Transocean Soars 10.28% on $100M Equinor Contract

On June 13, 2025, Transocean's stock price surged by 10.28% in pre-market trading, driven by a significant new contract.

Transocean Ltd. recently secured a $100 million contract extension with Equinor ASA for drilling operations at the Spitsbergen rig in Norway. This contract, which includes a two-well option, is set to commence in the first quarter of the year, following the rig's current program. The additional work builds on an original three-well program on the Norwegian Continental Shelf, procured in 2024.

The Transocean Spitsbergen, a sixth-generation dual-derrick winterized semi-submersible rig, is designed to drill high-pressure and high-temperature formations. This new contract is expected to bolster Transocean's financial performance, despite the company reporting a net loss of $79 million in the first quarter of the year, compared to a net income of $98 million in the same period last year. Contract drilling revenues, however, improved by 18.7% to $906 million from $763 million year-on-year.