$745 million worth of contracts for three Transocean drillships

$745 million worth of contracts for three Transocean drillships

Offshore drilling contractor Transocean has added approximately $745 million in new contracts to its incremental backlog by securing work for three of its drillships.

Dhirubhai Deepwater KG1 drillship; Source: Transocean

In its quarterly fleet status report, Transocean said that the Dhirubhai Deepwater KG1 was awarded a 21-month contract in India at a rate of $347,500, as well as a 60-day extension at a rate of $348,000.

The 2009-built ultra-deepwater drillship is expected to finish the work in October 2025.

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Deepwater Aquila, currently under construction, won a three-year contract with Petrobras in Brazil at a rate of $448,000. Work is expected to start in June next year and end in June 2027.

Deepwater Invictus secured a 20-day contract in the U.S. Gulf of Mexico with an undisclosed client at a rate of $440,000. According to Transocean, the well has been completed.

The aggregate incremental backlog associated with these fixtures is approximately $745 million. As of October 18, the company’s total backlog is approximately $9.4 billion.

Last month, Transocean Aquila Limited kicked off a multi-million dollar private offering of senior secured notes due 2028, whose net proceeds from the notes will be used to partially finance the construction, acquisition, and improvement or alteration of the newbuild ultra-deepwater Deepwater Aquila (ex-West Aquila) drillship and to fund the initial debt service reserve.