$195m Drillship Extension for Transocean

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Updated Published

Transocean, an offshore drilling contractor, has secured a one-year contract extension for its ultra-deepwater drillship, Deepwater Asgard, in the US Gulf of Mexico. 

The deal, valued at $195 million, will extend into 2024. While the client remains unnamed, only described as "an independent operator," speculation suggests Hess could be the operator, given the drillship's current engagement under a similar arrangement. 

The comprehensive contract value includes a $10.9 million one-time payment, separate from the projected backlog of about $184 million. 

This extension, kicking off in June 2024, will seamlessly follow the drillship's existing contract and is set to incorporate additional services. Notably, the ongoing $440,000 contract with Hess features options for three additional one-year extensions, subject to mutual agreement on dayrates.