Transocean receives three-year contract from Statoil for semi-submersible rig

Transocean Ltd., an offshore drilling company, has announced that its high-specification semi-submersible rig has received a three-year contract from a subsidiary of Statoil ASA for operations in Norway.

The contract, which has a one-year extension option, is expected to commence in direct continuation of the rig's current contract. Estimated contract revenues related to the three-year contract are approximately $427 million, Transocean said.

Estimated contract revenues represent the maximum amount of revenues that may be earned in the firm contract period, excluding revenues for mobilization, cost escalations, customer reimbursed equipment and miscellaneous adjustments.

Source: Press release