Transocean Lands Lucrative Contract Extension for Ultra-Deepwater Drillship

Transocean Ltd. (NYSE: RIG) has announced a 365-day contract extension for the Deepwater Asgard with an independent operator in the U.S. Gulf of Mexico at a day rate exceeding $500,000 per day.

The program is expected to commence in direct continuation of the rig’s current program, ending in June 2025, and is estimated to contribute approximately $188 million in backlog, including additional services. The amount equates to a day rate of about $515,000 per day.

According to Transocean’s latest fleet status report, published in April, Deepwater Asgard is currently contracted to Hess at a day rate of $505,000 through June 2025.

Deepwater Asgard originally commenced a one-year contract with Hess in June 2023 at a day rate of $440,000. The contract included three one-year options.

Delivered in 2014, Deepwater Asgard is among one of Transocean’s most capable ultra-deepwater drillships.

As of April 17, 2024, the Transocean’s total backlog was approximately $8.9 billion.

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