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Transocean Ltd. has strengthened its presence in the offshore drilling market after securing new contracts and extensions that increase its backlog by approximately $1 billion.
The agreements cover operations in Norway and Brazil, two of the main hubs for deepwater activity.
New offshore drilling operations
First, the semi-submersible rig Transocean Barents, designed for harsh environments, was awarded a 1,095-day contract with Vår Energi ASA in Norway. The agreement includes a day rate of $450,000, excluding additional services.
Operations are expected to begin in mid-second quarter 2027. This contract will contribute approximately $490 million to the company’s backlog. It also includes options that could extend the unit’s activity until 2034.
Extensions in Brazil with Petrobras
Furthermore, the company consolidated its relationship with Petrobras by extending contracts for two ultra-deepwater drillships.
The Deepwater Orion will continue to operate under a new 1,095-day contract extending until March 2030. This extension will generate approximately $420 million in additional revenue. During the period prior to the extension, the existing backlog will undergo an estimated adjustment of $20 million.
Similarly, the Deepwater Aquila received a 365-day extension that will ensure its operation until June 2028. This agreement will add around $160 million to the company’s backlog. In this case, the prior adjustment to the backlog will be approximately $10 million.
With these agreements, Transocean significantly increases its contract backlog, reinforcing its position in the offshore drilling segment. The company, which specializes in technically demanding environments, continues to focus on high-performance assets and long-term contracts.
Source and photo: Transocean