Transocean Ltd. (NYSE: RIG) announced a two-year binding Letter of Award for the drillship Dhirubhai Deepwater KG2 with Oil and Natural Gas Corporation (ONGC) in India, according to a press release.

The campaign is expected to begin in the first quarter of 2027 and contribute approximately $300 million in contract value, including additional services and mobilization fees.

The contract includes two years of priced options that, if fully exercised, would extend the drillship's work in India into early 2031.

Transocean, headquartered in Steinhausen, Switzerland, operates a fleet of 27 mobile offshore drilling units, comprising 20 ultra-deepwater floaters and seven harsh environment floaters.