Letter of Intent
Equinor has entered into a letter of intent with Transocean for the use of three Cat D rigs on the Norwegian continental shelf.
The agreement is worth around USD 1 billion and will contribute to reducing well costs, accelerating the delivery of new wells, and maintaining high production towards 2035.
The contract value includes mobilisation and is calculated based on a day rate below USD 400,000 over seven rig years. The agreement applies to the Cat D rigs Transocean Enabler (three years), Transocean Encourage (two years), and Transocean Endurance (two years). Integrated drilling services are optional and not included in the rate. The work scope for the rigs has not yet been allocated.
“We are pleased to have secured rig capacity on competitive terms to deliver on our production plans towards 2035. These are flexible rigs that can, among other things, be used to drill subsea projects and increased recovery wells. This is essential to maintaining high production from the Norwegian continental shelf and stable energy deliveries to Europe,” says Jannicke Nilsson, chief procurement officer in Equinor.
Globally, the ambition is to deliver more than 125 wells annually, around 75 subsea projects, and approximately 200 well plugging operations towards 2035.
The Cat D rigs are semi-submersible floating rigs, adapted to Norwegian winter conditions and originally built on order from Equinor.
They have operated on the Norwegian continental shelf since they were completed at the yard in 2015 and 2016. Transocean Endurance has operated in Australia since 2023 and is now being brought back to Norway, increasing rig capacity on the Norwegian continental shelf.
