Transocean Ltd.’s RIG semi-submersible drilling rig, Transocean Barents, is making its way to the Neptun Deep project for a 10-well drilling mission, marking a significant phase in Romania’s offshore energy development.
The rig’s 540-day contract, awarded in December 2023, positions Transocean at the forefront of this high-profile drilling campaign. The rig arrived in Constanta in late 2024 to prepare for its drilling assignment and is now sailing toward its drill site, where operations will commence in April 2025.
Transocean Barents is designed to operate in tough environments and at a water depth of up to 3000 meters. It is designed for global operation in ultra-deep waters and started drilling for oil and gas on the Norwegian continental shelf in 2009.
For the first time since it became operational in 2009, Transocean's rig had to lower its ram guides to get past the bridges of the Bosphorous Strait and into the Black Sea.
Employees from 20 different companies were providing services on the rig. Once the drilling starts, the rig will host up to 140 staff, who will rotate every four weeks round the clock for up to 18 months.
The Neptun Deep project’s important in Romania’s offshore energy development and is considered to be the country's biggest energy project since it completed its second nuclear reactor almost two decades ago. The project is being developed by OMV Petrom (operator of the project) and Romgaz, with each company holding a 50% participating interest. It is set to unlock substantial natural gas reserves, with an estimated total production of 100 billion cubic meters.
With the first gas anticipated to be achieved in 2027, the Neptun Deep project is progressing well according to its plan, with 90% of the budget already committed.
This project is anticipated to have a carbon footprint of around 2.2 kg CO2/barrels of oil equivalent (boe), seen as being significantly below the industry average of 16.7 kg CO2/boe.
Switzerland-based Transocean is the world’s largest offshore drilling contractor and leading provider of drilling management services. Currently, RIG has a Zacks Rank #3 (Hold).
Investors interested in the energy sector might look at some top-ranked stocks like Delek Logistics Partners, LP DKL, Archrock, Inc. AROC and Coterra Energy Inc. CTRA. While Delek Logistics and Archrock currently sport a Zacks Rank #1 (Strong Buy) each, Coterra Energy carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Delek Logistics Partners owns, operates, acquires and constructs crude oil and refined products logistics and marketing assets. The Zacks Consensus Estimate for DKL’s 2025 earnings indicates 34.45% year-over-year growth.
Houston-based Archrock is a provider of natural gas contract compression services as well as a supplier of aftermarket services for compression equipment. The Zacks Consensus Estimate for AROC’s 2025 earnings indicates 46.67% year-over-year growth.
Houston, TX-based Coterra Energy is an independent upstream operator engaged in the exploration, development and production of natural gas, crude oil and natural gas liquids. The Zacks Consensus Estimate for CTRA’s 2025 earnings indicates 97.62% year-over-year growth.
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