Transocean : Fleet Status Report
RIG
Transocean Ltd. Provides Quarterly Fleet Status Report
STEINHAUSEN, Switzerland-July 24, 2024-Transocean Ltd. (NYSE: RIG) today issued a quarterly Fleet Status Report that provides the current status of, and contract information for, the company's fleet of offshore drilling rigs.
This quarter's report includes the following updates:
The aggregate incremental backlog associated with these fixtures is approximately $656 million. As of July 24, 2024, the company's total backlog is approximately $8.8 billion.
The report can be accessed on the company's website: www.deepwater.com.
About Transocean
Transocean is a leading international provider of offshore contract drilling services for oil and gas wells. Transocean specializes in technically demanding sectors of the global offshore drilling business with a particular focus on deepwater and harsh environment drilling services and operates the highest specification floating offshore drilling fleet in the world.
Transocean owns or has partial ownership interests in and operates a fleet of 36 mobile offshore drilling units, consisting of 28 ultra-deepwater floaters and eight harsh environment floaters.
Forward-Looking Statements
The statements described herein that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements could contain words such as "possible," "intend," "will,"
"if," "expect," or other similar expressions. Forward-looking statements are based on management's current expectations and assumptions, and are subject to inherent uncertainties, risks and changes in circumstances that are beyond our control, and many cases, cannot be predicted. As a result, actual results could differ materially from those indicated by these forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, estimated duration of customer contracts, contract dayrate amounts, future contract commencement dates and locations, planned shipyard projects and other out-of- service time, sales of drilling units, the cost and timing of mobilizations and reactivations, operating hazards and delays, risks associated with international operations, actions by customers and other third parties, the fluctuation of current and future prices of oil and gas, the global and regional supply and demand for oil and gas, the intention to scrap certain drilling rigs, the effects of the spread of and mitigation efforts by governments, businesses and individuals related to contagious illnesses, and other factors, including those and other risks discussed in the company's most recent Annual Report on Form 10-K for the year ended December 31, 2023, and in the company's other filings with the SEC, which are available free of charge on the SEC's website at: www.sec.gov. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated. All subsequent written and oral forward-looking statements attributable to us or to persons acting on our behalf are expressly qualified in their entirety by reference to these risks and uncertainties. You should not place undue reliance on forward looking statements. Each forward-looking statement speaks only as of the date of the particular statement. We expressly disclaim any obligations or undertaking to release publicly any updates or revisions to any forward-looking statement to reflect any change in our expectations or beliefs with regard to the statement or any change in events, conditions or circumstances on which any forward-looking statement is based, except as required by law. All non-GAAP financial measure reconciliations to the most comparative GAAP measure are displayed in quantitative schedules on the company's website at: www.deepwater.com.
This press release, or referenced documents, do not constitute an offer to sell, or a solicitation of an offer to buy, any securities, and do not constitute an offering prospectus within the meaning of the Swiss Financial Services Act ("FinSA") or advertising within the meaning of the FinSA. Investors must rely on their own evaluation of Transocean and its securities, including the merits and risks involved. Nothing contained herein is, or shall be relied on as, a promise or representation as to the future performance of Transocean.
Analyst Contact: Alison Johnson +1 713-232-7214
Media Contact:
Pam Easton
+1 713-232-7647
Updated: July 24, 2024
Significant Updates Noted in Bold
Primary
Dayrate on
Hookload
Yr.
Estimated
Estimated
Current
Footnote
Capacity
Entered
Start
End
Contract
Rig Type/Name
References
(Short Tons)
Service
Location
Customer
Status
Date
Date
(Dollars)
Additional Comments
Ultra-Deepwater Floaters (28)
Drillships (26)
Deepwater Titan
1
1,700
2023
USGOM
Chevron
Firm
Apr-23
Apr-28
455,000
Deepwater Atlas
1,700
2022
USGOM
Beacon
Firm
Jul-24
Jul-25
455,000
USGOM
Beacon
Firm
Jul-25
Feb-26
505,000
USGOM
Beacon
Contingent
Feb-26
Jun-26
505,000
USGOM
Beacon
Firm
Jun-26
Nov-26
580,000
USGOM
Beacon
Contingent
Nov-26
Jan-27
650,000
Deepwater Aquila
2, 3
1,400
2024
Brazil
Petrobras
Firm
Jun-24
Jun-27
437,000
Deepwater Poseidon
1
1,400
2018
USGOM
Shell
Firm
Sep-18
Feb-28
486,000
Deepwater Pontus
1
1,400
2017
USGOM
Shell
Firm
Oct-17
Oct-27
491,000
Deepwater Conqueror
1,400
2016
USGOM
Chevron
Firm
Apr-23
Apr-25
440,000
Deepwater Proteus
1
1,400
2016
USGOM
Shell
Firm
Aug-16
May-26
489,000
Deepwater Thalassa
1
1,400
2016
USGOM
Shell
Firm
Jul-16
Feb-26
486,000
Deepwater Asgard
1,400
2014
USGOM
Hess Corporation
Firm
Jun-24
Jun-25
505,000
USGOM
Hess Corporation
Firm
Jun-25
Jun-26
515,000
Deepwater Invictus
1
1,400
2014
USGOM
Not Disclosed
Firm
Jul-24
Aug-24
Not disclosed
Mexico
Not Disclosed
Firm
Feb-26
Jan-29
480,000
Transocean may designate one of the following rigs by February 1, 2025 to this contract:
Deepwater Invictus, Deepwater Asgard, Deepwater Conqueror, Deepwater Proteus or
Deepwater Thalassa. The commencement window is February 1, 2026 to September 1,
2026.
