Transocean’s Drillship to Stay in Gulf of Mexico Under $195M Contract Extension

Deepwater Asgard (Credit: Transocean)
Deepwater Asgard (Credit: Transocean)

Offshore drilling contractor Transocean has secured a contract extension for its Deepwater Asgard drillship with Hess Corporation for operations in the U.S. Gulf of Mexico.

The 365-day contract extension for Deepwater Asgard is valued at $195 million. It includes a $10.9 million lump sum payment, which is not included in the estimated backlog of approximately $184 million.

The program is expected to start in June 2024 in direct continuation of the rig’s current program and includes additional services.

The drillship has been on a dayrate $440,000 in U.S. Gulf of Mexico under contract with Hess Corporation which expired in April 2024, up from $395,000 paid under previous contract.

Deepwater Asgard, built in 2014, is an ultra deepwater drillship of DSME 12000 design. With a maximum drilling depth of 40,000 ft, the rig is able to operate in water depths of up to 12,000 ft, and can accommodate 200 people.

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