Delivery of the jackup drilling rig is expected in the fourth quarter of next year.

The rig is capable of operating in water depths up to 400ft and constructing wells 30,000ft deep.

It will feature advanced offshore drilling technology, including offline tubular handling features and simultaneous operations support.

Transocean CEO Steven Newman said that the one-year delivery schedule gives the company sufficient time to pursue a number of opportunities available in the marketplace to secure an attractive contract for the rig.