Offshore drilling contractor Transocean Ltd added nearly $2 billion to a near-$28 billion backlog of work with extensions for two ultra-deepwater rigs in the Gulf of Mexico for Chevron Corp, an executive said on Thursday. The Discoverer Clear Leader, on a four-year contract at $566,000 per day until September 2014, had its lease extended four years at $590,000, said Terry Bonno, the vice president of marketing. The Discoverer Inspiration contract, now at $521,000 a day until March 2015, was extended for five years at $585,000."They have a lot of work to do in the Gulf of Mexico, and it certainly makes sense for both of us," Bonno said on a conference call to discuss quarterly results.Bonno added a note of caution to a generally upbeat deepwater outlook, saying there may be idle time for rigs as shorter-term contracts ended and new ones entered the market."We will be rolling over some of these vessels, and there may be some time between contracts," she said.
Transocean Ltd. (Transocean) is an international provider of offshore contract drilling services for oil and gas wells. Shares of RIG fell by 1.32% or $-0.64/share to $47.84. In the past year, the shares have traded as low as $43.65 and as high as $59.50. On average, 2711020 shares of RIG exchange hands on a given day and today's volume is recorded at 2543799.
Source
