Transocean Ltd. Announces Contract Award and Extension Totaling $168 Million
Rhea-AI Summary
Transocean (NYSE: RIG) announced a contract award and an extension for two drilling rigs representing approximately $168 million of firm backlog.
In Brazil, the Deepwater Mykonos received a bp contract for an estimated 302-day campaign starting in Q3 2026, contributing ~$120 million in backlog excluding additional services and mobilization/demobilization compensation. In Norway, three one-well options for the Transocean Enabler added an incremental 105 days and ~$48 million in backlog, committing the rig through September 2027.
Positive
- $168M of firm backlog added
- Deepwater Mykonos: 302-day bp campaign (~$120M) starting Q3 2026
- Transocean Enabler: 105 incremental days added (~$48M) committed through Sept 2027
Negative
- Deepwater Mykonos backlog excludes additional services and mobilization/demobilization
- Enabler commitment through Sept 2027 reduces near-term fleet availability
News Market Reaction
On the day this news was published, RIG gained 1.65%, reflecting a mild positive market reaction. Argus tracked a peak move of +3.2% during that session. Our momentum scanner triggered 8 alerts that day, indicating moderate trading interest and price volatility. This price movement added approximately $76M to the company's valuation, bringing the market cap to $4.67B at that time.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
Several drilling peers moved up with RIG. Momentum scanner shows PTEN, BORR, and SOC all up (median move about 4.3%), indicating broader sector strength alongside this contract news.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Dec 08 | Contract award | Positive | +0.0% | Six-well Australia contract adding about $130 million in ultra-deepwater backlog. |
| Nov 18 | Contract options | Positive | +1.2% | Options exercised across three rigs, adding about $89 million in firm backlog. |
| Oct 29 | Quarterly earnings | Neutral | +2.1% | Large impairment-driven GAAP loss but positive adjusted income and $6.7B backlog. |
| Oct 15 | Debt tender offer | Neutral | -2.4% | Upsized cash tender for long-dated notes funded via new notes offering. |
| Oct 15 | Fleet status update | Positive | -2.4% | Fleet report with new options and about $243 million incremental backlog disclosed. |
RIG’s backlog-adding announcements have not always led to strong gains, while debt and fleet updates have sometimes coincided with negative reactions.
Over the past few months, Transocean has steadily expanded its contracted backlog and managed its balance sheet. Prior updates added approximately $130 million in Australia backlog and options that could extend work into early 2030, plus about $89 million from exercised options across several rigs. The Q3 2025 report showed a large GAAP loss driven by a $1.908 billion impairment, but also $6.7 billion in backlog and adjusted net income of $62 million. Today’s additional $168 million of firm backlog continues this theme of improving future revenue visibility.
Market Pulse Summary
This announcement adds about $168 million of firm backlog across two rigs, extending work visibility into Q3 2026 for Deepwater Mykonos and through September 2027 for Transocean Enabler. It follows prior contracts and a reported backlog of roughly $6.7 billion, reinforcing the company’s multi-year revenue pipeline. Investors may watch how future fleet status reports, contract dayrates, and balance sheet actions interact with this growing backlog base.
AI-generated analysis. Not financial advice.
STEINHAUSEN, Switzerland, Jan. 05, 2026 (GLOBE NEWSWIRE) -- Transocean Ltd. (NYSE: RIG) (“Transocean”) today announced a contract award and an extension, respectively, for two of its drilling rigs. Together, the fixtures represent approximately
In Brazil, the Deepwater Mykonos was awarded a contract with bp. The estimated 302-day campaign is expected to begin in the third quarter of 2026 and contribute approximately
In Norway, three one-well options have been exercised for the Transocean Enabler. The incremental 105 days of work, which is in direct continuation of the rig’s current activity, is expected to 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,” “approximately," “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:
Sarah Davidson
+1 713-232-7217
Media Contact:
Kristina Mays
+1 713-232-7734
FAQ
What contracts did Transocean (RIG) announce on January 5, 2026?
How much backlog will the Deepwater Mykonos contract add to Transocean (RIG)?
When will the Deepwater Mykonos campaign for RIG begin and how long will it run?
What is the value and duration of the Transocean Enabler extension for RIG?
Does the $168 million backlog include mobilization and extra services for Transocean (RIG)?
