Sunday, August 14, 2022

Transocean leads in industry consolidation

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Transocean has become the market leader for consolidation in the offshore drilling industry with the announcement of its acquisition of Ocean Rig, according to Rystad Energy Senior Offshore Rig Analyst Liz Tysall. This acquisition adds nine high-spec ultra-deepwater drill-ships, plus two more currently under construction, and two harsh environment semi-submersibles.

“In contrast to Transocean’s recent acquisition of Songa Offshore, which included 24 years of backlog, this acquisition positions Transocean for a market upturn in the ultra-deep-water drill-ship segment, particularly in two key areas of the Golden Triangle. Ocean Rig operates in three of Transocean’s key markets: Brazil, West Africa and the North Sea. The newly combined fleet will have just under one year of contracted backlog in Brazil, just over four years of contracted backlog in West Africa and just over 27 years of contracted backlog in the North Sea going forward,” Tysall remarks.

Transocean has also decided to retire the C.R. Luigs (UDW drillship) and Songa Delta (midwater semisub), and going forward the company is expected to continue to retire rigs that are no longer a strategic fit for its fleet. Since 2014 and including the two rigs just announced, Transocean has scrapped a total of 45 rigs. The company has indicated that it will continue to explore opportunities in the market for further enhancement of its rig fleet.

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