The rig is currently contracted to Danish outfit Maersk until and was supposed to expire in February of 2016, according to Transocean's July fleet status report.
Under the new contract, the Sedco 704 will continue to work until April next year at a day rate of $219,000, translating to an estimated backlog of $9 million. The day rate of the current contract is $376,000, according to the report.
