Transocean announced that one of its subsidiaries has been awarded 5-year drilling contracts for 2 newbuild high-specification jackup rigs for operations in Thailand for a subsidiary of Chevron Corporation.

The 5-year drilling contracts are expected to commence during the 1st quarter of 2013 and 3d quarter of 2013, respectively, following shipyard construction and mobilisation. The contract start dates are dependent on vendor performance and other factors, the company said in a statement.

The estimated revenues which could be generated over each five-year contract term are approximately US$246 million for each rig, excluding revenues for mobilisation, demobilisation, and miscellaneous adjustments.

The company name is often mentioned in connection with  a major environmental catastrophe in the Gulf of Mexico.

April 21, 2010, an explosion occurred at the company-owned drilling platform Transocean Deepwater Horizon, which is commissioned by BP produced drilling offshore Gulf of Mexico about 80 miles off the coast of Louisiana.