Transocean Scores $518M Contract for Ultra-Deepwater Drillship in Gulf of Mexico

Offshore drilling contractor Transocean has secured a 1,080-day contract for one of its high-specification seventh-generation, ultra-deepwater drillships in the Gulf of Mexico, offshore Mexico.

The contract will contribute approximately $518 million in backlog, excluding revenue for mobilization and demobilization, and is expected to start between the fourth quarter of 2025 and the second quarter of 2026. 

Under the contract, awarded by an unnamed "independent operator", one of three drillships will be selected by Transocean from among Deepwater Invictus, Deepwater Thalassa, and Deepwater Proteus no later than one year before the earliest date in the commencement window.

The contractual dayrate is subject to a semi-annual cost adjustment mechanism with a baseline established as of July 1, 2023. There are no additional services provided under the contract.

“This award is especially encouraging on numerous fronts,” said Chief Executive Officer Jeremy Thigpen. “The fact that our customers are securing rigs well in advance of their programs and committing to long-term contracts clearly demonstrates the tightness of the market. Additionally, our ability to designate the specific rig closer to the commencement of the program provides us with increased flexibility to optimize the utilization of our high-specification fleet of ultra-deepwater drillships.”

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