Transocean reported that its drilling contract backlog had reached approximately $8 billion as of 2 November 2026, following the addition of about $2 billion in firm commitments since its previous fleet update in August.
The increase reflects drilling awards, exercised contract options and the conversion of previously announced agreements into firm backlog. Several of the contracts included in the latest quarterly Fleet Status Report had already been disclosed separately during October.
According to the company’s third-quarter 2026 results, nine new contract fixtures were recorded since the August report, with a weighted average dayrate of approximately $423,000.
The latest Fleet Status Report identifies drilling commitments across Equatorial Guinea, the US Gulf of Mexico, India and Norway, involving both ultra-deepwater drillships and harsh-environment semisubmersible rigs.
The 2016-built drillship Deepwater Conqueror has secured a two-well program with an undisclosed operator in Equatorial Guinea. Drilling is scheduled between January and July 2027 at a dayrate of $465,000.
The vessel is then expected to return to the US Gulf of Mexico for a separate five-well assignment, with operations scheduled from August 2027 to November 2028 at $499,000 per day.
The US Gulf contract was previously announced on 19 October, when Transocean disclosed that the estimated 450-day campaign would generate approximately $225 million in firm backlog, excluding mobilization fees.
Deepwater Conqueror has been working in the US Gulf since October 2025 under an earlier agreement. A previously secured extension provides employment through January 2027 at a dayrate of $530,000.
Another 2016-built drillship, Deepwater Proteus, received a ten-well assignment from an undisclosed US Gulf operator. The work is scheduled from February 2027 until January 2029, with a contractual dayrate of $465,000.
That award was also announced on 19 October. The company estimated approximately 700 days of drilling activity and $325 million in firm backlog, with the campaign expected to follow the rig’s existing US Gulf commitments.
Separately, a customer exercised one of two single-well options associated with an earlier two-well drilling contract for Deepwater Proteus. The additional well is estimated to require 60 days.
In India, Transocean confirmed a binding two-year Letter of Award from ONGC for the 2010-built drillship Dhirubhai Deepwater KG2.
The assignment is scheduled to begin in February 2027 at a dayrate of $389,000. Priced extension options could keep the rig under contract through February 2031 if exercised.
Additional work was recorded for the company’s semisubmersible fleet. An unnamed operator exercised a single-well option for Transocean Equinox, covering an estimated 50 days between November 2026 and January 2027 at a reported dayrate of $485,000.
In Norway, Transocean Norge had already received a two-well award from A/S Norske Shell, which Transocean announced on 9 October.
The estimated 120-day program is expected to begin immediately after the rig’s existing Norwegian assignments. It represents approximately $62 million in firm backlog, excluding additional services, and includes an option for one more well.
The Norwegian award was also covered in an earlier HMT News report alongside the approval of a separate agreement involving three other semisubmersible rigs.
That larger agreement involves Equinor and the harsh-environment units Transocean Enabler, Transocean Encourage and Transocean Endurance.
Final approval was received in late September, allowing approximately $1 billion associated with the previously announced agreement to be included in firm contract backlog. Transocean publicly confirmed the approval on 9 October.
The combination of these contracts, exercised options and previously announced commitments accounts for approximately $2 billion in incremental backlog recorded since the August fleet update.
As of 2 November 2026, Transocean operated 27 mobile offshore drilling units, comprising 20 ultra-deepwater floaters and seven harsh-environment floaters.
