Transocean scores big dayrates in contract extensions, including one at $580K

Transocean (NYSE:RIG) +3% post-market Wednesday after winning six contract extensions, including three for work in the U.S. Gulf of Mexico at dayrates above $500K, and two exercised options during Q2, according to its latest fleet status report.

The three GoM deals were a two-well contract for the Deepwater Atlas ultra-deepwater drillship at a $580K dayrate, with contingencies to perform two 20K completions at a $650K dayrate; a four-well contract for the Deepwater Atlas at a $505K dayrate, with contingencies to perform three completions at the same dayrate; and a 365-day contract extension for the Deepwater Asgard at a $515K dayrate.

Transocean (RIG) said the incremental backlog associated with the fixtures totals $656M, raising its total backlog to ~$8.8B.