$49 per month*
Subscribe to Pro or Enterprise plans to unlock this feature.
Become a smarter investor today.
Become a smarter investor today.
This statistic highlights Transocean’s Contract Drilling Backlog, split between Renewable Deepwater floaters, Midwater floaters, High-specification jack-ups, Harsh environment floaters, and Ultra-deep water floaters, reported quarterly from Q1 2016 onwards.
The world’s largest offshore drilling contractor, Transocean Ltd., announced a 40% rise in its contract drilling backlog in the first quarter of 2023. The backlog of the company is now $8.589 billion, up from $6.121 billion at the end of the fourth quarter of 2022. A variety of causes, including new contract awards and contract extensions, contributed to the growth in the backlog. Transocean, in particular, received several contracts in the harsh environment market, which helped to increase its backlog in that segment. The backlog at the company has now reached its greatest level since the fourth quarter of 2014. This is a good sign for Transocean because it shows that there is a high demand for offshore drilling services.
The following table shows the breakdown of Transocean’s contract drilling backlog by category in the first quarter of 2023:
|Segment||2022 Q1||2022 Q4||2023 Q1||YoY Growth (2023 Q1)|
|Harsh environment floaters||1041||1159||1505||45%|
|Ultra-deep water floaters||5080||7378||7084||39%|
(All the figures are in millions, except percentages)
Deep Water and Harsh Environment Floaters
Transocean’s contract drilling backlog for deep water floaters stood at 1,041 million USD in the first quarter of 2022, rising to 1,159 million USD in the fourth quarter of 2022 and 1,505 million USD in the first quarter of 2023. This increasing trend implies that this category is growing at a strong 45% year on year. Deepwater floaters are critical assets for deep-sea drilling operations, and the growing demand for such services demonstrates Transocean’s expertise in this area.
Harsh Environment Floaters
The category of harsh environment floaters had a positive trend. The backlog for this category was reported at 1,000 million USD in Q1 2022, increasing to 1,041 million USD in Q4 2022 and reaching 1,159 million USD in Q1 2023. The year-on-year growth rate for severe environment floaters was a whopping 39%. Harsh environment floaters are specially constructed drilling machines that can survive adverse weather conditions, making them essential for operations in difficult terrain.
During the observed period, the ultra-deepwater floaters category experienced a remarkable increase. The backlog stood at 5,080 million USD in Q1 2022, rising to 7,378 million USD in Q4 2022 before falling slightly to 7,084 million USD in Q1 2023. Despite a little drop in the most recent quarter, the year-on-year growth rate remained remarkable at 39%. Ultra-deep water floaters provide advanced drilling capabilities in water depths greater than 7,500 feet, and their continued demand demonstrates Transocean’s ability to meet the requirements of challenging offshore projects.
Transocean’s contract drilling backlog performs well in 2022 and the first quarter of 2023, with a 40% year-on-year growth rate in total backlog. The company’s success can be credited to its strong presence in the deep water and harsh environment floater categories, as well as its capacity to meet the ultra-deepwater floater market demands.
Transocean is a well-known offshore drilling contractor with a global footprint. The company specializes in deep water and ultra-deepwater drilling operations and is known for its superior drilling skills and large fleet of rigs. Transocean has built a reputation in the energy business as a dependable and responsible partner because of its commitment to safety and environmental sustainability. Transocean is a market leader in offshore drilling due to its large contract drilling backlog and experience in difficult offshore conditions.
Did you like Transocean’s Contract Drilling Backlog statistic?
Access more such KPI data points and segment financials on thousands of US stocks, with Business Quant.
You can get started here.
Always know what you’ll pay. No hidden costs or surprises.
* Billed annually, local taxes extra.
* Local taxes extra.