Transocean has secured a potential five-year charter contract for a much delayed drillship newbuilding from Chevron.
The contract, worth an estimated $830m, involves one of its two DP-rated ultra-deepwater units under construction at Singapore’s Jurong Shipyard.
Transocean said the drilling contract is subject to “design, construction, and delivery requirements” set forth in the construction contract.
The rig will be the first ultra-deepwater floater rated for 20,000 psi operations and is expected to start work in the Gulf of Mexico in the second half of 2021.
In the event of contract termination, Transocean will be compensated for its incremental 20,000 psi subsea investment in the rig.
“We are extremely pleased to announce that we have entered into an agreement with Chevron to construct and operate the industry’s most capable ultra-deepwater drillship,” said Transocean chief executive Jeremy Thigpen.
“Transocean has a long and storied history of introducing new technologies that enable our customers to safely and efficiently access the world's most challenging reservoirs.
“Adding to that history, we are proud to be delivering the industry's first rig capable of drilling and completing wells requiring subsea equipment rated to 20,000 psi.”
The two rigs building at Jurong have been subjected to severe delays due to the weakness in the offshore drilling market caused by the collapse of the oil price.
In April this year Transocean delayed the ships for between six to nine months, pushing thweir deliveries back to the first and third quarters of 2020.
In June 2017 Transocean agreed to delayed the two deepwater units until the second quarter of 2019 and the first quarter of 2020.
Transocean originally ordered the two drillships in February 2014 at a cost of $540m each with original delivery dates of mid-2017 and early 2018, respectively.
Transocean owns or has partial ownership interests in, and operates a fleet of 50 mobile offshore drilling units consisting of 32 ultra-deepwater floaters, 14 harsh environment floaters, and four midwater floaters.
In addition, Transocean is constructing four ultra-deepwater drillships; and one harsh environment semi-submersible in which the company has a 33% interest.
