Transocean: Petrobras 10000 Awarded Contract Extension - Quick Facts

(RTTNews) - Transocean Ltd. (RIG) announced the ultra-deepwater drillship Petrobras 10000 was awarded a 790-day contract extension offshore Brazil with Petrobras. The contract is extended through October 2021. The company said the additional net contract backlog is approximately $185 million, including cost escalations.

Transocean will receive a 5% royalty per day, totaling approximately $16 million, estimated to be from October 2018 to October 2021 associated with the use in Brazil of the company's patented dual-activity technology on the Petrobras 10000.

Transocean is a leading international provider of offshore contract drilling services for oil and gas wells.