Transocean has secured another contract extension in Brazil after Petrobras agreed to continue work with the ultra-deepwater drillship Deepwater Corcovado.

The new award covers 1,156 days and will follow directly after the rig’s current program ends. Based on the updated terms, the extension is expected to add about $445 million to Transocean’s backlog and keep Deepwater Corcovado working through November 2030.

The company also said its existing backlog will be reduced by about $20 million from April 2026 until the new contract starts in September 2027. According to Transocean, that change reflects revised terms that apply before the extension period begins.

The latest award follows another active stretch for Transocean. Earlier this month, the offshore driller announced a series of contracts and extensions worth close to $1 billion. Those awards improved visibility across the fleet and strengthened the company’s position in key offshore markets, including Brazil and the North Sea.