Transocean wins three-rig deal with Equinor valued at $1B-plus

[Jackup Offshore Oil Rig]
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Transocean (RIG [https://seekingalpha.com/symbol/RIG]) up 0.9% post-market Tuesday after saying it secured an agreement [https://seekingalpha.com/pr/20569267-transocean-ltd-announces-agreement-with-equinor-valued-at-over-1-billion] with Equinor (EQNR [https://seekingalpha.com/symbol/EQNR]) for the use of three harsh environment semisubmersible rigs on the Norwegian continental shelf, in a deal valued at more than $1B in contract backlog over seven rig years.

The base day rate is set at $399K/day, with adjustment provisions expected to push the effective day rate above $400K/day when operations begin, Transocean (RIG [https://seekingalpha.com/symbol/RIG]) said.

The _Transocean Enabler_ was contracted for a three-year program expected to start in Q1 2028 as it continues from its current program, the _Transocean Encourage_ will begin a two-year program also starting in Q1 2028, and the _Transocean Endurance_ will start a two-year program in Q2 2027 after mobilizing back to Norway from Australia.

"This agreement for seven rig years demonstrates the strength and resilience of Norway’s high-specification harsh environment market and our strong relationship with Equinor," Transocean (RIG [https://seekingalpha.com/symbol/RIG]) CEO Keelan Adamson said.

MORE ON TRANSOCEAN

* Transocean: Backlog, Valaris And 2027 Tightness Can Drive The Next Leg [https://seekingalpha.com/article/4908697-transocean-backlog-valaris-and-2027-tightness-can-drive-the-next-leg]
* Transocean: No Longer Distressed, No Longer Cheap [https://seekingalpha.com/article/4895970-transocean-no-longer-distressed-no-longer-cheap]
* Transocean: Rising Day Rates And Cash Flows Mean I'm Getting On Board [https://seekingalpha.com/article/4889918-transocean-rising-day-rates-and-cash-flows-mean-im-getting-on-board]