Transocean Wins $300M ONGC Deal for Dhirubhai Deepwater KG2, Shares Jump 3%
RIG has more than doubled off its 52-week low of $2.76.
Summary
Transocean secured a two-year, $300 million Letter of Award from ONGC for the Dhirubhai Deepwater KG2 drillship, starting Q1 2027, with two priced option years that could extend work into 2031. This follows yesterday's report of a $300 million ultra-deepwater drillship contract, but today's news identifies the counterparty, rig, and duration. The stock rose about 3% to $6.01 on the announcement. The deal adds to a growing backlog that already includes a $1 billion Equinor contract and $185 million in harsh-environment awards. Earnings are due October 28, 2026, with consensus EPS of $0.03 on revenue of $925.35 million.
At the time of this announcement, RIG was trading at $6.00 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $6.7B. The 52-week trading range was $2.76 to $7.66. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Wiseek News.