Home   >   Trending   

Rig Lynx Rewind: Transocean lands 5-year $830 Million USD Drilling Contract with Chevron

Rig Lynx
  • By Rig Lynx
  • Apr 06, 2021
  • Category : Trending
  • Views : 2340


Originally published December 28, 2018


Transocean Ltd. (NYSE: RIG) announced today that it has signed a rig design and construction management contract, as well as a five-year drilling contract, with Chevron USA, Inc. (Chevron) for one of its two dynamically positioned ultra-deepwater drillships (the drillship) currently under construction at the Jurong shipyard in Singapore. The drilling contract has an estimated backlog of $830 million USD, excluding mobilization and reimbursables. The drilling contract is subject to design, construction, and delivery requirements set forth in the construction contract.


The rig will be the first ultra-deepwater floater rated for 20,000 psi operations and is expected to commence operations in the Gulf of Mexico in the second half of 2021.


In the event of termination for convenience by the customer, Transocean will be compensated for its incremental 20,000 psi subsea investment in the rig. Additionally, a termination for convenience occurring after April 2020, would result in a substantial termination fee.


The drillship will feature the most advanced capabilities and state-of-the-art technology available including dual 20,000 psi blowout preventers, net hook-load capacity of three million pounds, 165-ton active heave compensating crane, and an enhanced dynamic positioning system. The rig's high reliability power plant will also be configured to comply with Tier III International Maritime Organization emissions standards.


"We are extremely pleased to announce that we have entered into an agreement with Chevron to construct and operate the industry's most capable ultra-deepwater drillship," said Jeremy Thigpen, President and CEO. "Transocean has a long and storied history of introducing new technologies that enable our customers to safely and efficiently access the world's most challenging reservoirs. Adding to that history, we are proud to be delivering the industry's first rig capable of drilling and completing wells requiring subsea equipment rated to 20,000 psi."


Thigpen concluded: "On behalf of Transocean, I thank Chevron for their long-standing partnership, and trust in our capabilities. I also thank the members of the Chevron and Transocean teams who have spent countless hours on the development of this game-changing solution."


Join our mailing list here

We are #1 on Google and Bing for the "Largest Mobile Energy Network"

Come join our community!

Download the Rig Lynx app here

Comments (0)

Leave Comment

Check out our other stories

Rig Lynx
Apr 16, 2021

  Noble Corporation has announced the completion of its acquisition of Pacific Drilling Company LLC ("Pacific Drilling"), effective on April 15, 2021. Pacific Drilling's high specification ultra-deepwater drillship fleet further enhances Noble's global position as an owner and operator of one of the most modern and technically advanced fleets in the offshore drilling industry.   Robert Eifler, President and Chief Executive Officer, said, "I am very pleased to have closed this transaction quickly and am delighted to welcome our new employees, customers, and shareholders into the Noble family.  This is an important step for Noble as we continue to strengthen our fleet and focus on delivering safe and efficient services to our global customers."   Source: Noble Drilling   Join our mailing list here We are #1 on Google and Bing for the "Largest Mobile Energy Network" Come join our community! Download the Rig Lynx app here

Rig Lynx
Apr 15, 2021

  It has now been confirmed that Santos has secured further time on moored semisub Valaris MS-1 to cover development drilling at its Barossa field development Phase 1 offshore Australia. The contract is expected to last for around 500 days, commencing from Q2 2022. The rig is due to commence another contract with Santos in the coming weeks at the Australian Van Gogh Infill Development Phase Two, which will keep in working into Q3/Q4 2021. It is expected that the rig will have an idle period between the two contracts. Source: Esgian Join our mailing list here We are #1 on Google and Bing for the "Largest Mobile Energy Network" Come join our community! Download the Rig Lynx app here

Rig Lynx
Apr 14, 2021

  Coast Guard officials said that at least six people were rescued after a large commercial boat capsized in the Gulf of Mexico, 8 miles south of Port Fourchon, on Tuesday.   Lafourche Parish President Archie Chaisson III confirmed that 18 people were on board before the 129-foot lift boat, named the Seacor Power, took on water at about 4:30 p.m. Much of metro New Orleans had just been hit by an unexpectedly strong storm that overturned vessels and damaged property, particularly in coastal towns.   Along with local Coast Guard officials and good Samaritans helping with the rescue mission, a search plane out of Texas was also en route to the scene.   Bruce J. Simon, who appeared to be on a vessel at the time the large boat capsized, shared photos and video to his Facebook and said he had "NEVER heard so many MAYDAY calls in my life!" His post was shared by nearly 6,000 people.    Jefferson Parish Councilman Ricky Templet, whose district includes nearby Grand Isle, said multiple vessels were overturned or ruined on the island, and that some trailers and businesses were damaged. The National Oceanic and Atmospheric Administration reported that wind gusts had reached 75 mph in Grand Isle.   "We expected some winds and possible rains, but nothing as extensive as what took place on the coastal areas of Jefferson Parish," Templet said.   Messages left for the capsized vessel's owner, Seacor Marine, weren't immediately returned late Tuesday. According to specifications on the owner's website, the Seacor Power is an offshore construction jack-up that was built in 2002.   Source:   Join our mailing list here We are #1 on Google and Bing for the "Largest Mobile Energy Network" Come join our community! Download the Rig Lynx app here