Transocean Ltd. (NYSE: RIG) has been awarded a two-year contract with BHP Billiton (NYSE: BBL) worth $106 million for its ultradeepwater drillship Deepwater Invictus, the company said on Oct. 17.

Additionally, Transocean won three one-year priced options with BHP Billiton. The backlog associated with the firm contract is approximately $106 million. The contract is expected to commence in the second-quarter 2018.

“We are extremely pleased to continue working with BHP,” Jeremy Thigpen, BHP’s president and CEO, said. “Since we welcomed the Invictus into our fleet in 2014, the combination of BHP, Transocean and the Invictus has delivered industry-leading performance; and, we look forward to extending our productive relationship through this multiyear contract.”