Transocean Extends Contract for Petrobras 10000 Through 2021

Instant Max AI

(Transocean Ltd., 28.Sep.2018) — Transocean Ltd. announced the ultra-deepwater drillship Petrobras 10000 was awarded a 790-day contract extension offshore Brazil with Petrobras.

The contract is extended through October 2021, and includes a blend and extend modification to the previous contract dayrate, effective September 2018. The additional net contract backlog is approximately $185 million, including cost escalations.

Additionally, Transocean will receive a 5% royalty per day, totaling approximately $16 million, estimated to be from October 2018 to October 2021 associated with the use in Brazil of the company’s patented dual-activity technology on the Petrobras 10000.

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