Transocean rig trio’s ongoing drilling gigs get an encore

Switzerland-based offshore drilling contractor Transocean has landed a new set of contract extensions for three floaters, encompassing one drillship and two semi-submersible rigs, working off the coast of India, Norway, and Australia.

Following the aggregate incremental backlog associated with four contracts and four extensions in Q3 2024, of approximately $1.3 billion, Transocean’s total backlog was around $9.3 billion on October 24, 2024. The rig owner’s new quarterly fleet status report shows three rigs secured more work with an associated backlog of about $175 million. As a result, the company’s total backlog is approximately $8.3 billion as of February 12, 2025.

Based on Transocean’s data, the Dhirubhai Deepwater KG1 drillship picked up a four-well contract extension with Reliance Industries in India at a day rate of $410,000. This extends the drilling assignment to November 2027. Additional priced options remain on the menu. The drillship currently works for India’s Oil and Natural Gas Corporation (ONGC) under a day rate of $347,500.

The rig’s assignment is slated to end in February 2026. With a maximum drilling depth of 35,000 feet (10.67 kilometers), the sixth-generation ultra-deepwater drillship can operate in water depths of 12,000 feet (3.66 kilometers). The 2009-built Dhirubhai Deepwater KG1 drillship features a Samsung 12000 double-hull design and can accommodate 180 people.

The rig owner also got a hold of a three-well option with Equinor for the Transocean Enabler semi-submersible rig in Norway at a day rate of $428,000. Before the extension, the harsh environment semi-submersible rig secured a 19-well contract plus eight well options at the Johan Castberg field.

While the contract value was estimated at $415 million, the fixed part accounted for $295 million. The work for new wells is anticipated to be done between September 2026 and February 2027. The 2016-built Transocean Enabler semi-submersible rig was constructed at Daewoo Shipbuilding & Marine Engineering in South Korea as Songa Enabler. This rig is of GVA 4000 NCS design and can accommodate 130 people.

The Swiss player also confirmed that a one-well option was exercised by Woodside in Australia at a day rate of $390,000 for the Transocean Endurance semi-submersible rig, which previously got its hands on a one-well option and a five-well extension.

The 2015-built Transocean Endurance semi-submersible CAT D rig, featuring a GVA 4000 NCS design, can accommodate 130 people. The unit was constructed at Daewoo Shipbuilding & Marine Engineering in South Korea. The rig’s maximum drilling depth is 27,887 feet (8.5 kilometers).

Another one of the company’s semi-submersible rigs is wrapping up its preparations in Constanta to begin a long-term drilling campaign on a natural gas project in the Black Sea this April. Transocean’s rig fleet entails 34 mobile offshore drilling units (MODUs), including 26 ultra-deepwater floaters and eight harsh environment floaters.