Transocean to sell jack-up

For sale: jack-up GSF Magellan

Rig contractor Transocean is putting up for sale an older jack-up unit as is continues efforts to high-grade its fleet.

Transocean said in an otherwise uneventful June fleet status update that it was holding the jack-up GSF Magellan for sale.

"This is a continuation of the company's efforts to high-grade the fleet through selective divestitures," analysts at Cowen & Company said in a note.

The rig was built in 1992 and can operate in 350 feet of water.

It was most recently working for ExxonMobil off Nigeria under a one-year contract that ended last month, on a dayrate of $166,000.

Transocean also revealed that another rig, the drillship GSF Jack Ryan, is now working for Lukoil off Ghana through next month.

The rig was originally contracted to Total off Nigeria under a five-year agreement the also ends next month.

Lukoil's dayrate is $480,000. Total was using the rig for $445,000 a day.

There was no mention of the semi-submersible Deepwater Nautilus, which is at work for Shell in the US Gulf of Mexico.

A draw works problem caused that rig's traveling block to plummet to the rig floor, it was revealed this week. No one was injured, but it was not clear how long the rig would be out of commission.

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