Transocean Ltd. (NYSE: RIG) (Transocean) announced that an independent operator awarded a 1,080-day contract for a high-specification seventh-generation, ultra-deepwater drillship in the Gulf of Mexico offshore Mexico. One of three drillships will be selected by Transocean from among Deepwater Invictus, Deepwater Thalassa, and Deepwater Proteus no later than one year prior to the earliest date in the commencement window.

The contract will contribute approximately $518 million in backlog, excluding revenue for mobilization and demobilization, and is expected to commence between the fourth quarter of 2025 and second quarter of 2026. The contractual dayrate is subject to a semi-annual cost adjustment mechanism with a baseline established as of July 1, 2023. There are no additional services provided under the contract.

“This award is especially encouraging on numerous fronts,” said Chief Executive Officer Jeremy Thigpen. “The fact that our customers are securing rigs well in advance of their programs and committing to long-term contracts clearly demonstrates the tightness of the market. Additionally, our ability to designate the specific rig closer to the commencement of the program provides us with increased flexibility to optimize the utilization of our high-specification fleet of ultra-deepwater drillships.”

About Transocean

Transocean is a leading international provider of offshore contract drilling services for oil and gas wells. Transocean specializes in technically demanding sectors of the global offshore drilling business with a particular focus on 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 37 mobile offshore drilling units, consisting of 28 ultra-deepwater floaters and nine harsh environment floaters. In addition, Transocean holds a noncontrolling ownership interest in a company that is constructing one ultra-deepwater drillship.