Transocean is the second-largest offshore drilling contractor in the world (by market cap). In the third quarter of 2009, the company owned 136 mobile offshore drilling platforms, including 42 high-specification floaters, 26 midwater floaters, 10 high-specification jackups, and 55 standard jackups. Transocean's rigs are floating, mobile drillships that the company rents, along with the equipment and personnel needed for operations, to oil and gas companies at a daily rate. The company manufactures drilling rigs for all depths, including deepwater, and has ten ultra-deepwater vessels in production - and it has higher dayrates and a vastly larger fleet than competitors like Noble and Diamond Offshore Drilling.^[1] Most of Transocean's drilling is occurring in the Far East, the U.K.., Middle East and the U.S. Gulf of Mexico, as well as parts of Africa and Asia.^[2]

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