Transocean lands $1 billion in contracts for Norway semisub, Brazil drillships

Transocean secured a new contract in Norway and two extensions in Brazil totaling approximately $1 billion in incremental firm backlog.

The harsh environment semisubmersible Transocean Barents was awarded a 1,095-day contract with Vår Energi at a dayrate of $450,000, expected to begin in the middle of Q2 2027 and contribute approximately $490 million in backlog. Options attached to the deal could keep the rig working in Norway into 2034.

In Brazil, Petrobras extended the contract for the ultra-deepwater drillship Deepwater Orion by 1,095 days through March 2030, adding approximately $420 million in incremental backlog. Petrobras also extended the Deepwater Aquila by 365 days through June 2028 for approximately $160 million in incremental backlog.