STAVANGER (dpa-AFX) - Transocean Ltd. (RIG) on Tuesday announced an agreement with Equinor ASA (EQNR) for the use of three harsh-environment semisubmersible rigs on the Norwegian continental shelf.
The contract is valued at more than $1 billion in backlog over seven rig years, excluding additional services.
The agreement is subject to regulatory license approvals.
The contract covers the Transocean Enabler, Transocean Encourage, and Transocean Endurance rigs.
The Transocean Enabler will begin a three-year program in the first quarter of 2028, while the Transocean Encourage will commence a two-year program in the first quarter of 2028.
The Transocean Endurance will start a two-year program in the second quarter of 2027 following its mobilization from Australia to Norway.
The base day rate is $399,000 per day, excluding adjustment provisions that are expected to increase the effective day rate to more than $400,000 per day before the contracts begin.
On Tuesday, Transocean shares closed 2.98% lesser at $4.8900 on the New York Stock Exchange.
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