Transocean Norge to drill for Equinor

Equinor awarded Transocean a contract for drilling six wells on the Norwegian continental shelf (NCS) by use of the Transocean Norge mobile rig. Drilling start-up is scheduled for the summer of 2019.

The rig has also been awarded a contract option for drilling four additional wells and is intended for subsequent continuing options. Transocean has previously signed a framework agreement with Equinor. Transocean Spitsbergen was the company’s first rig to be included as per the framework agreement terms, and Transocean Norge will be the second.

The services covered by the contract include drilling services such as slop treatment and cuttings handling, and part of the mobilization fee.

Transocean will operate the Transocean Norge and has a 33% interest in the joint venture that owns the rig, with the remaining 67% interest owned by Hayfin Capital. The contract backlog is approximately $89 million, excluding a bonus opportunity and other services.

“We are pleased to sign an agreement with a new, efficient, state-of-the-art rig, and to continue our good cooperation with this company,” Geir Tungesvik, Equinor’s Senior Vice President for Drilling & Well, said. “We have a common goal of working safely and efficiently, and we look forward to seeing the rig in operation for Equinor from next year. This is one of the rigs we have chosen for a long-term cooperation.”

“We are very pleased to have so quickly secured a contract for the Transocean Norge, which we recently acquired through our joint venture with Hayfin,” Jeremy Thigpen, Transocean’s President and Chief Executive Officer, said. “This contract provides further evidence of the strong demand for high-specification, harsh environment semisubmersibles, and of the relationship and history of solid performance that we have with Equinor.”