Transocean has secured significant contracts worth $606 million from Equinor to deploy the Transocean Encourage and Enabler rigs in the Norwegian Sea and Johan Castberg field. The drilling program includes 9 wells in the Norwegian Sea across the Tyrihans, Verdande, Andvare, and Vigdis fields, with an estimated total value of $191 million. On the Johan Castberg field, Transocean Enabler will undertake a fixed drilling program of 19 wells and has options for an additional 8 wells, valued at $415 million, with the fixed part accounting for $295 million.
These developments are critical for the North Sea's energy landscape, as they represent a substantial investment in the region's oil and gas extraction capabilities. The strategic collaboration agreement between Equinor and Transocean aims to drive improvements in technology and innovation related to safety, efficiency, and greenhouse gas emissions.
According to Mette H. Ottøy, Equinor's Chief Procurement Officer, "We are pleased to sign a strategic collaboration agreement with Transocean, which is one of our largest rig suppliers. This reflects our perception of Transocean as a major contributor to our capability to realize our offshore ambitions also in the years ahead."
Further underscoring the importance of this collaboration, Erik G. Kirkemo, Senior Vice President for Drilling & Well at Equinor, noted, "We are now securing hot rigs, which we, together with Transocean, have already invested in upgrading, thus improving safety, reducing emissions and increasing efficiency. Operating for us for the past eight years, we already know the rigs well."
Sources:
https://worldoil.com/news/2023/3/28/equinor-awards-two-drilling-contracts-to-transocean-for-work-offshore-norway/
https://www.equinor.com/news/20230328-two-rig-contracts-collaboration-transocean
New Contracts Boost Norwegian Operations
Transocean's Norwegian operations have seen significant growth with the awarding of three major contracts by Equinor for its harsh environment rigs.
The production licence 043 FS will see its first drilling activities commence in September 2023. Transocean Encourage is set to work in the Norwegian Sea on a drilling program consisting of nine wells, with an estimated total value of $191 million. This program, expected to start on 1 December, includes exploration wells and has the potential to be further extended with six additional wells.
Meanwhile, Transocean Enabler has secured a substantial contract for 19 wells at the Johan Castberg field, valued at $415 million, with options for another eight wells. The contract, which will come into effect between 1 April and 1 July 2024, includes drilling services such as casing running, wastewater treatment, and cuttings management.
In addition to these contracts, Transocean Spitsbergen has also received a three-well contract extension with Equinor, set to begin in the fourth quarter of 2025, contributing approximately $72 million in firm contract backlog.
According to Mette H. Ottøy, Equinor's chief procurement officer, "We are pleased to sign a strategic collaboration agreement with Transocean, which is one of our largest rig suppliers. This reflects our perception of Transocean as a major contributor to our capability to realise our offshore ambitions also in the years ahead."
Furthermore, Equinor's senior vice president for drilling & well, Erik G. Kirkemo, emphasized, "We are now securing hot rigs, which we, together with Transocean, have already invested in upgrading, thus improving safety, reducing emissions and increasing efficiency. Operating for us for the past eight years, we already know the rigs well. We therefore have a lot of experience to build on, and we look forward to continuing our collaboration delivering safe and efficient wells."