Offshore contract drilling services company Transocean Inc. said Thursday it received a contract for $900 million by a subsidiary of BP PLC.
The five-year contract is for a new drillship with modified specifications for offshore drilling in Angola. It is initially worth $900 million over five years but could be worth about $1.16 billion if the contract is extended to seven years. The contract is expected to start during third quarter of 2010.
Shares of Transocean rose $3.20 to $106.61, while shares of BP rose 34 cents to $69.23.
Questions or comments about this story should be directed to Damian J. Troise at 212-621-7190
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