Transocean awarded $300 million contract for ultra-deepwater drillship by ONGC
Type: Supply Agreement · Technology: Oil Gas · Country: India · Announced: 2026-08-21
Transocean has secured a two-year binding Letter of Award from ONGC for the Dhirubhai Deepwater KG2 drillship. The contract is valued at approximately $300 million, including additional services and mobilization fees. The campaign is scheduled to commence in the first quarter of 2027. The agreement includes two years of priced options, which if fully exercised, would extend the drillship's work in India until early 2031.
Analysis
Transocean has been awarded a $300 million contract by ONGC for its ultra-deepwater drillship, the Dhirubhai Deepwater KG2, in India. The agreement includes additional services and mobilization fees, with the campaign set to commence in the first quarter of 2027. This contract spans two years and includes two years of priced options, potentially extending the drillship's work in India until early 2031.
Key points
- Transocean awarded $300 million contract by ONGC
- Contract for Dhirubhai Deepwater KG2 drillship
- Campaign to commence in Q1 2027
- Two-year contract with two years of priced options
Counterparties
- Transocean (Supplier)
- ONGC (Buyer)
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