Drilling giant Transocean is set to win a key rig contract from state-owned Oil & Natural Gas Corporation (ONGC) for its operations off India’s east coast.

Industry sources said that Transocean has emerged as the lowest bidder in an ONGC tender for the charter of a drillship or semi-submersible capable of drilling in 600 metres of water.

“Transocean has offered the lowest operating dayrate of $127,000 for one of their semi­subs,” one drilling source said of a rig contract that is expected to last for 730 days from the start of drilling operations.

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