Deepwater Skyros
3
1,250
2013
Angola
TotalEnergies
Firm
Dec-22
Mar-25
310,000
3
Angola
TotalEnergies
Firm
Mar-25
Jan-26
400,000
Discoverer Inspiration
1,130
2010
Idle
Idle Apr-23
Deepwater Corcovado
2, 3
1,000
2011
Brazil
Petrobras
Firm
Sep-23
Sep-27
394,000
Deepwater Mykonos
2, 3
1,000
2011
Brazil
Petrobras
Firm
Oct-23
Oct-25
366,000
Deepwater Orion
2, 3
1,000
2011
Brazil
Petrobras
Firm
Mar-24
Mar-27
407,000
Dhirubhai Deepwater KG2
2, 3
1,000
2010
Brazil
Petrobras
Firm
Jun-24
May-26
429,000
Petrobras 10000
1,000
2009
Brazil
Petrobras
Out of Service
Jul-24
Aug-24
-
42 days
1, 2
Brazil
Petrobras
Firm
Aug-24
Oct-24
385,000
Dayrate excludes 5% royalty for dual activity patent.
1, 2
Brazil
Petrobras
Firm
Oct-24
Oct-25
397,000
Dayrate excludes 5% dual activity royalty; patent expires in May 2025.
1, 2
Brazil
Petrobras
Firm
Oct-25
Oct-26
409,000
1, 2
Brazil
Petrobras
Firm
Oct-26
Oct-27
421,000
1, 2
Brazil
Petrobras
Firm
Oct-27
Oct-28
433,000
1, 2
Brazil
Petrobras
Firm
Oct-28
Aug-29
446,000
Dhirubhai Deepwater KG1
1,000
2009
India
ONGC
Firm
May-24
Feb-26
347,500
Ocean Rig Apollo
1,250
2015
Stacked
Stacked May-16
Ocean Rig Athena
1,250
2014
Stacked
Stacked Mar-17
Ocean Rig Mylos
1,250
2013
Stacked
Stacked Sep-16
Discoverer India
1,130
2010
Stacked
Stacked Jul-20
Discoverer Americas
1,130
2009
Stacked
Stacked Apr-16
Discoverer Clear Leader
1,130
2009
Stacked
Stacked Jun-19
Deepwater Champion
1,000
2011
Stacked
Stacked Feb-16
Discoverer Luanda
750
2010
Stacked
Stacked Feb-18
Semisubmersibles (2)
Development Driller III
1,000
2009
Idle
Idle Aug-23
GSF Development Driller I
1,000
2005
Stacked
Stacked Nov-20
Q3 2024
Q4 2024
Q1 2025
Q2 2025
Estimated Average Contract Dayrates (4)
$440,000
$431,000
$431,000
$430,000
Harsh Environment Floaters (8)
Semisubmersibles (8)
Transocean Norge
2, 3 2, 3 2, 3
1,000
2019
Norway
Wintershall DEA/OMV
Firm
Apr-24
Sep-24
375,000
The order of the wells is subject to change.
Norway
Wintershall DEA/OMV
Firm
Sep-24
Dec-24
425,000
The order of the wells is subject to change.
Norway
Wintershall DEA/OMV
Firm
Dec-24
Dec-24
375,000
The order of the wells is subject to change.
Primary
Dayrate on
Hookload
Yr.
Estimated
Estimated
Current
Footnote
Capacity
Entered
Start
End
Contract
Rig Type/Name
References
(Short Tons)
Service
Location
Customer
Status
Date
Date
(Dollars)
Additional Comments
2, 3
Norway
Wintershall DEA/OMV
Firm
Jan-25
Dec-25
430,000
2, 3
Norway
Wintershall DEA/OMV
Firm
Jan-26
Dec-27
435,000
2, 3
Norway
Wintershall DEA/OMV
Firm
Jan-28
Apr-28
517,000
Transocean Spitsbergen
1, 2, 3
1,000
2010
Norway
Equinor
Firm
Nov-23
Jan-25
431,000
Norway
Equinor
Out of Service
Jan-25
Mar-25
-
70 days
1, 2, 3
Norway
Equinor
Firm
Mar-25
Jul-25
431,000
1, 2, 3
Norway
Equinor
Priced Option
Jul-25
Oct-25
381,000
1, 2, 3
Norway
Equinor
Firm
Oct-25
Mar-26
483,000
Transocean Barents
1
1,000
2009
Romania
OMV Petrom S.A.
