Transocean Ltd. (NYSE:RIG) announced Tuesday that its ultra-deepwater drillship Deepwater Invictus has been awarded a two-year contract with options by a subsidiary of BHP Billiton.
Transocean said the backlog associated with the firm contract is approximately $106 million and the contract will commence in the second quarter of 2018. It includes three one-year priced options.
The Deepwater Invictus was delivered in 2014 and is rated to a water depth of 12,000 feet. It has spent nearly its entire career contracted to BHP.
Deepwater Invictus – (MarineTraffic,com, 2017)
In April 2013 Transocean’s Deepwater Pathfinder drillship demanded the highest dayrate of any other rig contracted at that time. Eni contracted the drillship at an astronomical dayrate of $681,000 a day from September 2013 through April 2015 to drill in the Gulf of Mexico.
Pacific Drilling recently secured a contract with Malaysian Petronas for its UDW drillship Pacific Santa Ana at a dayrate of $170,000. The Samsung unit delivered in 2011 is capable to drill in water depths up to 12,000ft.
But the lowest dayrate for one ultra-deepwater drillship has been agreed by Vantage Drilling and India’s ONGC in January 2017 for the Platinium Explorer. ONGC has secured the rig for three years for $118 million which translates to a dayrate below $110,000.
Platinum Explorer – Vantage Drilling
In our opinion, it is very interesting decision made by Transcoean to sell all jack-up fleets to Norwegian offshore drilling contractor, Borr Drilling. With current oil market situation, Transocan has made decision to stay only deep water drilling.
Please feel free to share your thought about this.
News by Offshore Energy Today
Norwegian offshore drilling contractor Borr Drilling, formerly known as Magni Drilling, is planning to buy 15 jack-up drilling rigs from Swiss-based Transocean for $1.35 billion.
Borr Drilling announced on Monday the signing of a letter of intent with Transocean for the acquisition of 15 high-specification jack-up rigs.
The transaction consists of Transocean’s entire jack-up fleet, including ten rigs already in the fleet and five newbuilds under construction at Keppel FELS Limited, which Transocean has been postponing for a while now. The latest agreement with Keppel entailed the deferral of the five new jack-ups until 2020. Continue reading
The Organization of the Petroleum Exporting Countries (OPEC) has agreed to cut supply by 1.2 million barrels per day (bpd) to 32.5 million barrels, the head of the organization announced.
Ahead of the official announcement, Bloomberg broke the news, quoting an unnamed delegate in Vienna. Crude prices soared more than 7 percent on the report. As of 16:29 GMT, Brent crude was trading at nearly $50 per barrel, while US crude benchmark WTI was above $48.
Calling the decision “historic,” the organization said the output cut would be in effect from January 1, 2017. The deal was reached after weeks of negotiations, as Saudi Arabia, Iraq and Iran fought for the very last barrel of production. This is the first coordinated cut from OPEC in eight years. Continue reading
The World’s Largest Public Oil & Gas Companies in 2016 by Forbes. This is so interesting to know that Russian companies are ranked as the first and the second biggest public oil and gas company in 2016.
Forbes’ List of the 25 Biggest Public Oil & Gas Companies
- Gazprom (GAZP, com) – Russia – 8.38 MMBoepd – EV $84.3 billion
- Rosneft (ROSN, com) – Russia – 5.07 MMBoepd – EV $72.5 billion
- ExxonMobil ( XOM, com) – USA – 4.10 MMBoepd – EV $390 billion
- PetroChina ( PTR, com) – China – 4.07 MMBoepd – EV $303 billion
- BP (BP; com) – UK – 3.24 MMBoepd – EV $121 billion
- Royal Dutch Shell (RDS.A – com) – Netherlands – 2.95 MMBoepd – EV $216 billion
- Chevron (CVX; com) – USA – 2.62 MMBoepd – EV $207 billion
- Petrobras (PBR; com) – Brazil – 2.55 MMBoepd – EV $132 billion
- Lukoil (LKOH; com) – Russia – 2.40 MMBoepd – EV $36.2 billion
- Total (TOT; com) – France – 2.35 MMBoepd – EV $136 billion
- Statoil (STO; com) – Norway – 1.81 MMBoepd – EV $63 billion
- Eni ( E; com) – Italy – 1.69 MMBoepd – EV $74 billion
- ConocoPhillips (COP; com) – USA – 1.59 MMBoepd – EV $71.5 billion
- Surgutneftegas (SGTZY; ru) – Russia – 1.49 MMBoepd – EV $8.5 billion
- CNOOC (CEO; com) – China – 1.36 MMBoepd – EV $397 billion
- China Petroleum & Chemical [Sinopec] (SNP; com) – China – 1.32 MMBoepd – EV $130 billion
- Oil and Natural Gas Corp. (ONGC; com) – India – 1.07 MMBoepd – EV $23 billion
- Anadarko Petroleum (ticker: APC; com) – USA – 840,000 Boepd – EV $43 billion
- Canadian Natural Resources (CNQ; com) – Canada – 790,000 Boepd – EV $40 billion
- Devon Energy (DVN; com) – USA – 680,000 Boepd – EV $29 billion
- Ecopetrol (EC; com) – Colombia – 670,000 Boepd – EV $33 billion
- Occidental Petroleum (OXY; com) – USA – 650,000 Boepd – EV $57 billion
- Suncor Energy (SU; com) – Canada – 580,000 Boepd – EV $50 billion
- EOG Resources (EOG; com) – USA – 570,000 Boepd – EV $47 billion
- Repsol ( REP; com) – Spain – 560,000 Boepd – EV $33 billion