Transocean has announced its entry into an agreement with Equinor, conditional to license approvals, for the use of three of its harsh environment semisubmersible rigs on the Norwegian shelf. In aggregate, this agreement is worth over $1 billion in contract backlog over seven rig years, excluding additional services. The base day rate of $399,000 per day excludes adjustment provisions that will be effective prior to commencement and result in an effective day rate exceeding $400,000 per day at commencement.
The agreement applies to three 'Cat D' rigs which are designed for Norwegian winter conditions and originally purpose-built for Equinor:
- The Transocean Enabler – Three-year program expected to commence in the first quarter of 2028 in direct continuation of the rig’s current program.
- The Transocean Encourage – Two-year program expected to commence in the first quarter of 2028 in direct continuation of the rig’s current program.
- The Transocean Endurance – Two-year program expected to commence in the second quarter of 2027 after mobilization back to Norway from Australia.
'This agreement for seven rig years demonstrates the strength and resilience of Norway’s high-specification harsh environment market and our strong relationship with Equinor,' said Keelan Adamson, Transocean’s Chief Executive Officer. 'Together with Equinor, we will continue to drive rig efficiency, improve the cost-effectiveness of wells, and prioritize safe and reliable operations.'
Source: Transocean