Firm
Feb-25
Jul-26
465,000
1
Romania
OMV Petrom S.A.
Priced Option
Jul-26
Aug-26
480,000
1
Romania
OMV Petrom S.A.
Priced Option
Aug-26
Sep-26
480,000
Transocean Enabler
1, 2, 3
750
2016
Norway
Equinor
Firm
Jul-23
Dec-25
398,000
1, 2, 3
Norway
Equinor
Priced Option
Dec-25
Jan-26
438,000
1, 2, 3
Norway
Equinor
Priced Option
Jan-26
Feb-26
438,000
1, 2, 3
Norway
Equinor
Priced Option
Feb-26
Mar-26
438,000
1, 2, 3
Norway
Equinor
Priced Option
Mar-26
Apr-26
438,000
1, 2, 3
Norway
Equinor
Priced Option
Apr-26
May-26
438,000
1, 2, 3
Norway
Equinor
Priced Option
May-26
Jun-26
438,000
1, 2, 3
Norway
Equinor
Priced Option
Jun-26
Jul-26
438,000
1, 2, 3
Norway
Equinor
Priced Option
Jul-26
Aug-26
438,000
Transocean Encourage
1, 2, 3
750
2016
Norway
Equinor
Firm
Jun-23
Aug-25
371,000
1, 2, 3
Norway
Not Disclosed
Firm
Aug-25
Aug-26
473,000
Transocean Endurance
750
2015
Australia
Woodside
Firm
Mar-24
Apr-25
380,000
Australia
Woodside
Firm
Apr-25
Jun-25
390,000
Australia
Woodside
Priced Option
Jun-25
Aug-25
390,000
Australia
Woodside
Priced Option
Aug-25
Oct-25
390,000
Australia
Woodside
Priced Option
Oct-25
Apr-26
390,000
Transocean Equinox
750
2015
Australia
Not Disclosed
Firm
Apr-24
Apr-25
455,000
Australia
Not Disclosed
Priced Option
Apr-25
Jun-25
455,000
Australia
Not Disclosed
Firm
Jul-25
Oct-25
485,000
Australia
Not Disclosed
Priced Option
Oct-25
Oct-25
520,000
Australia
Not Disclosed
Firm
Oct-25
Aug-26
485,000
Australia
Not Disclosed
Priced Option
Aug-26
Oct-26
510,000
Australia
Not Disclosed
Priced Option
Oct-26
Dec-26
510,000
Australia
Not Disclosed
Priced Option
Dec-26
Feb-27
510,000
Australia
Not Disclosed
Priced Option
Feb-27
Apr-27
510,000
Australia
Not Disclosed
Priced Option
Apr-27
May-27
510,000
Australia
Not Disclosed
Priced Option
May-27
Jul-27
510,000
Australia
Not Disclosed
Priced Option
Jul-27
Aug-27
510,000
Australia
Not Disclosed
Priced Option
Aug-27
Sep-27
510,000
Australia
Not Disclosed
Priced Option
Sep-27
Oct-27
520,000
Australia
Not Disclosed
Priced Option
Oct-27
Nov-27
520,000
Australia
Not Disclosed
Priced Option
Nov-27
Dec-27
485,000
Australia
Not Disclosed
Priced Option
Dec-27
Feb-28
520,000
Australia
Not Disclosed
Priced Option
Feb-28
Jun-28
540,000
Australia
Not Disclosed
Priced Option
Jun-28
Jun-28
485,000
Australia
Not Disclosed
Priced Option
Jun-28
Jul-28
485,000
Australia
Not Disclosed
Priced Option
Jul-28
Aug-28
540,000
Henry Goodrich
Australia
Not Disclosed
Priced Option
Aug-28
Sep-28
540,000
750
1985/2007
Stacked
Stacked Mar-20
Q3 2024
Q4 2024
Q1 2025
Q2 2025
Estimated Average Contract Dayrates (4)
$387,000
$393,000
$411,000
$402,000
Revisions Noted in Bold
Footnotes
Disclaimers & Definitions
The information contained in this Fleet Status Report (the "Information") is as of the date of the report only and is subject to change without notice to the recipient. Transocean Ltd. assumes no duty to update any portion of the Information.
