Transocean wins $518 million ultra-deepwater drillship contract from independent operator

Transocean Ltd.
RIG,
+7.00%
said Tuesday it has been awarded a $518 million ultra-deepwater drillship contract by an independent operator in the Gulf of Mexico offshore Mexico. “One of three drillships will be selected by Transocean from among Deepwater Invictus, Deepwater Thalassa, and Deepwater Proteus no later than one year prior to the earliest date in the commencement window,” the company said in a statement. The contract will contribute $518 million to the company’s backlog, excluding revenue for mobilization and demobilization and is expected to commence between the fourth quarter of 2025 and second quarter of 2026. Transocean is a provider of offshore contract drilling services for oil and gas wells. The stock has gained 74% in the year to date, while the S&P 500
SPX,
+0.72%
has gained 17.8%.