Deepwater Aquila, the new-build ultra-deepwater drilling vessel, has been contracted by a national oil company to work off the coast of Brazil.
In its press release, Transocean said the deal has a term of three years and a price tag of $486 million in firm portfolio. The value excludes a mobilization fee of approximately 90 times the contract’s daily rate, Transocean noted, adding that the contract is expected to start in the third quarter of 2024.
Transocean has also agreed to acquire the outstanding stakes in Liquila Ventures, a company formed to acquire Deepwater Aquila, from its joint venture partners, Perestroika and Lime Rock Partners. Following this acquisition, Transocean said it will own and operate eight of the world’s twelve 1,400 short ton ultra-deepwater drillships. The Deepwater Aquila is expected to be delivered from the shipyard in October 2023.
In connection with the execution of the Deepwater Aquila drilling contract and the acquisition of the outstanding interests of Liquila Ventures, Transocean further said that it is exploring various debt financing alternatives to partially finance the costs associated with acquisition of the shipyard platform and its preparation. for his contract in Brazil.
The agreement for the newbuild drillship follows the earlier agreement with Oil and Natural Gas Corporation (ONGC), under which the Dhirubhai Deepwater KG1 has been selected for work in India.
According to Transocean, the program has a duration of 21 months and is expected to start in the first quarter of 2024. The work brings an estimated portfolio of $222 million, excluding a mobilization fee of $5 million, according to a previous statement.
Transocean owns or partially owns and operates a fleet of 37 mobile offshore drilling units, consisting of 28 ultra-deepwater floaters and nine harsh environment floaters, its site notes. In addition, upon completion of the aforementioned acquisition, Transocean will own a company that is building an ultra-deepwater drilling vessel, the company noted.
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