Transocean Awarded Contracts

Thursday, September 01, 2005
Transocean Inc announced that Statoil on behalf of a consortium consisting of Statoil, Eni, Norsk Hydro and Shell has awarded multi-year contracts valued at an estimated $700 million in revenues for the company's High-Specification semisubmersible rigs Transocean Arctic and Polar Pioneer. The Transocean Arctic has been awarded an estimated 50-month contract for drilling, completion and intervention work on the Norwegian Continental Shelf. The contract is expected to commence in the third quarter of 2006 following completion of the rig's current contract offshore Norway, also with Statoil. Revenues of approximately $395 million could be generated over the estimated 50-month contract period. The Polar Pioneer has been awarded an estimated 36-month contract for exploration drilling, including high-pressure and high-temperature wells and Barents Sea operations, as well as field development drilling on the Norwegian Continental Shelf. The estimated 36-month contract is expected to commence in April 2006 following the completion of the rig's current contract with Statoil, also offshore Norway. Revenues of approximately $306 million could be generated over the estimated 36-month contract period. Estimated revenues associated with each contract are exclusive of revenues for client reimbursables. A portion of the revenues are to be paid in local currency, and these estimates are based upon current exchange rates. The semisubmersible rigs Transocean Arctic and Polar Pioneer are two of 32 High-Specification Floaters in the Transocean Inc. fleet. The rigs are primarily utilized for drilling operations in harsh environments like Norway where both units have operated since entering active service in 1987 and 1986, respectively.
Maritime Reporter July 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

Lamprell First Half Results Beat Expectations

Lamprell today announced its financial results for the first half of 2014, reporting results ahead of expectations due to strong operational performance and early results from savings initiatives,

Kongsberg to Supply FPSO Safety System

Kongsberg Maritime Engineering (KME), the wholly owned Engineering, Procurement and Construction (EPC) subsidiary of global maritime technology developer Kongsberg Maritime,

CWind Wins 3-year O&M Services Contract

CWind, a provider of services to the offshore wind industry, have signed a three-year contract to provide crew and equipment transfer for DONG Energy and Scottish

Navy

HMS Prince of Wales Hull Departs for Rosyth

A huge section of hull for HMS Prince of Wales, the second Queen Elizabeth Class aircraft carrier, has today begun its delivery voyage from HM Naval Base Portsmouth

Textron Awarded $22-M Navy LCAC Contract Modification

The US Department of Defense informs that Textron Inc., New Orleans, Louisiana, is being awarded a $21,904,620 modification to a previously awarded contract (N00024-12-C-2401)

EU to Help Italy Cope with Boat Migrants

The European Commission said on Wednesday it would launch an EU version of Italy's sea rescue operation to help it deal with the droves of migrants crossing the

 
 
Maritime Contracts Maritime Security Maritime Standards Navigation Offshore Oil Pipelines Salvage Ship Electronics Ship Simulators Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1119 sec (9 req/sec)