Transocean signs newly built rig to 5-yr contract

NEW YORK

Transocean Ltd. said Monday its newly built drillship Dhirubhai Deepwater KG2, which is owned through the company's joint venture with Pacific Drilling Ltd., has started operating for India's Reliance Industries under a five-year drilling contract.

Financial terms of the contract were not disclosed.

The drillship is one of 24 Ultra-Deepwater semi-submersible rigs in the Transocean fleet. It is equipped to work in water depths of up to 12,000 feet and outfitted to construct wells up to 35,000 feet deep.

Transocean has four more of these drillships in various stages of construction or in preparation for contracts.

Shares rose 91 cents to $85.20 in afternoon trading.