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FINWIRES

Equinor Signs $1 Billion Rig Agreement With Transocean

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Equinor (EQNR) has entered into a letter of intent with Transocean (RIG) to charter three Cat D rigs for operations on the Norwegian continental shelf under an agreement valued at about $1 billion, the company said Wednesday.

The agreement covers Transocean Enabler for three years, Transocean Encourage and Transocean Endurance for two years each, the company said.

The contract is based on a day rate below $400,000 over seven rig years.

The rigs will support its plan to reduce well costs, accelerate new wells and maintain production through 2035, Equinor said.

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