Offshore driller Transocean has reached an agreement with Jurong Shipyard, a Sembcorp Marine’s subsidiary, to delay the delivery of the ultra-deepwater drillships Deepwater Atlas and Deepwater Titan for December 2021 and May 2022, respectively.
The new deal also provides that upon the delivery of the vessels, Transocean will make a partial delivery payment, followed by deferred delivery instalment payments of the balance amounts payable under the contracts.
Upon delivery of the Deepwater Atlas, Transocean will pay $50m to Jurong. The balance of payments owed to the shipyard, or around $370m, will be payable during a five-year period following delivery.
For Deepwater Titan, Transocean will pay approximately $350m after delivery and around $90m will be paid over a five-year period.
The two newbuilds are the first set of next-generation drillships with ultra-deepwater drilling capability to be constructed in Singapore. They are also the only drillships in the world with a 3,000,000 pound hook-load and capable of 20,000 psi drilling operations.