Transocean Ltd. (NYSE: RIG) announces that the ultra-deepwater drillship, Deepwater Conqueror, has been awarded a two-year contract by a major operator for work in the U.S. Gulf of Mexico at $440,000 per day with up to an incremental $39,000 per day for additional products and services.

Excluding revenue associated with the additional products and services, the new contract adds an estimated $321 million in backlog and is expected to begin in December 2022 in direct continuation of the rig’s current contract.