BP, Petrobras keeping Transocean rig duo busy in US Gulf and Brazil

October 2, 2025, by Melisa Cavcic

Two drillships, which are part of a rig fleet owned by Switzerland-based offshore drilling contractor Transocean, are staying in the Gulf of America (Gulf of Mexico) and Brazil, thanks to multimillion-dollar contract options, which the UK-headquartered BP and Brazil’s Petrobras decided to take advantage of to prolong the rigs’ existing assignments.

Deepwater Atlas drillship; Source: Transocean

Transocean has secured approximately $243 million through exercised options for two ultra-deepwater drillships, which enabled it to boost its contract backlog. The firm, which owns or holds partial ownership interests in and operates a fleet of 27 mobile offshore drilling units (MODUs), has 20 ultra-deepwater floaters and seven harsh environment rigs.

The first option was used by BP, which opted to extend the Deepwater Atlas drillship’s job in the U.S. Gulf of America for 365 days in direct continuation of the rig’s firm contract. This is expected to contribute around $232 million to the Swiss player’s backlog.

The MODU, perceived to be the world’s first eighth-generation drillship with the 20,000 psi well control system upon delivery, won a 365-day contract with BP last year in the U.S. Gulf at a day rate of $635,000.

With the capacity to accommodate a crew of 220, the 2022-built Deepwater Atlas drillship can work in 12,000 feet of water depth and drill to depths of 40,000 feet.

BP books Transocean’s first eighth-gen drillship for 365-day drilling program

Project & Tenders

Petrobras exercised the next option for the Deepwater Mykonos drillship, which will stay for 30 more days in Brazil, bringing approximately $11 million in backlog. This follows a 60-day contract extension the Brazilian giant used for the same rig earlier this year.

With an Enhanced Samsung 10000 design, the 2011-built Deepwater Mykonos drillship can accommodate 205 people. While the rig’s maximum drilling depth is 35,000 feet, its maximum water depth is 10,000 feet.

The additional work with BP and Petrobras comes shortly after the firm disclosed plans to sell five stacked rigs, entailing four drillships and one semi-submersible rig.