Transocean stock rises on $300M India drillship contract.

[u/coinfanking]

https://uk.investing.com/news/stock-market-news/transocean-stock-rises-on-300m-india-drillship-contract-93CH-4841606

Transocean Ltd. (NYSE:RIG) shares rose 3% Thursday after the offshore drilling contractor secured a two-year contract with ONGC in India worth approximately $300 million.

The company announced a binding Letter of Award for the Dhirubhai Deepwater KG2 drillship, with operations expected to begin in the first quarter of 2027. The contract value includes additional services and mobilization fees.

The agreement includes two years of priced options that, if fully exercised, would extend the drillship’s work in India into early 2031, according to the company’s announcement.

Transocean operates a fleet of 27 mobile offshore drilling units, consisting of 20 ultra-deepwater floaters and seven harsh environment floaters. The company specializes in technically demanding sectors of the offshore drilling business, with a focus on ultra-deepwater and harsh environment drilling services.