Transocean has added about $1.0 billion to its backlog after securing a new contract in Norway and contract extensions for two drillships offshore Brazil.
The new Norway award covers the harsh-environment semisubmersible Transocean Barents. Vår Energi fixed the rig on a 1,095-day contract at a day rate of $450,000. The contract is expected to start around mid-second quarter 2027 and will add about $490 million to backlog, excluding mobilization and other services. Options attached to the award may keep the rig working in Norway through 2034.
Offshore Brazil, Petrobras extended contracts for two of Transocean’s ultra-deepwater drillships. Deepwater Orion secured a 1,095-day extension in direct continuation of its current program, adding about $420 million to backlog and keeping the rig working through March 2030. A gap period before the extension starts will reduce the existing backlog by about $20 million.
Deepwater Aquila received a 365-day extension, contributing about $160 million and extending work through June 2028. A similar gap before the new term begins will see about $10 million roll off the current backlog.
Earlier this year, Transocean also agreed to acquire Valaris in a $5.8 billion all-stock deal. The combined fleet would include 33 drillships, nine semisubmersibles, and 31 modern jackups.
