10 YEARS AFTER CONSTRUCTION STARTED 7th GENERATION DRILLSHIP SECURES FIRST CONTRACT
Transocean announced a three-year award for the newbuild ultra-deepwater drillship Deepwater Aquila with a national oil company for work offshore Brazil. The contract is expected to commence in the third quarter of 2024 and represents approximately $486 million in firm backlog, excluding a mobilization fee of approximately 90 times the contract dayrate.
Transocean has also agreed to acquire the outstanding interests in Liquila Ventures Ltd., a company formed to acquire the Deepwater Aquila, from its joint venture partners, Perestroika and Lime Rock Partners. Following this acquisition, Transocean will own and operate eight of the twelve ultra-deepwater, 1,400 short-ton hookload drillships in the world. The Deepwater Aquila is expected to be delivered from the shipyard in October 2023.
In connection with the execution of the drilling contract for the Deepwater Aquila and the acquisition of the outstanding interests in Liquila Ventures Ltd., Transocean is exploring various debt financing alternatives to partially fund the costs associated with acquiring the rig from the shipyard and preparing it for its contract in Brazil.
The ultra-deepwater drillship, formerly West Aquila, was ordered by Seadrill in 2013 and was to be built by Daewoo in South Korea with delivery expected in 2016. After its situation deteriorated Seadrill canceled the contract in March 2018.
The drillship was acquired through a joint Venture by Transocean in November 2022 for $200 million.
(Source: Transocean/Seadrill – Image: Seadrill)