ONGC signs $222 million ultra-deepwater rig contract

Oil and Natural Gas Corp. Ltd. (ONGC) signed a binding notification of award to Transocean Ltd. for use of the Dhirubhai Deepwater KG1 ultra-deepwater drillship for work offshore India.

The 21-month program is expected to begin in first-quarter 2024 and will contribute an estimated $222 million in backlog, excluding a mobilization fee of $5 million, the drilling services provider said in a release Aug. 30.