The incident occurred after a blowout on board the driller's inland barge with twenty-two people on board, of which 21 were successfully evacuated.
The cause of the explosion is under investigation and could take days or weeks to determine, according to Transocean.
The rig is under contract to TransTexas who have hired well control specialists Boots & Coots to extinguish the blaze and cap the well.
TransTexas have also installed containment booms in the area as a precautionary measure. An investigation is under way to determine the cause of the incident and a damage assessment to the rig has yet to be made.
The rig was drilling TransTexas' State Tract 331-9 development well in its Eagle Bay field. TransTexas operates the Eagle Bay field with a 75% working interest. Partner Davis Petroleum owns the remaining 25% stake.
