Transocean Secures New Contracts and Extensions for Offshore Rigs

Offshore drilling giant Transocean has recently announced new contracts and extensions for three of its rigs, indicating a positive outlook for the company’s operations.

The first contract involves the 2015-built semisub Transocean Equinox, which has secured two one-well options in Australia from an undisclosed client. The rig, currently operating in Australia at a dayrate of $485,000, was originally set to end its fixed term in May 2026. The two new options, with a dayrate of $540,000, will extend the rig’s operations until September 2026.

Another extension was awarded to the 2011-built Deepwater Mykonos, a drillship working for Petrobras in Brazil since October 2023. The extension, lasting 60 days with options for an additional 120 days, will commence in October 2025. Although the dayrate was not disclosed, the rig is currently operating under a deal worth $375,000 per day.

Additionally, TotalEnergies has hired the 2013-built Deepwater Skyros drillship for operations in Angola. The rig will complete its current work in Angola by September this year and then move on to a three-well contract in Ivory Coast, with a dayrate of $361,000 and an option for one additional well. The contract is scheduled to begin in December 2025 and end in March 2026.

Earlier reports also highlighted Transocean’s success in securing a two-well extension for the Transocean Spitsbergen from Equinor. Valued at $100 million, this extension will see the rig continue to work for Equinor from June this year until August 2027, further contributing to Transocean’s backlog.

With these new contracts and extensions, Transocean’s aggregate incremental backlog has increased by approximately $199 million. As of July 16, 2025, the company’s total backlog stands at around $7.2 billion, reflecting a strong and stable outlook for its offshore drilling operations.