Development Driller III is a fifth generation, Vanuatu-flagged dynamic positioning semi-submersible ultra-deepwater drilling rig owned by Transocean and operated under lease agreements by various petroleum exploration and production companies worldwide. The vessel is capable of drilling in water depths up to 7,500 feet (2,300 m) with drilling depth of 35,000 feet (11,000 m), upgradeable to 37,500 feet (11,400 m).