Deepwater Atlas. Photo courtesy Sembcorp Marine
Transocean (NYSE: RIG), a leading offshore drilling contractor, has announced a significant new contract for its ultra-deepwater drillship Deepwater Atlas in the U.S. Gulf of Mexico.
The 365-day agreement with BP, valued at approximately $232 million, is set to commence in the second quarter of 2028.
The contract, which includes an option for an additional 365 days, represents a day rate of about $635,000. This new agreement follows recent contracts secured earlier this year for the Deepwater Atlas, including a four-well contract at $505,000 per day and a two-well contract at $580,000 per day, both with additional completion options.
Jeremy Thigpen, Transocean’s Chief Executive Officer, commented in July that the two previously-secured contracts are illustrative of current industry dynamics and reinforce Transocean’s view that there is an increasingly tightening market.
“As we continue to secure work for our fleet, our focus remains on optimizing our portfolio of assets to maximize EBITDA and generate free cash flows, which we can use to de-lever the balance sheet,” Thigpen said upon releasing Transocean second quarter earnings in July.
The latest contract underscores the growing demand for advanced drilling rigs in the offshore energy sector.
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