Transocean drillship gets $111 million to stay longer at drilling gig offshore India

Switzerland-based offshore drilling contractor Transocean has secured a multi-well contract extension for one of its drillships off the coast of India.

Reliance Industries hired Transocean’s Dhirubhai Deepwater KG1 drillship on a 300-day assignment in September 2024 to work on six wells offshore India.

As a result, the rig was scheduled to kick off the drilling campaign in the second quarter of 2026.

The operator also had multiple extension options at its disposal that could keep the drillship busy in the Asian country through the end of 2029.

According to Transocean, Reliance Industries has now exercised a four-well option, which will enable the rig to begin the estimated 270-day program in direct continuation of its firm term.

The extension will contribute approximately $111 million in backlog, excluding additional services.

The 2009-built Dhirubhai Deepwater KG1 sixth-generation ultra-deepwater drillship features a Samsung 12000 double-hull design.

With maximum water and drilling depths of 12,000 ft and 35,000 ft, respectively, the drillship can accommodate 180 people.

Currently, the rig works for India’s Oil and Natural Gas Corporation (ONGC) under a day rate of $347,500. This assignment is due to end in February 2026.

Transocean, which operates a fleet of 34 mobile offshore drilling units (MODUs), is allegedly mulling over a potential business combination with Seadrill, enabling it to increase its rig fleet to 49 units.

The Swiss player’s backlog was $9.3 billion in Q3 2024, an increase from $8.8 billion in Q2 2024 but still slightly lower than the $9.4 billion revealed at the end of October 2023.