Transocean Secures Offshore Drilling Contract in the Black Sea for $465,000 Per Day

Offshore drilling contractor Transocean Ltd. (NYSE: RIG) has announced a significant contract for its harsh-environment drilling rig, Transocean Barents, in the Romanian sector of the Black Sea. The contract, with OMV Petrom S.A., spans a minimum of 540 days and comes at a rate of $465,000 per day, excluding additional services.

The program is expected to commence in the first quarter of 2025 and will contribute approximately $251 million to Transocean's backlog.

For each day beyond the initial 540 days, the operating dayrate will be $480,000. The contract also includes two option periods.

Transocean's contract backlog received a significant boost in the third quarter, with an addition of $745 million. This brought the company's backlog to approximately $9.4 billion, highlighting the continued demand for offshore drilling rigs, especially high-spec ultra-deepwater and harsh environment units.

The Transocean Barents is a harsh-environment dual-activity semi-submersible. The rig was built in 2009 and can operated in water depths up to 10,000 feet and drill to 30,000 feet.