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 August 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

Technip Further Optimizes its Subsea Assets

Technip signed today an agreement to sell 100% of its North American diving assets to Ranger Offshore Inc.(1). Technip’s strategy focuses on high technology

InterMoor UK Completes 2,300 Accident-free Projects

InterMoor UK Operations, part of Acteon’s foundations and moorings business, says it has completed seven years and more than 2,300 projects without a single lost-time incident (LTI).

Navy Ocean Services Contracts Awarded to Five Firms

The US Department of Defense inform that five firms are to share in a broad range of ocean engineering services contracts with a combined maximum dollar value of US$99-million.

Navy

Gas Turbine Acceptance Test Completed for S. Korea Navy

Rolls-Royce has reached a milestone in the Republic of Korea Navy’s FFX frigate program, with the successful completion of acceptance tests for the MT30 gas turbine.

Mexican Navy Contracts Damen for Two Vessels

Secretaria de Marina orders seventh patrol vessel and a fast crew supplier In August 2014 the Mexican Navy (Secretaría de Marina) and the Netherlands’ Damen

BAE Systems Awarded 'USS Hopper' Repair Contract

US Department of Defense informs BAE Systems Hawaii, Honolulu, Hawaii, is being awarded a not-to-exceed $22,905,907 undefinitized contract action to a previously

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Navigation Offshore Oil Pipelines Port Authority Salvage Ship Simulators Sonar
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: 0.1221 sec (8 req/sec)