Transocean Expands Offshore Backlog With Brazil and Norway Contracts

Transocean ( (RIG) ) has issued an update.

Transocean Ltd. reported it has secured a new contract in Brazil and an extension in Norway for two of its offshore drilling rigs, adding approximately $168 million in firm backlog. The Deepwater Mykonos was awarded a 302-day drilling campaign with bp in Brazil, expected to start in the third quarter of 2026 and contribute about $120 million in backlog, while three additional one-well options exercised for the Transocean Enabler in Norway will add roughly 105 days of continuous work, $48 million in backlog, and keep the rig committed through September 2027, bolstering the company’s revenue visibility and utilization in two key offshore markets.

The most recent analyst rating on (RIG) stock is a Hold with a $4.50 price target. To see the full list of analyst forecasts on Transocean stock, see the RIG Stock Forecast page.

Spark’s Take on RIG Stock

According to Spark, TipRanks’ AI Analyst, RIG is a Neutral.

Transocean’s overall stock score reflects a mix of financial challenges and positive technical momentum. The company’s financial performance is hindered by profitability issues, but technical indicators show strong upward momentum. The earnings call provided positive guidance, but valuation concerns due to negative earnings persist. The absence of a dividend yield further impacts the stock’s attractiveness.

To see Spark’s full report on RIG stock, click here.

More about Transocean

Transocean Ltd. operates in the offshore oil and gas drilling industry, providing deepwater and harsh-environment drilling services to major energy companies worldwide through its fleet of high-specification mobile offshore drilling units.

Average Trading Volume: 42,807,040

Technical Sentiment Signal: Hold

Current Market Cap: $4.67B

For a thorough assessment of RIG stock, go to TipRanks’ Stock Analysis page.