Transocean receives newbuild contract

Transocean has received a five-year contract for an ultra deepwater newbuild drillship equipped to drill in 10,000 ft (3,048 m) of water.

Offshore staff

HOUSTON -- Transocean has received a five-year contract for an ultra deepwater newbuild drillship equipped to drill in 10,000 ft (3,048 m) of water. The vessel is upgradable to 12,000 ft (3,658 m) of water with additional equipment, and to drill to 40,000 ft (12,129 m) total depth.

The five-year drilling contract is expected to begin in 4Q 2010, following shipyard construction. Contracted revenues related to the five-year contract term are approximately $1.17 billion to $1.19 billion, depending on countries of operation during the contract term, according to Transocean.

Construction of the unnamed dynamically positioned, double-hull drillship is scheduled at the Hyundai Heavy Industries shipyard in Ulsan, South Korea, with the first steel cutting in January 2009. The design is an enhanced version of Transocean'sC.R. Luigs and Jack Ryan-class drillships. It will feature Transocean's dual-activity drilling technology. It will also feature a third load path through a 165-metric-ton (182-ton) active heave compensating crane for subsea construction activity. The rig will also have expanded completion capabilities and a variable load of 20,000 metric tons (22,046 tons).

10/30/2008

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