Transocean wins three-year rig contract from Statoil

February 11, 2011 | Budget & Investment

Switzerland-based offshore drilling contractor Transocean has won a three-year contract, starting in 2012, from a subsidiary of Statoil ASA for its Transocean Leader semisubmersible rig.

The contract, which has a one-year extension option, is expected to commence in direct continuation of the rig’s current contract.

The rig will be used for production and exploration on the Norwegian continental shelf, Statoil said.

Transocean Leader is capable of operating in water depths up to 4,500ft and drilling wells up to 25,000ft deep.

Built in 1987, the rig is an Aker H-4.2 self-propelled unit, and has previously been chartered by Statoil for use on the Statfjord satellites in the North Sea.

Statoil executive vice president of development and production in Norway Oystein Michelsen said that the key to uphold present production level on the Norwegian continental shelf towards 2020 is enhanced recovery from existing fields, quick and efficient development of new fields and an active exploration program.

“To implement these measures, it is crucial that we secure necessary rig capacity”, Michelsen said.