Transocean (Sell, TP: USD9.00) - New UDW contract win
While the majority of the contracts in Transocean’s fleet status report were already announced or reported, the KG2 (10,000 ft UDW drillship) contract for 4–5 months for 2019 work in China was a positive surprise. No day-rate is disclosed for this job, but we expect it to be within the USD150k–200k range, where most similar contracts in the region have been priced. We see limited estimate changes on the report
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