Transocean adds $80 million offshore drilling contract

• Transocean secured a two-well ultra-deepwater drilling contract for the Deepwater Conqueror in Equatorial Guinea.
• The contract is expected to add about $80 million to Transocean’s backlog.
• The drilling campaign is scheduled to begin in 2027 after the rig completes its current U.S. Gulf contract.

Transocean (NYSE:RIG) secured a two-well ultra-deepwater drilling contract for the Deepwater Conqueror in Equatorial Guinea, adding an estimated $80 million to the company’s backlog.

The contract follows the rig’s current U.S. Gulf of Mexico drilling assignment and is expected to continue operations when the new campaign begins in 2027.

The Equatorial Guinea campaign is expected to last about 170 days, with the estimated backlog contribution excluding additional services and mobilization or demobilization compensation.

Transocean said the contract expands its backlog through continued utilization of the Deepwater Conqueror ultra-deepwater rig.

Transocean operates a fleet of offshore drilling rigs that provide contract drilling services for oil and gas exploration companies worldwide.

The company has continued securing offshore drilling agreements as energy producers maintain demand for deepwater exploration and development projects.