
Oceaneering International delivers integrated technology solutions across all stages of the offshore oilfield lifecycle. The company is a leading provider of offshore equipment and technology solutions to the energy industry. OII’s proven ability to deliver innovative, integrated solutions supports ongoing client retention and new business opportunities, ensuring steady revenue growth.