Transocean drill ship to operate at Shenandoah project

This award results from the final investment decision of BOE and the Shenandoah working interest owners to sanction the previously announced Shenandoah project in the US Gulf of Mexico.

The Shenandoah programme comprises two phases. Once delivered from the shipyard, the Deepwater Atlas is expected to commence operations in 3Q22, initially using dual blowout preventers (BOP) rated to 15 000 psi. The initial drilling programme is expected to last approximately 255 days and result in approximately US$80 million of contract drilling revenue.

Upon completion of the initial drilling program, a 20 000 psi BOP will be installed on the rig, making it Transocean’s second asset with a 20 000 psi-rated well control system. The BOP installation and commissioning is expected to last 45 to 60 days, contributing approximately US$17 million of revenue. Following the 20 000 psi BOP installation, the Deepwater Atlas will commence the second phase of the project – the well completion programme. This phase is expected to last approximately 275 days and contribute approximately US$125 million of contract drilling revenue.

“This is a significant milestone for Transocean, BOE and the Shenandoah partners, as we jointly venture into this new frontier of ultra-deepwater drilling,” said President and CEO, Jeremy Thigpen. “We are extremely pleased to have secured the maiden contract for the Deepwater Atlas; the first of our two 8^th generation ultra-deepwater drillships that will enter the market in 2022, both of which will be outfitted for 20 000 psi ultra-deepwater well operations. We are very encouraged by the growing list, across multiple customers, of 20 000 psi opportunities in the US Gulf of Mexico. And, with the only two assets in the world specifically designed to maximise efficiencies for 20 000 psi well completions, we are the undisputed market leader in this space, and thus excited about the future prospects for these state-of-the art assets.”

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