Transocean Ltd. announced Monday that the midwater semi-submersible Transocean 712 has been awarded a 13 well UK North Sea contract by ConocoPhillips.
The contract, which is scheduled to commence in March 2019, also includes a one well option. The estimated firm contract backlog is approximately $75 million.
Earlier this month, ConocoPhillips announced that it had entered into an agreement to sell a 16.5 percent interest in the Clair field in the UK. Following the sale, which is subject to regulatory approval, ConocoPhillips would hold a 7.5 percent interest in the asset.
“We are committed to maximizing the value of our assets in the U.K. North Sea, including continued investment in our operated assets in the Central North Sea,” Ryan Lance, chairman and chief executive officer of ConocoPhillips, said in a company statement on July 3.