Transocean Awarded Drillship Contract

Friday, September 01, 2006
Chevron Corporation awarded Transocean Inc. a drilling contract for the construction of an enhanced Enterprise-class drillship, the third such contract award for Transocean in 2006 and the second contract award from Chevron, following a five-year contract for the construction of the Discoverer Clear Leader announced in March 2006. Chevron awarded Transocean a five-year contract, but has the right to convert the contract to a duration of three years if declared by September 2007. The contract is expected to commence during the first quarter of 2010, following shipyard construction, sea trials, mobilization to the U.S. Gulf of Mexico and customer acceptance. The contract commencement date is contingent on vendor performance and other factors. Revenues which could be generated over a five-year contract period are approximately $862m, or approximately $609m should the contract be converted to a duration of three years. Estimated contract revenues exclude revenues for mobilization, demobilization, customer reimbursables and adjustments for the escalation of operating costs at contract commencement and semi-annually thereafter. Construction of the dynamically positioned, double-hull drillship is scheduled to take place at the Daewoo Shipbuilding and Marine Engineering Co., Ltd. yard in Okpo, South Korea. The estimated total capital expenditure for the unit is approximately $670m, excluding capitalized interest.
Maritime Reporter June 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

ClassNK Holds LNG Fuel Technologies Seminars

ClassNk held LNG-Fuelled Vessel Technologies seminars in Shanghai and Singapore on 22 July and 24, July 2014, respectively. With the industry looking to adopt

USCG Change of Command in Galveston

A Coast Guard lieutenant commander and graduate of Hastings High School in Houston, took command of Maritime Safety and Security Team Galveston during a ceremony in Galveston Thursday.

Miller Rejoins TITAN as Salvage Master

Captain Stuart Miller has rejoined Crowley Maritime Corporation’s TITAN Salvage operations team as salvage master, bringing with him over 30 years of worldwide,

Navy

Today in U.S. Naval History: July 25

Today in U.S. Naval History - July 25 1779 - Amphibious expedition against British in Penobscot Bay, Maine 1863 - U.S. Squadron bombards Fort Wagner, N.C.

Cause of S.Korea Ferry Businessman's Death Remains Unknown

Yoo's body too badly decomposed to determine cause of death; mystery surrounding final days of de-factor owner of doomed ferry deepens. Yoo's son arrested in latest capture of family members.

DoD Awards Ingalls 'USS Ronald Reagan' Contract Modification

U.S. Department of Defense (DoD) informs that Huntington Ingalls Inc., Newport News, Virginia, is being awarded a US$13,759,894 modification to previously awarded cost-plus-award-fee,

 
 
Maritime Standards Naval Architecture Offshore Oil Pipelines Pod Propulsion Port Authority Ship Simulators 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: 0.1404 sec (7 req/sec)