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Transocean Issues Latest Fleet Status Report

by Andreas Exarheas|Rigzone StaffTuesday, October 26, 2021

Transocean Ltd. (NYSE: RIG) has issued its latest quarterly fleet status report, which includes several offshore drilling rig updates.

This quarter’s report highlights that, in the U.S. Gulf of Mexico, the Deepwater Atlas was awarded a two-phase four-well contract, the Deepwater Conqueror was awarded a three well deal, the Deepwater Asgard bagged a one well deal and the Deepwater Invictus was awarded a one well contract extension.

It also shows that the customer for the Development Driller III exercised a one well option in Trinidad and that the customer for the Deepwater Nautilus also exercised a one well option.

As of October 25, the company’s total backlog is approximately $7.1 billion, Transocean’s latest quarterly fleet status report points out. Transocean’s previous quarterly fleet status report highlighted updates for nine offshore drilling rigs. It also revealed that, as of July 21, the company’s total backlog stood at approximately $7.3 billion.

Earlier this month, Transocean announced that it will report earnings for the third quarter of 2021 on November 1, after the market close. In its second quarter earnings, Transocean reported a net loss attributable to controlling interest of $103 million. Total contract drilling revenues were $656 million, with total adjusted contract drilling revenues coming in at $713 million. In the first quarter of 2021, total contract drilling revenues were $653 million, with total adjusted contract drilling revenues at $709 million.

Transocean’s quarterly fleet status reports provide the current status of, and contract information for, the company’s fleet of offshore drilling rigs. The company describes itself as a leading international provider of offshore contract drilling services for oil and gas wells. It specializes in technically demanding sectors of the global offshore drilling business with a particular focus on ultra-deepwater and harsh environment drilling services, the company states on its website, adding that it operates one of the most versatile offshore drilling fleets in the world.

Should be great for transocean running into short term, if oil continue to hold at $85