Transocean Awarded $222 Million Drillship Contract

Offshore drilling contractor Transocean announced it has been awarded a $222 million contract for one of its ultra-deepwater drillships to go to work offshore India.

India's state-controlled Oil and Natural Gas Corporation Ltd awarded the binding notification of award for Transocean's Dhirubhai Deepwater KG1, a sixth-generation drillship built in 2009 by South Korea's Samsung Heavy Industries.

The 21-month program is expected to commence in the first quarter of 2024, contributing an estimated $222 million in backlog, minus a $5 million mobilization fee, Transocean said.

Transocean CEO Jeremy Thigpen said in the company's most resent financial report that the company continues to see increased demand for its fleet of high-specification floaters.

"As of our latest fleet status report, we secured an additional $1.2 billion of backlog at a weighted average dayrate of approximately $456,000,” Thigpen said at the end of July. “As evidenced by our customers contracting rigs well in advance of their programs and committing to long-term contracts, the outlook for our high-specification assets and services remains robust.”

“In addition to securing contracts at market-leading rates, our focus remains on the flawless execution of our offshore operations to maximize the value of our $9.2 billion backlog for our shareholders.”