Transocean Inks $193M Ultra-Deepwater Drillship Contract

Transocean Inks $193M Ultra-Deepwater Drillship Contract

Offshore driller Transocean Ltd. RIG has achieved another significant milestone by signing a one-year contract for its ultra-deepwater drillship, Deepwater Conqueror. The new operator remains undisclosed, but it is currently engaged with US energy giant Chevron in the Gulf of Mexico. The contract, which is scheduled to begin by October 2025, is valued at about $193 million and is also expected to grow the company’s backlog substantially. As of July 2024, Transocean had a backlog of $8.64 billion.

Listen to the podcast

*This podcast may contain errors or misrepresentation of information, please make sure to verify any data presented with other sources.

RIG’s Advanced Deepwater Conqueror

Built in 2016, The Deepwater Conqueror is a remarkable asset in Transocean’s fleet. This drillship can work in the water depths of 12000 feet (approximately 3658 meters) and can drill up to a maximum depth of 40000 feet (12192 meters). This rig can accommodate up to 240 people and is scheduled to work for Chevron till April 2025, aligning perfectly with the schedule of the new contract.

One More Addition to RIG’s Previous Contracts

This transaction adds one more feather to a series of successful contracts RIG has signed recently, including the one with BP in the Gulf of Mexico and another multi-million dollar contract for drilling work off the coast of India.

For investors, a new drilling job or the growth in backlog is of utmost importance as it directly influences Transocean’s sales, earnings and cash flows. As the offshore driller secures new contracts, its financial outlook is bolstered, creating a positive trajectory for the company and its stakeholders.

Published: 24-10-2024