Transocean Secures Contract Extension for Semi-Submersible Rig in Norway

Switzerland-based offshore drilling contractor Transocean has landed a new contract extension for one of its semi-submersible rigs, which is currently operating off the coast of Norway.

The contract extension involves a two-well option for the Transocean Spitsbergen rig in Norway, with work expected to commence in the first quarter of 2026. This extension, in direct continuation of the rig’s current program, is valued at approximately $100 million in backlog, excluding additional services.

This new agreement follows a recent three-well extension of the rig’s existing program with Equinor on the Norwegian Continental Shelf (NCS), secured in October 2024.

The Transocean Spitsbergen, a sixth-generation dual-derrick winterized semi-submersible rig built in 2010, is capable of drilling high-pressure/high-temperature formations. The rig has been a key asset in Transocean’s partnership with Equinor over the years.

Transocean, a leading player in the offshore drilling industry, operates a fleet of 32 mobile offshore drilling units, including 24 ultra-deepwater floaters and eight harsh environment floaters. As of the latest fleet status report in April 2025, the company’s backlog stood at $7.9 billion.