DISCLAIMER. NEITHER TRANSOCEAN LTD. NOR ITS AFFILIATES MAKE ANY EXPRESS OR IMPLIED WARRANTIES (INCLUDING, WITHOUT LIMITATION, ANY WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE) REGARDING THE INFORMATION CONTAINED IN THIS REPORT, WHICH INFORMATION IS PROVIDED "AS IS." Neither Transocean Ltd. nor its affiliates will be liable to any recipient or anyone else for any inaccuracy, error or omission, regardless of cause, in the information set forth in this report or for any damages (whether direct or indirect, consequential, punitive or exemplary) resulting therefrom.
No Unauthorized Publication or Use. All information provided by Transocean in this report is given for the exclusive use of the recipient and may not be published, redistributed or retransmitted without the prior written consent of Transocean.
Customer Contract Duration, Timing and Dayrates and Risks Associated with Operations. The duration and timing (including both starting and ending dates) of the customer contracts are estimates only, and customer contracts are subject to cancellation, suspension and delays for a variety of reasons, including some beyond the control of Transocean. Also, the dayrates set forth in the report are estimates based upon the full contractual operating dayrate. However, the actual average dayrate earned over the course of any given contract will be lower and could be substantially lower. The actual average dayrate will depend upon a number of factors (rig downtime, suspension of operations, etc.) including some beyond the control of Transocean. Our customer contracts and operations are generally subject to a number of risks and uncertainties, and we urge you to review the description and explanation of such risks and uncertainties in our filings with the Securities and Exchange Commission (SEC), which are available free of charge on the SEC's website at www.sec.gov. The dayrates do not include revenue for mobilizations, demobilizations, upgrades, shipyards or recharges.
Contract backlog. The maximum contractual operating dayrate multiplied by the number of days remaining in the firm contract period, excluding revenues for mobilization, demobilization, contract preparation, other incentive provisions or reimbursement revenues, which are not expected to be material to our contract drilling revenues. The contract backlog represents the maximum contract drilling revenues that can be earned considering the contractual operating dayrate in effect during the firm contract period.
Out of Service. The time associated with committed shipyards, upgrades, surveys, repairs, regulatory inspections, contract preparation or other committed activity on the rig and is not expected to earn an operating dayrate, Contract preparation refers to periods during which the rig is undergoing modifications or upgrades as a result of contract requirements.
Forward-LookingStatement. The statements made in the Fleet Status Report that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements made in the Fleet Status Report include, but are not limited to, statements involving the estimated duration of customer contracts, contract dayrate amounts, future contract commencement dates and locations and planned shipyard projects and other out of service time. Such statements are subject to numerous risks, uncertainties and assumptions, including but not limited to, uncertainties relating to the level of activity in offshore oil and gas exploration and development, exploration success by producers, oil and gas prices, competition and market conditions in the contract drilling industry, shipyard delays, actions and approvals of third parties, possible cancellation or suspension of drilling contracts as a result of mechanical difficulties or performance, Transocean's ability to enter into and the terms of future contracts, the availability of qualified personnel, labor relations and the outcome of negotiations with unions representing workers, operating hazards, factors affecting the duration of contracts including well-in-progress provisions, the actual amount of downtime, factors resulting in reduced applicable dayrates, hurricanes and other weather conditions, terrorism, political and other uncertainties inherent in non-U.S. operations (including the risk of war, civil disturbance, seizure or damage of equipment and exchange and currency fluctuations), the impact of governmental laws and regulations, the adequacy of sources of liquidity, the effect of litigation and contingencies and other factors described above and discussed in Transocean's most recently filed Form 10-K, in Transocean's Forms 10-Q for subsequent periods and in Transocean's other filings with the SEC, which are available free of charge on the SEC's website at www.sec.gov. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated. You should not place undue reliance on forward-looking statements. Each forward-looking statement speaks only as of the date of the particular statement, and we undertake no obligation to publicly update or revise any forward-looking statements, except as required by law.
Fleet Classifications. Transocean uses classifications for its drillships and semisubmersibles as follows: "Ultra-Deepwater" are the latest generation of drillships and semisubmersible rigs and are capable of drilling in water depths equal to or greater than 7,500 feet; "Harsh Environment" are premium rigs equipped for year-round operations in harsh environments.
Stacking. An "Idle" rig is primarily between contracts, readily available for operations, and operating costs are typically at or near normal levels. A "Stacked" rig, on the other hand, is primarily manned by a reduced crew or unmanned and typically has reduced operating costs and is (i) preparing for an extended period of inactivity, (ii) expected to continue to be inactive for an extended period, or (iii) completing a period of extended inactivity. However, stacked rigs will continue to incur operating costs at or above normal operating costs for approximately 30 days following initiation of stacking.
Disclaimer
Transocean Ltd. published this content on 24 July 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 July 2024 21:32:48 UTC.