Transocean awarded two drilling contracts
Transocean Inc. has been awarded a three-year drilling contract from Statoil and a contract extension from a British company in separate deals potentially worth more than $500 million.
The Statoil contract is expected to commence in October 2008 with the company’s semisubmersible rig Transocean Searcher being put to use off the coast of Norway. The three-year contract could generate $427 million in revenue.
In addition, Total E&P UK plc has awarded a one-year drilling contract extension to the company’s semisubmersible rig Sedco 714 for operations in the North Sea. The one-year contract, worth about $128 million, is expected to commence in November 2007.
The Transocean Searcher and Sedco 714 are two of 20 mid-water rigs in the oil drilling fleet operated by Houston-based Transocean .
Published December 22, 2006 by the Houston Business Journal
