Transocean strikes deal for Ultra-Deepwater Drillship in Mexico

Transocean has revealed yesterday a $518 million ultra-deepwater drillship deal in Mexico.

Offshore drilling provider Transocean announced that an independent operator awarded a contract for a seventh-generation ultra-deepwater drillship in the Gulf of Mexico offshore Mexico.

Transocean said the contract covers 1,080 days and will contribute approximately $518 million in company´s backlog, excluding revenue for mobilization and demobilization.

The deal is expected to commence between the fourth quarter of 2025 and second quarter of 2026.

One of three drillships will be selected by Transocean from among Deepwater Invictus, Deepwater Thalassa, and Deepwater Proteus no later than one year prior to 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, as Transocean mentions.

“This award is especially encouraging on numerous fronts. 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,” said Transocean CEO Jeremy Thigpen.

”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”, Thigpen noted.

Transocean, a provider of offshore contract drilling services for oil and gas wells, owns or has partial ownership interests in and operates a fleet of 37 mobile offshore drilling units, consisting of 28 ultra-deepwater floaters and 9 harsh environment floaters.