Offshore contract drilling services company Transocean Inc. said Monday it agreed to license its patented dual drilling oil rig design to Pride International.
Under the agreement between two subsidiaries of the companies, Pride agreed to pay $10 million plus royalties to Transocean for the first rig that Pride builds, and $15 million plus royalties for each additional rig.
Transocean developed the dual drilling design in 1996, as part of a project to construct wells in deepwater more efficiently.
In morning trading, shares of Transocean fell 7 cents to $110.43 and Pride shares rose 20 cents to $38.70. Earlier in the session, Pride hit a new 52-week high of $39.
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