Transocean awarded $1B in contracts

Transocean (RIG) announced awards of a contract for a harsh environment semisubmersible in Norway and contract extensions for two ultra-deepwater drillships in Brazil. In aggregate, the fixtures represent approximately $1.0B in incremental firm contract backlog. The Transocean Barents was awarded a 1,095-day contract with Vundefinedr Energi in Norway at a rate of $450K per day. The program is anticipated to commence by the middle of Q2 of 2027 and is expected to contribute approximately $490M in backlog. The contract also includes options that, if fully exercised, could keep the rig working in Norway into 2034. The Deepwater Orion was awarded a 1,095-day contract extension with Petrobras in continuation of its current activity. The extension is expected to contribute approximately $420M in incremental backlog and commit the rig through March 2030. The Deepwater Aquila was awarded a 365-day contract extension with Petrobras in direct continuation of its current activity. The extension is expected to contribute approximately $160M in incremental backlog and commit the rig through June 2028.