Transocean Contract Awards Add $1.0B Backlog

Transocean Ltd. announced contract awards totaling approximately $1.0 billion in incremental firm contract backlog. The Transocean Barents received a 1,095-day contract with Vår Energi ASA in Norway at a rate of $450,000 per day, expected to commence in mid–Q2 2027.

Transocean also secured a 1,095-day contract extension for the Deepwater Orion with Petrobras, expected to contribute approximately $420 million in incremental backlog and keep the rig committed through March 2030. The Deepwater Aquila received a 365-day Petrobras extension expected to contribute approximately $160 million in incremental backlog and commit the rig through June 2028.

Separately, Transocean retired its 8.375% Senior Secured Notes due 2028 with an outstanding principal amount of $358 million on March 20, 2026, using cash on hand and funds from a debt service reserve account.