Switzerland-based offshore drilling contractor Transocean has picked up a multimillion-dollar contract for one of its drillships off the coast of India.
A binding letter of award (LoA) from Reliance Industries will enable the Dhirubhai Deepwater KG1 drillship to work on six wells offshore India.
The program, estimated to take 300 days, is expected to begin in the second quarter of 2026 and contribute approximately $123 million in backlog, excluding additional services and a mobilization fee.
However, the contract award also entails multiple options, which, if exercised, would keep the rig busy in the Asian country through the end of 2029.
The 2009-built Dhirubhai Deepwater KG1 is a sixth-generation ultra-deepwater drillship, featuring a Samsung 12000 double-hull design, which was constructed at Samsung Heavy Industries Geoje, South Korea.
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.
Recently, Transocean confirmed multimillion-dollar contracts and extensions in the U.S. Gulf of Mexico, Norway, Australia, and Brazil for seven floater rigs.
The Swiss drilling giant, Valaris, Noble, Seadrill, and Diamond Offshore, seen as the top five floating rig market players, secured a combined total backlog of $21.8 billion up to the end of H1 2024.