Offshore drilling contract service provider Transocean said it has secured an agreement for the Dhirubhai Deepwater KG1 platform.
The company said in its press release that the Oil and Natural Gas Corporation (ONGC) has granted a Binding Award Notification for work outside India.
According to the company, the program has a term of 21 months and is expected to start in the first quarter of 2024. The work brings an estimated portfolio of $222 million, excluding a mobilization fee of $5 million, according to the statement.
Dhirubhai Deepwater KG1 is a Samsung 12000 double hull 6th generation DP drillship built in 2009 by Samsung Heavy Industries. It can operate in water depths of up to 12,000 feet (3,658 m) and has a maximum drilling depth of 35,000 feet (10,668 m).
The ultra-deepwater drilling rig is one of 37 mobile offshore drilling units that Transocean operates, owns or partially owns. The fleet consists of 28 ultra-deep water floats and nine harsh environment floats. In addition, Transocean has a non-controlling interest in a company that is building an ultra-deepwater drillship.
The deal follows a recent report of a $165 million net loss for the three months ended June 30, 2023 for Transocean.
The company also said its contract drilling revenue for the three months ended June 30, 2023, rose sequentially from $80 million to $729 million, primarily due to increased activity from rigs that returned to service after being idle in the first quarter, the start of operations of the newbuild Deepwater Titan and $19 million of revenue associated with the early completion of Transocean Endurance and Transocean Barents, partially offset by the reduction of the activity of two platforms that were inactive in the second quarter of 2023.
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