Transocean Ltd. Announces $130 Million Award for Ultra-Deepwater Drillship
Rhea-AI Summary
Transocean (NYSE: RIG) executed a six-well contract in Australia for the drillship Deepwater Skyros, adding approximately $130 million of backlog. The estimated 320-day campaign is expected to start in Q1 2027 and the backlog figure excludes compensation for mobilization and demobilization. The award includes priced options that, if fully exercised, could keep the drillship working in Australia into early 2030.
Positive
- $130 million backlog added
- Estimated 320-day campaign starting Q1 2027
- Priced options could extend work into early 2030
Negative
- Backlog figure excludes mobilization/demobilization compensation
Key Figures
Market Reality Check
Peers on Argus 1 Down
RIG is modestly up 0.23% while key peers like NE, SDRL, SOC and HP are down between about -0.85% and -2.09%, PTEN is flat, and BORR shows momentum scanner downside at -4.879999905824661%, pointing to a stock-specific backdrop.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Nov 18 | Backlog addition | Positive | +1.2% | Customers exercised options adding about $89M firm contract backlog. |
| Oct 29 | Earnings release | Positive | +2.1% | Q3 2025 results with adjusted net income and higher drilling revenues. |
| Oct 15 | Tender offer update | Positive | -2.4% | Upsized cash tender offer and early results on long-dated notes. |
| Oct 15 | Fleet status update | Positive | -2.4% | Fleet report with new options and about $243M in additional backlog. |
| Oct 14 | Earnings scheduling | Neutral | +6.1% | Announcement of Q3 2025 earnings release date and conference call. |
Recent news around backlog additions, balance sheet actions, and earnings has often seen the stock move positively, though balance sheet and fleet updates have sometimes been met with short-term weakness.
Over the last few months, Transocean highlighted multiple backlog and balance sheet developments. On Oct 15, 2025, a Fleet Status Report added about $243 million in incremental backlog, with total backlog around $6.7 billion. On Oct 29, 2025, Q3 results showed adjusted net income of $62 million and contract drilling revenues of $1.03 billion. An Nov 18, 2025 update added roughly $89 million in backlog via exercised options. Today’s new contract award extends this theme of strengthening ultra-deepwater backlog.
Market Pulse Summary
This announcement adds an estimated $130 million to Transocean’s backlog via a six-well ultra-deepwater campaign for Deepwater Skyros in Australia, expected to start in Q1 2027 and potentially run into early 2030 through priced options. It builds on recent updates highlighting multi‑hundred‑million‑dollar backlog additions. Investors may watch how this longer‑dated work further impacts total backlog, utilization of high-spec assets, and the mix of ultra‑deepwater exposure relative to prior fleet status reports and earnings updates.
AI-generated analysis. Not financial advice.
STEINHAUSEN, Switzerland, Dec. 08, 2025 (GLOBE NEWSWIRE) -- Transocean Ltd. (NYSE: RIG) (“Transocean”) today announced the execution of a six-well contract in Australia with an undisclosed operator for the Deepwater Skyros. The estimated 320-day campaign is expected to commence in the first quarter of 2027 and contribute approximately
About Transocean
Transocean is a leading international provider of offshore contract drilling services for oil and gas wells. The company specializes in technically demanding sectors of the global offshore drilling business with a particular focus on ultra-deepwater and harsh environment drilling services and operates the highest specification floating offshore drilling fleet in the world.
Transocean owns or has partial ownership interests in and operates a fleet of 27 mobile offshore drilling units, consisting of 20 ultra-deepwater floaters and seven harsh environment floaters.
Forward-Looking Statements
The statements described herein that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements could contain words such as “estimated,” “possible,” “intend,” “will,” “if,” “expect,” or other similar expressions. Forward-looking statements are based on management’s current expectations and assumptions, and are subject to inherent uncertainties, risks and changes in circumstances that are beyond our control, and in many cases, cannot be predicted. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated. Factors that could cause actual results to differ materially include, but are not limited to, estimated duration of customer contracts, contract dayrate amounts, future contract commencement dates and locations, planned shipyard projects and other out-of-service time, sales of drilling units, the cost and timing of mobilizations and reactivations, operating hazards and delays, weather-related risks, risks associated with international operations, actions by customers and other third parties, the fluctuation of current and future prices of oil and gas, the global and regional supply and demand for oil and gas, the intention to scrap certain drilling rigs, the impact of governmental laws and regulations, the effects of contagious illnesses including the spread of and mitigation efforts by governments, businesses and individuals, and other factors, including those and other risks discussed in the company’s most recent Annual Report on Form 10-K for the year ended December 31, 2024, and in the company’s other filings with the United States Securities and Exchange Commission (the “SEC”), which are available free of charge on the SEC’s website at: www.sec.gov. All subsequent written and oral forward-looking statements attributable to us or to persons acting on our behalf are expressly qualified in their entirety by reference to these risks and uncertainties. You should not place undue reliance on forward-looking statements. Each forward-looking statement speaks only as of the date of the particular statement. We expressly disclaim any obligations or undertaking to release publicly any updates or revisions to any forward-looking statement to reflect any change in our expectations or beliefs with regard to the statement or any change in events, conditions or circumstances on which any forward-looking statement is based, except as required by law. All non-GAAP financial measure reconciliations to the most comparative GAAP measure are displayed in quantitative schedules on the company’s website at www.deepwater.com.
This press release, or referenced documents, do not constitute an offer to sell, or a solicitation of an offer to buy, any securities, and do not constitute an offering prospectus within the meaning of the Swiss Financial Services Act (“FinSA”) or advertising within the meaning of the FinSA. Nothing contained herein is, or shall be relied on as, a promise or representation as to the future performance of Transocean. Investors must rely on their own evaluation of Transocean and its securities, including the merits and risks involved, when making any investment decision involving Transocean securities.
Analyst Contact:
Alison Johnson
+1 713-232-7214
Media Contact:
Kristina Mays
+1 713-232-7734
FAQ
What contract did Transocean (RIG) announce on December 8, 2025?
How much backlog does the Transocean (RIG) Australia award add?
When will the Transocean (RIG) Deepwater Skyros campaign begin and how long will it last?
Does the $130 million backlog for Transocean (RIG) include mobilization and demobilization fees?
Could Transocean (RIG) keep Deepwater Skyros in Australia beyond the initial campaign?
