Transocean has entered into an agreement with Equinor for three harsh environment semisubmersible rigs on the Norwegian shelf, subject to license approvals.
The agreement covers seven rig years and is valued at more than $1 billion in contract backlog, excluding additional services. The base day rate is $399,000 per day. Adjustment provisions will apply before commencement, resulting in an effective day rate above $400,000 per day at the start of operations.
The agreement covers three Cat D rigs designed for Norwegian winter conditions and originally purpose-built for Equinor.
Transocean Enabler is expected to begin a three-year program in the first quarter of 2028, in direct continuation of its current program.
Transocean Encourage is expected to start a two-year program in the first quarter of 2028, also following its current program.
Transocean Endurance is expected to begin a two-year program in the second quarter of 2027 after mobilization back to Norway from Australia.
Transocean Chief Executive Officer Keelan Adamson said the agreement reflects Norway’s high-specification harsh environment market and the company’s relationship with Equinor. He also said the companies would continue work on rig efficiency, well cost-effectiveness, and safe and reliable operations.
