A subsidiary of Transocean Inc. has been awarded a five-year, $900 million drilling contract for an enhanced Enterprise-class design, newbuild drillship by a subsidiary of BP PLC.
The drilling contract is expected to begin in the third quarter of 2010, following the vessel's trials and acceptance. The Houston-based offshore drilling contractor will then be involved in drilling operations offshore Angola in which London-based BP is the operator.
Transocean said the contract may be extended to seven years, for a total value of $1,159 million.
Construction of the drillship, which is expected to be owned and operated by a joint venture that is 65 percent owned by Transocean (NYSE: RIG - News) and 35 percent owned by an Angolan partner, is scheduled to take place at the Daewoo Shipbuilding and Marine Engineering Co. Ltd. yard in Okpo, South Korea.
Your Ads At Here
