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 February 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

Ulstein Verft Delivers 'Blue Queen’

On 24 February 2015, ‘Blue Queen’ a platform supply vessel of the PX121 design, was delivered to Blue Ship Invest from Ulstein Verft. This vessel is the first

Indonesia Upbeat Ahead of IORA Chair

Indonesia is gearing up to turn its foreign policy focus westward when its role as Indian Ocean Rim Association (IORA) chair begins later this year, reports Jakarta Post.

Petrobras Scandal About to Hit Brazil's Political Class

Brazil's top prosecutor is expected to file charges in coming days against politicians implicated in the Petrobras corruption scandal, a political bombshell that

Navy

NATO Maritime Commander Visits IMO Antipiracy Training

NATO Maritime Commander Vice Admiral Peter Hudson, CBE Royal Navy, visited the two-week Advanced Maritime Law Enforcement/Training of Trainers course taking place

Japan Plans Naval Exercises with Philippines

Admiral Tomoshisa Takei, chief of staff of Japan Maritime Self-Defense Force (JMSDF) is holding high-level talks with the Armed Forces of the Philippines (AFP)

Iran War Games Target Mock-up U.S. Ship

Iran's elite Revolutionary Guards staged war games in the Strait of Hormuz on Wednesday, including a gunboat attack on a model U.S. warship, in Tehran's latest

 
 
Maritime Standards Naval Architecture Offshore Oil Pipelines Pod Propulsion Port Authority Ship Electronics Shipbuilding / Vessel Construction Sonar Winch
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: 0.6321 sec (2 req/sec)