Transocean Ltd. (NYSE: RIG) announced on Monday (Mar 11) that Petrobras awarded two of the Company’s ultra-deepwater drillships, the Ocean Rig Corcovado and Ocean Rig Mykonos, with a 629 day contract and 550 day contract, respectively.
The estimated firm contract backlog, excluding mobilization, is approximately $123 million and $118 million, respectively.
The rigs are expected to commence work in Brazil in November 2019 and the contracts include priced options for 680 days and 815 days, respectively.
“We are very pleased to have so quickly secured contracts for the Mykonos and Corcovado, two of the high-specification ultra-deepwater drillships acquired as part of the Ocean Rig transaction last December,” said President and Chief Executive Officer Jeremy Thigpen. “These contracts further solidify our long-standing partnership with Petrobras, and will expand our rig operations in the strategically important market of Brazil. With three rigs operating in the region, we intend to benefit from efficiencies that can only be derived from building scale in this market.”