Transocean Announces Contract Awards

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(RTTNews) - 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 $1.0 billion in incremental firm contract backlog.

The Transocean Barents was awarded a 1,095-day contract with Vr Energi ASA in Norway at a rate of $450,000 per day. The program is anticipated to contribute approximately $490 million in backlog, excluding compensation for mobilization and demobilization. The Deepwater Orion was awarded a 1,095-day contract extension with Petrobras in direct continuation of current activity. The extension is projected to contribute approximately $420 million in incremental backlog. 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 $160 million in incremental backlog.

Separately, Transocean retired the 8.375% Senior Secured Notes due 2028 in full on March 20, 2026. Including the retirement of the Titan Notes, and excluding any additional early retirements, Transocean expects to retire a total of $0.75 billion of debt in 2026.

In pre-market trading on NYSE, Transocean shares are up 3.8 percent to $6.74.