Transocean Secures $199M in New Contracts and Extensions, Boosts Backlog Growth

Transocean has added $199 million to its contract backlog in Q2 2025 by securing four new contracts and extensions with multiple customers. The company's total contract backlog now stands at approximately $7.2 billion. The new contracts include a contract extension for Transocean Spitsbergen with Equinor, a one-well option for Transocean Equinox in Australia, a new contract for Deepwater Skyros with Murphy Oil, and a 60-day extension for Deepwater Mykonos with Petrobras.

Offshore drilling contractor Transocean, Inc. (NYSE: RIG) has bolstered its contract backlog by approximately $199 million during the second quarter of 2025. The company secured four new contracts and contract extensions with multiple customers, according to its recent Fleet Status Report [1].

The additions to the backlog include a contract extension for the Transocean Spitsbergen rig with Equinor, a Norwegian integrated energy company. This extension, valued at $199 million, will keep the rig working offshore Norway for an extended period [1]. The Transocean Spitsbergen rig has been working with Equinor for several years and has secured a dayrate of $395,000 for the contract extension [1].

Additionally, Transocean has secured a one-well option for the Transocean Equinox semi-submersible drilling rig in Australia. The contract involves drilling two wells in the Otway Basin and has a dayrate of $540,000. The drilling assignment is scheduled to commence in September 2025 and is expected to be completed before the end of 2025 [1].

A new contract for the Deepwater Skyros drillship with Murphy Oil has also been secured. This contract involves drilling three wells in Ivory Coast, with a one-well option, at a dayrate of $361,000. The contract is scheduled to begin in December 2025 [1].

Furthermore, Transocean has secured a 60-day extension for the Deepwater Mykonos drillship with Petrobras, a Brazilian state-owned energy firm. This extension includes options for an additional 120 days, with an undisclosed dayrate [1].

As a result of these new contracts and extensions, Transocean's total contract backlog now stands at approximately $7.2 billion as of July 16, 2025 [1]. These additions underscore the strong demand for the company's advanced fleet and drilling management services offerings.

Transocean's stock has seen a slight increase in response to this news, trading at $2.55 as of July 2, 2025, and is currently identified as undervalued by InvestingPro analysis [2].

References:
[1] https://sg.finance.yahoo.com/news/transocean-boosts-backlog-growth-contracts-134700233.html
[2] https://www.investing.com/news/company-news/transocean-secures-new-contracts-worth-199-million-for-offshore-rigs-93CH-4138475