Fossil Energy – Drilling
Transocean has announced that six one-well options have been exercised for the Cat D semisub Transocean Encourage in Norway.
The rig is working for Equinor.
The estimated 370 days of work on the Norwegian Continental Shelf will contribute approximately $172 million in backlog. The work is expected to begin in direct continuation of the current firm term and now extends through February 2026.
As a reminder, Equinor awarded a new contract to the 1,640-ft Transocean Encourage rig in late March 2023 for the drilling of nine firm wells with options to extend by another six wells. These options have now been exercised.
The rig is currently under a legacy contract with Equinor which started back in 2015 and is expected to end in late 2023. After that, this nine-well contract is expected to start followed by six new wells.
