Transocean Ltd. (NYSE: RIG) (SIX: RIGN) announced that its high-specification semisubmersible rig Transocean Leader has been awarded a three-year contract by a subsidiary of Statoil ASA for operations in Norway. The contract, which has a one-year extension option, is expected to commence in direct continuation of the rig's current contract. Estimated contract revenues related to the three-year contract are approximately $427m. Estimated contract revenues represent the maximum amount of revenues that may be earned in the firm contract period, excluding revenues for mobilization, cost escalations, customer reimbursed equipment and miscellaneous adjustments.
The Transocean Leader is one of the five Harsh Environment Floaters that are part of Transocean's fleet of 47 High-Specification Floaters. The rig is capable of operating in water depths up to 4,500 feet and drilling wells 25,000 feet deep.