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Critical issues in drilling & completions

The drilling industry has come to a turning point in the way it thinks about this business. Perhaps it was driven by the drastic fall in oil prices during this downturn and expectations for continued volatility in the years ahead. Or perhaps it was driven by the realization that the industry has lost – likely permanently – much of the talent and experience that it had spent so much resources to develop over the past decade. Whatever the motivation, transformation is under way, and perhaps at a faster pace than people would have predicted.

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Amid continued rig oversupply, Transocean leverages data to drive pragmatic rig retirement decisions

The No. 1 challenge that we face today is making the deepwater and ultra-deepwater market economically viable through the cycles. To be clear, this is not just a challenge for drilling contractors. Everyone across the value chain must work together to find ways to become more efficient, such that we can all generate sufficient returns should oil prices remain below $60/bbl.

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People, Companies & Products

Transocean recently signed two service agreements for pressure-control equipment, one with GE Oil & Gas and one with Cameron, a Schlumberger company. Under the GE agreement, valued at approximately $180 million, GE will provide condition-based monitoring and maintenance services for pressure-control equipment on seven of Transocean’s rigs over the next 10 to 12 years.

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