Consequently, not only our tier 1 drillships pricing firmly in the low to mid 400,000s per day with an upward tilt, the lower capability UDW rigs are also being pulled higher.

Source: https://seekingalpha.com/article/4582494-noble-corporation-plc-ne-q4-2022-earnings-call-transcript?source=feed_all_articles

Exxon awarded an additional 6.3 years of backlog under the CEA, extending the contract duration for each of the four drillships operating under the CEA from Q4 2025 to Q2 2027.

Source: https://www.kaieteurnewsonline.com/2023/05/07/with-day-rates-increasing-exxon-driller-makes-guyana-its-prime-cash-cow/

Furthermore, the company has older drillships like (used to be called ENSCO DS-10) and (used to be called Atwood Advantage), which were built a decade ago and had significantly higher construction costs of $625 million and $600 million, respectively.

Source: https://seekingalpha.com/article/4639212-valaris-uncovering-cash-flow-potential-to-buy-back-shares?source=feed_all_articles

Transocean's high-specification drillships have been cold-stacked for many years already thus substantially increasing execution risk and reactivation expense.

Source: https://seekingalpha.com/article/4580923-transocean-q4-earnings-post-earnings-sell-off-provides-buying-opportunity?source=feed_all_articles

We foresee a continuation of the positive trend in day rates for both drillships and jackups due to strong demand and a constrained supply.

Source: https://seekingalpha.com/article/4639212-valaris-uncovering-cash-flow-potential-to-buy-back-shares?source=feed_all_articles

With the previously warm-stacked drillships Dhirubhai Deepwater KG2 scheduled to re-enter the active fleet this year, Transocean seems to have picked all the low-hanging fruits.

Source: https://seekingalpha.com/article/4580923-transocean-q4-earnings-post-earnings-sell-off-provides-buying-opportunity?source=feed_all_articles