The Deepwater Millennium is one of 34 high-specification floaters in the Transocean fleet, 13 of which are ultra-deepwater floaters. The rig, which entered service in 1999, is capable of operating in water depths of up to 10,000 feet.

Transocean noted that the estimated contract revenues which could be generated over the three-year contract period are approximately $586 million.

Estimated contract revenues represent the maximum amount of revenues that may be earned in the firm contract period, excluding revenues for mobilization, demobilization and cost escalations.