First UD drill rig for GoM

The late 2018 oil price swoon has put a slow-down on what was a very positive year in the off-shore energy markets. But, Transocean Ltd. ended the year on a positive note by signing construction management and five-year drilling contracts with Chevron USA for one of its two dynamically positioned ultra-deepwater (UD) drill ships currently under construction in Singapore. The drilling contract has an estimated backlog of $830M, excluding mobilization and reimbursables. The rig will be the first ultra-deepwater floater rated for 20,000 psi operations, and is expected to begin operations in the Gulf of Mexico in the second half of 2021. (Source: Marine Link 12/28/18) Gulf Coast Note: The Swiss-based company has U.S. operations in Houston and a shipyard in Amelia, La.