Transocean Ltd (NYSE: GEAR) introduced Tuesday that its ultra-deepwater drillship Deepwater Invictus has actually been granted a two-year agreement with choices by a subsidiary of BHP Billiton.

Transocean stated the stockpile related to the company agreement is roughly $106 million as well as the agreement will certainly start in the 2nd quarter of 2018. It consists of 3 1 year valued choices.

The Deepwater Invictus was supplied in 2014 as well as is ranked to a water deepness of 12,000 feet. It has actually invested virtually its whole occupation got to BHP.

“We are extremely pleased to continue working with BHP,” stated President as well asChief Executive Officer Jeremy Thigpen “Since we welcomed the Invictus into our fleet in 2014, the combination of BHP, Transocean and the Invictus has delivered industry-leading performance; and, we look forward to extending our productive relationship through this multi-year contract.”

A representative for BHP stated the awarding of the agreement sustains its expedition concentrate on the 3 Tier 1 deep-water chances in the United States Gulf of Mexico, Mexico, as well as the Caribbean.

According to Transocean’s most current fleet standing record, Deepwater Invictus is presently acquired to BHP Billiton for procedures in the Gulf of Mexico at a day price of $592,000. The present agreement covers from January 2017 via November 2017.