Transocean Ltd. (NYSE: RIG) (“Transocean”) today announced a two-year binding Letter of Award for the Dhirubhai Deepwater KG2 with ONGC in India. The campaign is expected to commence in the first quarter of 2027 and contribute approximately $300 million in contract value, inclusive of additional services and mobilization fees. The contract includes two years of priced options that, if fully exercised, would result in the drillship working in India into early 2031.

About Transocean

Transocean is a leading international provider of offshore contract drilling services for oil and gas wells. The Company specializes in technically demanding sectors of the global offshore drilling business with a particular focus on ultra-deepwater and harsh environment drilling services and operates the highest specification floating offshore drilling fleet in the world.

Transocean owns or has partial ownership interests in and operates a fleet of 27 mobile offshore drilling units, consisting of 20 ultra-deepwater floaters and seven harsh environment floaters.

About Oil and Natural Gas Corporation Limited (ONGC)

Having discovered seven out of the eight producing basins of India, ONGC has the largest exploration acreage in the country and is the holder of the largest mining license in India. ONGC has steadfastly maintained a Reserve Replenishment Ratio (RRR) of more than one (2P reserves) for the last ten years. ONGC produces 63 percent of the India ’s Oil & Natural Gas. ONGC has a unique distinction of being a company with in-house service capabilities in all areas of exploration and production of oil and gas and related oil-field services.