Transocean has reached a conditional agreement with Equinor to provide three harsh-environment “Cat D” semisubmersible rigs for operations on the Norwegian continental shelf.
Under the Letter of Intent, the combined value to Transocean is more than $1 billion over seven rig years, excluding additional services. Day rates should exceed $400,000/d on commencement.
All three rigs were designed for Norwegian winter conditions and were originally purpose-built for Equinor. Details of the fixtures are as follows:
- Transocean Enabler – Three-year program likely starting in Q1, 2028 in direct continuation of the rig’s current activity.
- Transocean Encourage – Two-year program from Q1, 2028, again immediately after completion of the rig’s current assignment.
- Transocean Endurance – Two-year program expected to start in Q2, 2027 after the rig has returned to Norway from its present campaign offshore Australia.
Equinor said the arrangement would help reduce well costs, speed up drilling of new wells and allow it to maintain high levels of production through 2035. The work scope for the rigs remains to be confirmed.
Jannicke Nilsson, chief procurement officer for Equinor, commented: “These are flexible rigs that can, among other things, be used to drill subsea projects and increased recovery wells…”
“Our ambition for the Norwegian continental shelf is production of 1.3 MMboe in 2035,” said Rune Nedregaard, Senior Vice President for Wells. Around 70% of that production will come from new wells. We have now secured three strong workhorses that we know well.”
All the rigs have operated offshore Norway since they were delivered in 2015 and 2016. Transocean Endurance has been on duty for multiple operators offshore Australia since 2023.
