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Transocean gets contract termination in UK, expects delays in drillship delivery
Team Sea and Coast | 18/07/2020

Transocean has gotten a contract end for its semi-submarine Paul B. Loyd Jr. in the UK. Moreover, Transocean said that the conveyance of the Deepwater Atlas drillship from a Sembcorp Marine yard could be postponed.

 

According to Transocean's most recent armada status report, during the subsequent quarter, Hurricane Energy ended a drilling contract for the Paul B. Loyd Jr. rig for accommodation.

Storm granted a 255-day contract to the Paul B. Loyd Jr. toward the end of last year. The contract should begin in February 2020.

It should be part into two terms, where the day rate would be $160,000 among February and April 2020, and would then ascent to $205,000 in the February – September 2020 period.

As per the contract, Transocean was made up for the end.

The apparatus is currently planned to work for Chrysaor in October. Specifically, Chrysaor bought resources, including the drilling contract for the Transocean 712, from the past client ConocoPhillips UK.

The new client will supplant the Transocean 712 as the contracted apparatus with the Paul B. Loyd, Jr. with activities beginning in October 2020. The contract is planned to end in August 2021.

Moreover, Transocean said that the planning of the conveyance of its Deepwater Atlas drillship, which is on request from Sembcorp Marine's Jurong Shipyard, is as of now being evaluated because of specific deferrals.

Moreover, Transocean consented to a contingent arrangement with Beacon Offshore for drilling administrations identified with the drilling at the Shenandoah venture in the U.S. Bay of Mexico, which requires a 20,000 psi well control framework.

The Shenandoah venture and related drilling administrations are dependent upon Final Investment Decision (FID) from Beacon Offshore Energy and its accomplices, which is relied upon to be made on or preceding 31 March 2021.

The absolute contract esteem dependent on the restrictive understanding is assessed to be roughly $250 million.

Be that as it may, no backlog will be perceived until the undertaking is sanctioned.

Starting at 15 July, Transocean's complete backlog is around $8.9 billion.

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