Transocean Secures Contract Extensions for Three Rigs in India, Norway, and Australia

Switzerland-based offshore drilling contractor Transocean has recently announced new contract extensions for three of its rigs, including a drillship and two semi-submersible rigs. These contracts will see the rigs operating off the coasts of India, Norway, and Australia, further solidifying Transocean’s position in the offshore drilling market.

Contract Details

Transocean’s total backlog received a significant boost with these new contract extensions, bringing the company’s total backlog to approximately $8.3 billion as of February 12, 2025. The new quarterly fleet status report shows that three rigs have secured additional work with a backlog of around $175 million.

The Dhirubhai Deepwater KG1 drillship, operating in India, has secured a four-well contract extension with Reliance Industries at a day rate of $410,000. This extension will keep the drillship busy until November 2027, with additional priced options available for further work. The drillship, which can operate in water depths of up to 12,000 feet, is currently working for India’s Oil and Natural Gas Corporation (ONGC).

In Norway, the Transocean Enabler semi-submersible rig has secured a three-well option with Equinor at a day rate of $428,000. This rig, originally built in 2016, will be working at the Johan Castberg field, with new wells scheduled to be drilled between September 2026 and February 2027.

Lastly, in Australia, the Transocean Endurance semi-submersible rig has had a one-well option exercised by Woodside at a day rate of $390,000. This rig, with a maximum drilling depth of 27,887 feet, is set to begin its drilling campaign in the Black Sea this April after completing preparations in Constanta.

Company Overview

Transocean’s fleet consists of 34 mobile offshore drilling units, including 26 ultra-deepwater floaters and eight harsh environment floaters. The company’s strong presence in key offshore drilling markets, coupled with these recent contract extensions, positions Transocean as a leading player in the global offshore drilling industry.

With a total backlog of $8.3 billion and a diverse portfolio of rigs operating in strategic locations, Transocean is well-positioned to capitalize on opportunities in the offshore drilling sector and continue delivering value to its clients.