File photo of an offshore drillship

File Photo: By Alex Polo / Shutterstock

Transocean Reveals $222 Million Drillship Contract in India

Mike Schuler
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August 30, 2023

Offshore drilling contractor Transocean (NYSE: RIG) has announced a new $222 million contract for its drillship Dhirubhai Deepwater KG1 in India.

The contract was signed with state-owned Oil and Natural Gas Corporation, the largest crude oil and natural gas producer in India. Transocean said 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 has seen increased demand for its fleet of high-specification semi-submersible rigs and drillships, i.e. “floaters,” as the offshore drilling market continues to rebound. In its Q2 2023 earnings release, the company reported $9.2 billion in contract backlog.

The Dhirubhai Deepwater KG1 is a sixth-generation drillship built in 2009.

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