Transocean Secures $300 Million, Two-Year Contract for Ultra-Deepwater Drillship

Transocean Ltd. announced it has received a two-year binding Letter of Award for the ultra-deepwater drillship, the Dhirubhai Deepwater KG2, with ONGC for work in India. The contract is expected to contribute approximately $300 million in value and commence in the first quarter of 2027.

Key Details

• Contract Value: Approximately $300 million, which includes additional services and mobilization fees.
• Term & Timeline: The contract has a two-year term, expected to start in Q1 2027. It also includes two years of priced options that could extend work into early 2031.
• Asset & Client: The agreement is for the Dhirubhai Deepwater KG2 drillship with Oil and Natural Gas Corporation (ONGC) in India.