Transocean clinches $232m drillship deal with BP

Swiss-based offshore drilling giant Transocean has won a 365-day contract for one of its ultra-deepwater drillships.

The contract was awarded by energy major BP to the 2022-built Deepwater Atlas which will work in the US Gulf of Mexico. The contract also includes a 365-day option.

The program is expected to begin in the second quarter of 2028 and contribute around $232m in backlog, excluding a mobilization fee. There are no additional services provided under the contract.

The drillship is currently working for Beacon Offshore in the Gulf of Mexico at a dayrate of $455,000. That deal will end in July 2025.

Earlier this year, Beacon awarded two extensions for the drillship. The first was for four wells from July 2025 to February 2026 for $505,000 per day. This contract comes with contingencies to perform three completions at the same dayrate between February and June 2026.

The other extension is for an even higher dayrate of $580,000 and is for two wells, also in the US Gulf of Mexico. This deal also comes with contingencies to perform two 20K completions at a dayrate of $650,000 from November 2026 to January 2027.