Transocean received a contract award for the harsh environment semisubmersible Transocean Norge from Wintershall Dea and OMV, granting the exclusive right to drill all of the wells for their respective drilling campaigns starting in 2023 through 2027, subject to rig availability and other conditions.
The contract provides that the Transocean Norge will drill eleven wells for Wintershall Dea and six wells for OMV. A portion of this work is subject to operator and government approvals. Assuming that all approvals are received, the full contract period is 1,071 days at an average dayrate of $408,000 which would contribute $437 million in backlog, excluding bonuses and additional services. In addition, the contract contains additional fixed price option wells.
The current firm term is currently 208 days, which contributes approximately $72 million in backlog. Backlog estimates exclude any revenue associated with additional products and services or options that may be exercised as part of the contract.