Transocean wins 5-year drilling job in Thailand

Drilling contracts for Chevron to begin in 2013 with two jackup rigs

Each of the two rigs could potentially generate revenues of US$246 million over its five-year contract term. (Not actual image)
Each of the two rigs could potentially generate revenues of US$246 million over its five-year contract term. (Not actual image)

Transocean announced that one of its subsidiaries has been awarded five-year drilling contracts for two newbuild high-specification jackup rigs for operations in Thailand for a subsidiary of Chevron Corporation.

The five-year drilling contracts are expected to commence during the first quarter of 2013 and third quarter of 2013, respectively, following shipyard construction and mobilisation. The contract start dates are dependent on vendor performance and other factors, the company said in a statement.

The estimated revenues which could be generated over each five-year contract term are approximately US$246 million for each rig, excluding revenues for mobilisation, demobilisation, and miscellaneous adjustments.

One of Transocean's subsidiaries has executed a shipyard contract with Keppel FELS to build both of the high-specification Super B Class jackups. Construction is scheduled to take place at Keppel FELS' yard in Singapore. The combined capital cost for the two rigs is estimated to be approximately $400 million, excluding capitalised interest. Transocean has options to order three additional high-specification jackup rigs.

The jackup rigs, which are Keppel FELS's latest proprietary design, will be capable of operating in water depths up to 350 feet and constructing wells 35,000 feet deep. The rigs will feature the most advanced offshore drilling technology, including offline tubular handling features and simultaneous operations support. In addition, the rigs will have accommodation for 150 personnel.

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