Transocean Secures $188M Contract Extension

Transocean Ltd. (NYSE: RIG) has just announced a significant 365-day contract extension for its deepwater drillship, the Asgard, with an independent operator in the U.S. Gulf of Mexico. The contract extension is expected to bring in approximately $188 million in backlog, including additional services. This news comes as the company continues to solidify its position as a leading international provider of offshore contract drilling services for oil and gas wells.

Transocean's focus on technically demanding sectors of the global offshore drilling business, particularly in deepwater and harsh environment drilling services, has proven to be successful. The company currently owns or has partial ownership interests in a fleet of 35 mobile offshore drilling units, consisting of 27 ultra-deepwater floaters and eight harsh environment floaters. Additionally, Transocean is in the process of constructing one ultra-deepwater drillship.

This contract extension and the estimated $188 million in backlog it brings represent a significant development for Transocean, showcasing its continued ability to secure valuable contracts and maintain a strong position in the offshore drilling market. Following these announcements, the company's shares moved 2.6%, and are now trading at a price of $5.16. For the full picture, make sure to review Transocean's 8-K report.

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