Transocean bags contracts for 4 rigs from Petrobras

Transocean Inc., the world’s largest offshore drilling contractor, says that the Petrobras board has approved contract awards for four of the company’s rigs totalling 22 rig years and approximately $3.0 billion in combined estimated contract revenues.

Transocean says that the approved contracts are expected to be executed by subsidiaries of Petrobras and Transocean in the next 30 to 60 days.

The contract for the Sedco 707 rig, which is capable of operating in water depths of up to 2,000 meters, has a five-year term which is expected to commence in December 2009, at an estimates cost of $841 million.

The contracts for all the four rigs will follow the completion of the rig’s current contract commitments.

The contract approved for the Deepwater Navigator, which is capable of operating in water depths of up to 2,000 meters, has a five-year term which is expected to commence in March 2011, at an estimated cost of $801 million.

The contract approved for the Sedco 710, has a six-year term which is expected to commence in November 2010, at an estimated cost of $730 million.

The contract approved for the Transocean Driller, capable of operating in water depths of up to 1,050 meters, has a six-year term which is expected to commence in August 2010, at an estimated cost of $680 million.