Transocean Recieves Contracts, Extensions Worth $1 Billion

By Katherine Hamilton

Transocean received awards worth $1 billion for several contracts.

The Swiss company said Thursday it has won a contract for a harsh environment semisubmersible in Norway, as well as contract extensions for two ultra-deepwater drillships in Brazil.

The contracts add $1 billion in incremental firm contract backlog.

The Norway semisubmersible award is a 1,095-day contract with Vår Energi ASA at a rate of $450,000 a day, excluding additional services. The program is expected to start in the middle of the second quarter of 2027 and add $490 million in backlog.

If fully exercised, the contract could keep the rig working in Norway into 2034.

Transocean's Deepwater Orion was awarded a 1,095-day contract extension with Petrobras, which is expected to contribute $420 million in incremental backlog and commit the rig through March 2030.

Prior to the extension period, for about 340 days, the existing backlog will be reduced by about $20 million.

Its Deepwater Aquila was awarded a 365-day contract extension with Petrobras, which is expected to add $160 million in incremental backlog and commit the rig through June 2028.

Prior to the extension, for about 450 days, the existing backlog will be reduced by about $10 million.

Separately, Transocean said it has retired the 8.375% senior secured notes due 2028 in full on March 20.

The outstanding principal amount of $358 million, plus a call premium and accrued but unpaid interest, was settled using cash on hand and funds from the associated debt service reserve account.

Interest expense savings to maturity is about $39 million. Including this retirement, Transocean expects to retire a total of about $750 million of debt in 2026.

Write to Katherine Hamilton at katherine.hamilton@wsj.com

(END) Dow Jones Newswires

April 02, 2026 13:06 ET (17:06 GMT)