Transocean (NYSE: RIG), a number one offshore drilling contractor, has introduced a big new contract for its ultra-deepwater drillship Deepwater Atlas within the U.S. Gulf of Mexico.
The 365-day settlement with BP, valued at roughly $232 million, is about to start within the second quarter of 2028.
The contract, which incorporates an choice for a further twelve months, represents a day price of about $635,000. This new settlement follows current contracts secured earlier this yr for the Deepwater Atlas, together with a four-well contract at $505,000 per day and a two-well contract at $580,000 per day, each with further completion choices.
Jeremy Thigpen, Transocean’s Chief Government Officer, commented in July that the 2 previously-secured contracts are illustrative of present business dynamics and reinforce Transocean’s view that there’s an more and more tightening market.
“As we proceed to safe work for our fleet, our focus stays on optimizing our portfolio of property to maximise EBITDA and generate free money flows, which we are able to use to de-lever the stability sheet,” Thigpen mentioned upon releasing Transocean second quarter earnings in July.
The most recent contract underscores the rising demand for superior drilling rigs within the offshore power sector.
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