Transocean Wins $300 Million Two‑Year Contract with ONGC
Transocean Ltd (NYSE:RIG) saw its share price increase by approximately 3% on Thursday following the announcement of a binding Letter of Award for a two‑year offshore drilling contract with India’s Oil and Natural Gas Corporation (ONGC). The contract, valued at about $300 million, assigns the Dhirubhai Deepwater KG2 drillship to ONGC and includes additional services and mobilization fees. Operations under the agreement are expected to commence in the first quarter of 2027.
The agreement also provides for two years of priced options; if ONGC fully exercises these options, the drillship’s engagement could be extended into early 2031.
Transocean operates a fleet of 27 mobile offshore drilling units, comprising 20 ultra‑deepwater floaters and seven harsh‑environment floaters, highlighting its specialization in technically demanding ultra‑deepwater and harsh‑environment drilling services.