Transocean Bags $222M Ultra-Deepwater Drillship Contract

Transocean Ltd RIG said that Oil and Natural Gas Corporation Ltd awarded the Dhirubhai Deepwater KG1 a binding Notification of Award for work offshore India.

The 21-month program is expected to commence in the first quarter of 2024 and will contribute an estimated $222 million in backlog, excluding a mobilization fee of $5 million.

Transocean is an international provider of offshore contract drilling services for oil and gas wells.

Transocean owns or has partial ownership interests in and operates a fleet of 37 mobile offshore drilling units, consisting of 28 ultra-deepwater floaters and nine harsh environment floaters.

Price Action: RIG shares are trading higher by 2.52% at $8.14 in premarket on the last check Wednesday.