Transocean rig to rake in $950M from drilling contracts

Transocean rig to rake in $950M from drilling contracts

Transocean Inc. has netted two drilling contracts from Norsk Hydro ASA that ring up to about $950 million in revenue for Transocean over six years.

Both contracts involve Transocean’s semisubmersible rig Henry Goodrich.

Hydro has awarded the company a four-year drilling contract, which is expected to begin by mid-2009, that will generate $694 million in revenue. Operations for this contract will take place in the U.S. Gulf of Mexico. Hydro has also awarded the Henry Goodrich a two-year contract for drilling operations in the U.S. Gulf of Mexico. The contract is expected to commence in February 2007 and bring in around $256 million in revenue.

Norsk Hydro (NYSE: NHY – News) is an exploration and production company based in Norway.

Houston-based Transocean (NYSE: RIG – News) is the world’s largest offshore drilling contractor with a fleet of 88 mobile offshore drilling units.

Published June 22, 2006 by the Houston Business Journal

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