Transocean Offshore Inc. announced that one of its subsidiaries was awarded an 18-month contract from Norsk Hydro
, on behalf of the Troll License Group
, for the fourth generation semisubmersible, Polar Pioneer.
The Polar Pioneer is one of seven fourth generation semisubmersibles in the Transocean fleet.
Reportedly, the company expects to generate approximately $63 million in revenues, as a result of the contract. The 18-month period could be extended by up to six optional periods, for as long as six months for each period, providing Transocean is notified approximately six months in advance.
According to Transocean, revenues associated with the six optional periods will depend on prevailing market conditions and present day-rates. The contract is expected to commence in late February 2000.