Transocean Ltd. has introduced two drillship contracts within the span of every week, securing a mixed $355 million for work in the US facet of the Gulf of Mexico and India.
BP PLC tapped the Deepwater Atlas rig for a 365-day marketing campaign anticipated to start out within the second quarter of 2028. The contract gives for an extension for a similar length. The contract contributes about $232 million in backlog, Swiss firm Transocean mentioned in a press launch Tuesday.
Within the different contract Dhirubhai Deepwater KG1 shall be deployed for India’s Reliance Industries Ltd. for a 300-day program. Work is predicted to begin within the second quarter of 2026. The $123 million contract is extendable by 2029, Transocean mentioned final week.
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British power large BP earlier awarded Transocean a 1,095-day contract, additionally for work within the U.S. Gulf of Mexico. For the $531 million job, Deepwater Invictus is predicted to be deployed within the first quarter of 2025, as introduced July 31.
Transocean had reported $8.64 billion in whole backlog as of the tip of July.
For the second quarter, Transocean noticed a sequential enhance in contract drilling revenues by $98 million to $861 million, helped by greater rig utilization, it mentioned in an announcement July 31. It generated $47 million in internet money from working actions.
Nonetheless the New York-listed Transocean continued to be unprofitable, reporting a internet lack of $123 million. It counted $143 million in impairment losses for April–June 2024, in line with a regulatory submitting.
The corporate logged $475 million in money and money equivalents as of the tip of the second quarter. Present property totaled $2.1 billion.
Transocean owed $1.6 billion in present liabilities together with $526 million of debt due inside a yr.
Final week it mentioned it had signed agreements to promote Improvement Driller III and related property for $195 million and the Discoverer Inspiration and related property for $147 million to an unnamed purchaser. The transaction, topic to customary closing situations, consists of “non-strategic property”, Transocean mentioned in a regulatory disclosure September 3.
“The Firm expects the sale of those property, for an mixture $342 million, will lead to an estimated non-cash cost for the third quarter 2024 ranging between $630 million and $645 million related to the impairment of such property”, Transocean instructed the US Securities and Alternate Fee.
Transocean says it holds full or partial possession in 34 cellular offshore drilling models, consisting of 26 ultra-deepwater floaters and eight harsh atmosphere floaters.
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