Transocean Secures $300 Million Drilling Contract with India’s ONGC

Switzerland-headquartered and New York-listed offshore drilling giant Transocean has announced a significant expansion of its operations in the Indian market. The company has secured a two-year binding Letter of Award from India’s state-owned Oil and Natural Gas Corporation Ltd. (ONGC) for the utilization of its high-specification drillship, the Dhirubhai Deepwater KG2.

The strategic contract is slated to commence in the first quarter of 2027. According to Transocean, the campaign is projected to generate approximately $300 million in contract value. This figure includes the base drilling services as well as additional integrated services and mobilization fees required for the deployment.

This agreement marks a substantial commitment to the Indian offshore sector, with the potential for further extension. Transocean confirmed that the contract includes two one-year priced options. Should these options be fully exercised by ONGC, the Dhirubhai Deepwater KG2 will remain on assignment in India through early 2031, providing the drilling contractor with significant long-term revenue visibility.

The award underscores the continued demand for advanced deepwater assets as major energy producers like ONGC ramp up exploration and production efforts to meet regional energy requirements. As global offshore activity continues to tighten, securing such long-term agreements allows Transocean to solidify its footprint in key international growth markets.

For more details on this development, you can read the full report regarding the drilling campaign here.