Transocean rises after winning $531M ultra-deepwater drillship contract
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Transocean (NYSE:RIG) +4.2% pre-market Wednesday after saying it secured a three-year contract for its Deepwater Invictus ultra-deepwater drillship with BP (BP) for work in the U.S. Gulf of Mexico.
The program is scheduled to begin in Q1 2025 and is estimated to contribute $531M to Transocean’s (RIG) backlog.
Transocean (RIG) recently issued a quarterly fleet status report that added $656M in incremental backlog associated with the fixtures; as of July 24, the company’s total backlog is ~$8.8B.