Transocean has clinched a lucrative $540,000/day contract for its semi-submersible Transocean Barents, setting a new benchmark in day rates for offshore drilling. The rig is slated to begin work on OMV Petrom’s Neptun Deep campaign in the Black Sea, offshore Romania, in the first quarter of 2025. The 540-day deal highlights the growing importance of the Black Sea as a hub for energy exploration and Transocean’s stronghold in the ultra-deepwater market.

The operation comes with unique logistical challenges, as the rig’s towering derrick had to be temporarily dismantled to pass under the Bosporus Bridge, a feat rarely attempted. The derrick will be reassembled once the rig reaches its drilling site. With rising interest in the Black Sea’s untapped potential, this project not only showcases Transocean’s expertise but also underscores the region’s emergence as a key offshore drilling frontier.