Transocean agrees new delivery and payment terms for ultra-deepwater drillship pair

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.

Adis Ajdin

Adis is an experienced news reporter with a background in finance, media and education. He has written across the spectrum of offshore energy and ocean industries for many years and is a member of International Federation of Journalists. Previously he had written for Navingo media group titles including Offshore Energy, Subsea World News and Marine Energy.
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