Transocean starts 7-year drilling contract for BP

AP News
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Posted: Nov 25, 2009 11:09 AM

Offshore drilling contractor Transocean Ltd. on Wednesday said it has launched its new rig, the Development Driller III, in the U.S. Gulf of Mexico under a seven-year drilling contract for a subsidiary of BP PLC.

The Development Driller III is a newbuild ultra-deepwater semisubmersible rig, one of 23 ultra-deepwater floaters in the Transocean fleet. It features advanced offshore drilling technology which equips the rig for drilling in water depths up to 7,500 feet, and for drilling wells up to 35,000 feet total depth.

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Financial terms of the contract weren't disclosed.

Transocean shares rose 20 cents to $85.63 in morning trading.