Offshore drilling company Transocean (NYSE: RIG) was in the money on Tuesday, and investors handsomely rewarded its stock for this. Its price rose to end the day nearly 7% higher, a performance that was down to a new, nine-figure deal signed by the company.

Before market open, Transocean announced it had been awarded a $518 million contract for one of its ultra-deepwater drillships to operate in the Gulf of Mexico. The counterparty was identified only as "an independent contractor."

The arrangement spans 1,080 days and will involve a drillship of Transocean's choosing. It currently has three at its disposal and will make its selection at least one year before the earliest date in the commencement window. 

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Source Fool.com