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Transocean announces US$518 million deep-water drillship contract

Published by , Editorial Assistant
Oilfield Technology,

Transocean Ltd has announced that an independent operator awarded a 1080 day contract for a high-specification seventh-generation, ultra-deepwater drillship in the Gulf of Mexico, offshore Mexico. One of three drillships will be selected by Transocean from among Deepwater Invictus, Deepwater Thalassa, and Deepwater Proteus no later than one year prior to the earliest date in the commencement window.

The contract will contribute approximately US$518 million in backlog, excluding revenue for mobilisation and demobilisation, and is expected to commence between the 4Q25 and 2Q26. The contractual day-rate is subject to a semi-annual cost adjustment mechanism with a baseline established as of July 2023. There are no additional services provided under the contract.

Chief Executive Officer, Jeremy Thigpen, commented: “This award is especially encouraging on numerous fronts. The fact that our customers are securing rigs well in advance of their programs and committing to long-term contracts clearly demonstrates the tightness of the market. Additionally, our ability to designate the specific rig closer to the commencement of the program provides us with increased flexibility to optimiae the utilisation of our high-specification fleet of ultra-deepwater drillships.”

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Gulf of Mexico upstream news Oil & gas news