Transocean secures $232M drillship deal with BP

Transocean (NYSE:RIG) +4.3% pre-market Wednesday after announcing a 365-day contract for the Deepwater Atlas ultra-deepwater drillship with BP in the U.S. Gulf of Mexico, as well as a 365-day option.

Transocean (RIG) said it expects the drilling program will begin in Q2 2028 and contribute ~$232M in backlog.

The drillship is currently working for Beacon Offshore in the Gulf of Mexico at a $455K dayrate, with two extensions – one for four wells from July 2025 to February 2026 at a $505K dayrate, and another for two wells at a $580K dayrate.

Earlier this week, Transocean (RIG) secured a contract for 300 days of work offshore India with Reliance Industries, plus multiple options, which is estimated to contribute ~$123M in backlog.