Transocean secures $486m contract for Deepwater Aquila offshore Brazil

Transocean Ltd. (NYSE: RIG), a leading player in offshore drilling, today announced a three-year contract for its new ultra-deepwater drillship, the Deepwater Aquila, with a national oil company in Brazil. Slated to commence in Q3 2024, the contract represents a firm backlog of approximately $486 million, excluding a mobilization fee calculated at 90 times the contract’s daily rate.

Transocean Boosts Ultra-Deepwater Drillship Fleet

In a parallel development, Transocean has entered into an agreement to acquire the remaining interests in Liquila Ventures Ltd., the company formed to acquire the Deepwater Aquila. The acquisition comes from its joint venture partners, Perestroika and Lime Rock Partners. Once finalized, Transocean will own and operate eight of the twelve 1,400 short-ton hookload ultra-deepwater drillships globally. The Deepwater Aquila is expected to be delivered from the shipyard in October 2023.

Funding the Future: Financing for Deepwater Aquila

In line with the execution of the Deepwater Aquila drilling contract and the acquisition of outstanding interests in Liquila Ventures Ltd., Transocean is actively exploring various debt financing alternatives. These financial avenues aim to partially fund the costs associated with acquiring the rig from the shipyard and preparing it for its high-profile contract in offshore Brazil.